Shopping Center at Corner Signalized
For Sale
Contact for pricing
8515 S Eastern Ave., Las Vegas, NV 89123
Anchored at Wigwam and Eastern Avenues with high-visibility frontage and an available suite for lease-up.
Property Size11,780 SF
Price / SF$752.12
Days on Market115
Property Features for 8515 S Eastern Ave.
General Information
Standard status
Active
Size
11,780 SF
Property subtype
Retail
Zoning
CM/GC
Investment Type
Stabilized
Net Operating Income
$566,554
Site & Location
Corner Location
Yes
Traffic Count
27,500 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2005
Units
4
Tenancy
Multi
Listing Agency:
LOGIC Commercial Real Estate
Listed By:
Cooper Powell · License #BS.0145955.LLC
(702) 954-4154
Source:
Crexi
Added: May 25
Changed: Sep 13
Last Checked: Sep 15 at 8:02AM
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 LOGIC Commercial Real Estate
Investment Insights
Based on property information with market context.
Eastern Canyon Plaza is an established shopping center located at the signalized corner of Wigwam and Eastern Avenues. The center was built in 2005 and includes in-place retail tenancy with Village Pub, Check City, and Fuzzy Dice.
The property is positioned in a prominent Las Vegas Valley retail corridor with a trade area of over 346,936 residents. It benefits from direct access to the CC-215 (±142K CPD) freeway and high-profile visibility, with approximately ±27,500 CPD passing directly along the Eastern Avenue frontage. The corner location and mature suburban setting support consistent demand and co-tenancy.
A single vacant suite, Suite 103, presents near-term leasing opportunity. The lease-up outlook is supported by a 6-month rent holdback associated with the vacant suite, which is approximately 1,248 SF.
The property is positioned in a prominent Las Vegas Valley retail corridor with a trade area of over 346,936 residents. It benefits from direct access to the CC-215 (±142K CPD) freeway and high-profile visibility, with approximately ±27,500 CPD passing directly along the Eastern Avenue frontage. The corner location and mature suburban setting support consistent demand and co-tenancy.
A single vacant suite, Suite 103, presents near-term leasing opportunity. The lease-up outlook is supported by a 6-month rent holdback associated with the vacant suite, which is approximately 1,248 SF.
Key Highlights
- Anchored at the signalized corner of Wigwam and Eastern Avenues
- Direct access to CC‑215 (±142K CPD) freeway traffic
- High visibility with approximately ±27,500 CPD passing along Eastern Avenue
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
$265,938
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
3.00%
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%
$5,318,760
$5.3M
Cap Rate 7%
$3,799,114
$3.8M
Cap Rate 9%
$2,954,867
$3.0M
Market Conditions
NOI Build-Up for 11,780 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
$402.9K $34.20/SF
− Vacancy
−$23.0K −$1.95/SF
EGI
$379.9K $32.25/SF
− OpEx
−$114.0K −$9.68/SF
NOI
$265.9K $22.58/SF
Area
Las Vegas, NV
Vacancy
5.70%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
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%
$5,318,760
Cap Rate 7%
$3,799,114
Cap Rate 9%
$2,954,867
Alternative Uses
Best Use
Retail
$3.80M
$3.32M – $4.43M
NOI $265,938 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.07M
$3.56M – $4.75M
NOI $284,934 @ 7.0% cap · market cap 3.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
27,500 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,501
Businesses Nearby
152k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Groceries 31%
Dining 23%
Beauty & Spa 1%
Smith's
Groceries
47,887 visits/mo
0.4 miles
Dollar Tree
Shops & Services
26,218 visits/mo
0.0 miles
Smith's Fuel Center
Shops & Services
16,733 visits/mo
0.5 miles
Dutch Bros. Coffee
Dining
16,018 visits/mo
0.4 miles
IHOP
Dining
11,014 visits/mo
0.4 miles
Demographics for 89123, NV
55,584
Population
25,246
Households
2.2
Avg Household Size
42
Median Age
32%
College-Educated
92%
High-School Grad
10.4 sq mi
ZIP Area
5,345
Density / Sq Mi
$80,992
Median Household Income
$46,838
Median Earnings
$1,641
Median Rent
$424,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Las Vegas, NV
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Frequently Asked Questions
What type of property is this?
Shopping center - Anchored at Wigwam and Eastern Avenues with high-visibility frontage and an available suite for lease-up.
Where is this shopping center located?
The property is located at 8515 S Eastern Ave. Las Vegas, NV.
What is the asking price?
The asking price for this property is $8,860,000.
What are key features of this property?
This property features: Anchored at the signalized corner of Wigwam and Eastern Avenues; Direct access to CC‑215 (±142K CPD) freeway traffic; High visibility with approximately ±27,500 CPD passing along Eastern Avenue
