Live-Work Flex Industrial
For Sale
Contact for pricing
6405 S Tenaya Way, Las Vegas, NV 89113
Multi-story flex industrial condominium with warehouse clear heights, office space, and a residential loft with private entry amenities.
Property Size5,005 SF
Price / SF$439.96
Days on Market127
Property Features for 6405 S Tenaya Way
General Information
Standard status
Active
Size
5,005 SF
Property subtype
INDUSTRIAL
Zoning
MD
Warehouse & Industrial
Clear Height
26 ft
Drive-In Doors
1
Heavy Power
Yes
Sprinkler System
Yes
Amenities
balcony
awnings
upscale landscaping
elevator
Building Details
Year Built
2009
Stories
2
Construction
loft style
Listing Agency:
SVN | The Equity Group
(702) 369-4300
Listed By:
Art Farmanali · License #S.0037529
(702) 241-5802
Source:
Moodyscre
Added: May 13
Changed: Aug 16
Last Checked: Sep 15 at 11:09AM
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 SVN | The Equity Group
Investment Insights
Based on property information with market context.
Loft Works at Tenaya presents a built-in-2009 flex industrial office warehouse condominium with approximately 5,005 SF of RBA. The property includes an office component totaling about 877 SF on the first floor, plus approximately 1,120 SF of second-story living space with a kitchenette and a bathroom with shower. A loft-style warehouse component provides approximately 3,008 SF with 24’ to 26’ clear height and LED lighting. Additional improvements include a balcony, awnings, and upscale landscaping, along with an ADA-compliant, fully functional elevator (interior dimensions of 80 x 52 inches). The property is supported by three-phase power (120/208 volts), a wet fire sprinkler system, and one grade-level motorized load door.
Located at 6405 S Tenaya Way in Las Vegas, NV 89113, this owner-user concept offers first- and second-floor flexibility for live and work use. The project provides ample parking, and the site is configured for direct access to the warehouse via the grade-level loading door.
Zoning is listed as MD in Clark County, Nevada, with Planned Use: Business Development. The building is ADA compliant and includes the listed life-safety and vertical circulation features necessary to support day-to-day operations across office, warehouse, and residential components.
Located at 6405 S Tenaya Way in Las Vegas, NV 89113, this owner-user concept offers first- and second-floor flexibility for live and work use. The project provides ample parking, and the site is configured for direct access to the warehouse via the grade-level loading door.
Zoning is listed as MD in Clark County, Nevada, with Planned Use: Business Development. The building is ADA compliant and includes the listed life-safety and vertical circulation features necessary to support day-to-day operations across office, warehouse, and residential components.
Key Highlights
- Loft Works at Tenaya flex industrial office warehouse condominium built in 2009
- ±5,005 SF RBA with approximately 3,008 SF warehouse component and 24’–26’ clear height
- Warehouse includes LED lighting and wet fire sprinkler system, plus one (1) grade level motorized load door
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$77,027
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,540,540
$1.5M
Cap Rate 7%
$1,100,386
$1.1M
Cap Rate 9%
$855,856
$855.9K
Market Conditions
NOI Build-Up for 5,005 SF
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.
Gross rent
$120.1K $24.00/SF
− Vacancy
−$17.4K −$3.48/SF
EGI
$102.7K $20.52/SF
− OpEx
−$25.7K −$5.13/SF
NOI
$77.0K $15.39/SF
Area
Las Vegas, NV
Vacancy
14.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,540,540
Cap Rate 7%
$1,100,386
Cap Rate 9%
$855,856
Alternative Uses
Best Use
Office B
$1.10M
$962.8K – $1.28M
NOI $77,027 @ 7.0% cap · market cap 3.50%
Second Best
Mixed Use
$1.08M
$944.5K – $1.26M
NOI $75,563 @ 7.0% cap · market cap 3.43%
Theoretical Best
Specialty Retail
$1.73M
$1.51M – $2.02M
NOI $121,061 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
26 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,710
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89113, NV
35,829
Population
16,151
Households
2.2
Avg Household Size
38
Median Age
39%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,318
Density / Sq Mi
$88,750
Median Household Income
$48,342
Median Earnings
$1,759
Median Rent
$463,900
Median Home Value
Market
Vacancy Rate% for Office in Las Vegas, NV
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-story flex industrial condominium with warehouse clear heights, office space, and a residential loft with private entry amenities.
Where is this flex space located?
The property is located at 6405 S Tenaya Way Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,202,000.
What are key features of this property?
This property features: Loft Works at Tenaya flex industrial office warehouse condominium built in 2009; ±5,005 SF RBA with approximately 3,008 SF warehouse component and 24’–26’ clear height; Warehouse includes LED lighting and wet fire sprinkler system, plus one (1) grade level motorized load door
