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    EOS Fitness Anchored Retail Center Title is generated by Realmo AI

    5045 W Tropicana Ave, Las Vegas, NV 89103

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    For Sale
    $31,099,999

    74,809 SF retail center anchored by EOS Fitness.

    Type:Retail
    Property size:
    74,809 SF
    Price / SF:
    $415/SF
    Added:
    May 18, 2026
    Days on Market:
    6
    Last Refresh:
    May 18 at 8:30 pm

    Property Features for 5045 W Tropicana Ave

    General Information

    Standard status
    Active
    Size
    74,809 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Adam Malan
    Adam Malan

    Listing agent Adam Malan

    Listing office Las Vegas

    Listing date May 18, 2026

    Source Colliers

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Las Vegas

    HighLights

    • EOS Fitness anchored retail center with national tenants like Denny’s, Starbucks, and Walgreens.
    • Strategically located on W. Tropicana Avenue near the Las Vegas Strip and Stadium District.
    • Exceptional visibility and high traffic counts (±84,000 VPD) at the intersection of W. Tropicana Avenue and S. Decatur Boulevard.
    • Easy access to I‑15, I‑11, CC 215 Beltway, and the Las Vegas Strip.
    • Internet resistant, service‑oriented tenant mix with a 78‑Month WALT and staggered lease expirations.
    • Located in a densely populated area with high average household incomes and a robust daytime population.

    Overview

    Trop Plaza is a retail center of approximately 74,809 square feet, anchored by EOS Fitness and other national tenants, including Denny’s, Starbucks, and Walgreens (NAP). The property is located along W. Tropicana Avenue, a heavily trafficked east/west thoroughfare in Las Vegas, Nevada, near the Las Vegas Strip and Stadium District. Situated at the signalized intersection of W. Tropicana Avenue and S. Decatur Boulevard, the property benefits from visibility, dual-street frontage, and strong traffic counts of approximately 84,000 vehicles per day. It also has access to the I-15 Freeway (approximately 177,000 vehicles per day), I-11 Freeway (approximately 229,000 vehicles per day), the CC 215 Beltway (approximately 119,000 vehicles per day), and the Las Vegas Strip. The center features a mix of national and regional tenants and boasts a 78-month WALT and staggered lease expirations. Value-add potential exists through vacancy lease-up and mark-to-market rents. The center is adjacent to The Orleans Hotel & Casino (1,886 Rooms) and Tahiti Resort (174 Suites) and surrounded by a trade area with approximately 385,753 residents within a 5-mile radius and average household incomes exceeding $93,137. The immediate area features a daytime population of over 660,343 consumers.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $18.76M
    NOI $1,688,845 @ 9.00% cap · cautious / downside scenario
    Moderate
    $24.13M
    NOI $1,688,845 @ 7.00% cap · market / base-case scenario
    Aggressive
    $33.78M
    NOI $1,688,845 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Retail

    Component $ $/SF
    Gross rent $2.56M $34.20
    − Vacancy −$145.8k −$1.95
    EGI $2.41M $32.25
    − OpEx −$723.8k −$9.68
    NOI $1.69M $22.58
    74,809 SF · lease $34.20/SF/yr · vacancy 5.70% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $24.13M
    $21.11M – $28.15M (±1% cap)
    NOI $1,688,845 @ 7.0% cap · market cap 5.43%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $25.85M
    $22.62M – $30.16M (±1% cap)
    NOI $1,809,476 @ 7.0% cap · market cap 5.82%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Wingstop Restaurant Denny's Restaurant Greens and Proteins Cafe & Coffee Shop The Meltdown Restaurant The Burger Den Restaurant

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Nevada DMV Now Kiosk — 5975 W Tropicana Ave, Las Vegas, NV 89103
    • Coinstar Kiosk | Bitcoin ATM — Albertsons, 5975 W Tropicana Ave, Las Vegas, NV 89103
    • Coin Cloud Bitcoin ATM — 5893 W Tropicana Ave, Las Vegas, NV 89118
    • Duid Bodega Del Piso — Las Vegas, NV 89118
    • Hacienda Crossing — 5275 S Arville St, Las Vegas, NV 89118

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.2097107
    Latitude
    36.1002302

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    FAQs

    What type of property is this?
    Shopping center - 74,809 SF retail center anchored by EOS Fitness.
    Where is this shopping center located?
    The property is located at 5045 W Tropicana Ave Las Vegas, NV.
    What is the asking price?
    The asking price for this property is $31,099,999.
    What are key features of this property?
    This property features: EOS Fitness anchored retail center with national tenants like Denny’s, Starbucks, and Walgreens.; Strategically located on W. Tropicana Avenue near the Las Vegas Strip and Stadium District.; Exceptional visibility and high traffic counts (±84,000 VPD) at the intersection of W. Tropicana Avenue and S. Decatur Boulevard.
    (702) 727-3778
    We can help!
    Listing Contact
    Adam Malan
    Adam Malan
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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