Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Prime Las Vegas In-Fill Parcel Title is generated by Realmo AI

    3355 Procyon St, Las Vegas, NV 89102

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    4.07 acre mixed-use parcel in opportunity zone.

    Type:Land, Mixed Use, Retail, Special Purpose
    Property size:
    25,460 SF
    Lot size:
    4.07 Acres
    Price / SF:
    $608/SF
    Added:
    Jul 29, 2024
    Days on Market:
    674
    Last Refresh:
    May 12 at 8:16 pm

    Property Features for 3355 Procyon St

    General Information

    Standard status
    Active
    Size
    25,460 SF
    Lot size
    4.07 Acres
    Property subtype
    Land, Mixed Use, Retail, Special Purpose

    Building Details

    Year Built
    2001

    We can help!

    Listing Contact
    Al Barbagallo

    Listing agent Al Barbagallo License #NV BS.0020613

    Listing office SVN | The Equity Group

    Listing date Jul 29, 2024

    Source Crexi

    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

    HighLights

    • Prime "In‑Fill" parcel master planned for retail, high rise residential, or hotel/casino.
    • Located in an "Opportunity Zone", offering potential tax benefits.
    • Strategically located between "Area 15"/"Universal Studios Experiences" and "China Town" on Spring Mountain Rd.
    • High traffic location at the SWC of Desert Inn Road and Procyon Street (53,000 cars/day).
    • Priced below replacement cost, with recent land sales comps in the area at $2,900,000/acre.
    • 4.07 acre lot with 289 parking spaces, 318 feet of frontage on Desert Inn Road, and 505 feet of frontage on Procyon Street.

    Overview

    This 4.07-acre parcel is located at the southwest corner of Desert Inn Road and Procyon Street. The property benefits from high traffic counts of 53,000 vehicles per day. It is situated 1.2 miles west of the Fashion Show Mall, Treasure Island Hotel, Wynn Hotel, and Palazzo Hotel. The site is master planned for EM Entertainment Mixed Use, allowing for retail, high-rise residential, or a hotel/casino. The property is strategically located between Area 15 with the Universal Studios Experiences project and one block north of China Town on Spring Mountain Road. It features 318 feet of frontage on Desert Inn Road and 505 feet of frontage on Procyon Street. The property includes 289 parking spaces and iron fencing along the exterior property lines. As part of the Opportunity Zone, the property offers potential tax benefits and liberal zoning uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Masque Nightclub Nightclub Antro Bar & Pub Rick's Cabaret Las ... Nightclub

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.18847
    Latitude
    36.127844

    Nearby Similar for Sale

    • $800,000
      4,492 SF

      Rare El Sol Del Pueblo Quadplex

      Four-unit multifamily property with diverse layouts and community amenities.
      2894 Karen Avenue, Las Vegas, NV 89121
      View Details
    • $650,000
      3,290 SF

      Las Vegas Quadplex Investment Opportunity

      Well-maintained quadplex with remodeled units and strong rental potential.
      4796 Nova Lane, Las Vegas, NV 89115
      View Details
    • $699,888
      3,648 SF

      Las Vegas Fourplex Value-Add Opportunity

      Fourplex in central Las Vegas with value-add potential.
      3639 Kolendo Court, Las Vegas, NV 89103
      View Details
    • $665,000
      3,290 SF

      Las Vegas Fourplex Investment Opportunity

      Well-maintained fourplex in high-demand Las Vegas rental area.
      4961 Apollostar Court, Las Vegas, NV 89115
      View Details
    • $599,000
      3,212 SF

      Las Vegas Multifamily Investment Property

      Well-maintained four-unit property in Northeast Las Vegas.
      1872 Cosmic Drive, Las Vegas, NV 89115
      View Details
    • $699,999
      3,268 SF

      Las Vegas Opportunity Zone Property

      Located in the epicenter of Las Vegas's urban renewal.
      637 N 11th Street, Las Vegas, NV 89101
      View Details
    • $695,000
      3,692 SF

      Las Vegas Fourplex Investment Opportunity

      Fourplex near Nellis AFB with updated unit and strong potential.
      6952 Issac Avenue, Las Vegas, NV 89156
      View Details
    • $650,000
      3,017 SF

      Four-Unit Multifamily Investment Opportunity

      Well-maintained four-unit property with income potential in Las Vegas.
      720 N 10th Street, Las Vegas, NV 89101
      View Details
    • $1,100,000
      4,513 SF

      Turnkey Multifamily Investment Opportunity

      Six units, two rentable lots, remodeled, expansion potential on 1.2-acre lot.
      5145 Kell Lane, Las Vegas, NV 89156
      View Details
    • $601,000
      3,844 SF

      Las Vegas Fourplex Investment Opportunity

      Centrally located fourplex near UNLV and the Strip.
      5245 Golden Lane, Las Vegas, NV 89119
      View Details
    • $559,000
      3,112 SF

      Well-Maintained Las Vegas Fourplex

      Fourplex with strong income potential in a desirable location.
      4622 Tracylynn Lane, Las Vegas, NV 89121
      View Details
    • $689,000
      3,880 SF

      Las Vegas Multifamily Investment Opportunity

      Well-maintained, fully rented quadplex in Las Vegas.
      2937 Elm Avenue, Las Vegas, NV 89101
      View Details

    FAQs

    What type of property is this?
    Commercial land - 4.07 acre mixed-use parcel in opportunity zone.
    Where is this commercial land located?
    The property is located at 3355 Procyon St Las Vegas, NV.
    What is the asking price?
    The asking price for this property is $15,495,000.
    What are key features of this property?
    This property features: Prime "In‑Fill" parcel master planned for retail, high rise residential, or hotel/casino.; Located in an "Opportunity Zone", offering potential tax benefits.; Strategically located between "Area 15"/"Universal Studios Experiences" and "China Town" on Spring Mountain Rd.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Al Barbagallo
    Real Estate License ID: NV BS.0020613
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3355 Procyon St, Las Vegas, NV 89102
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!