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    3240 Harmon Ave Las Vegas, NV 89103

    Sponsored
    For Lease
    $48 SF/Yr

    Prime Resort Corridor Retail Opportunity

    Lot size:
    5,063 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This exceptional 5,063 square foot retail space, located at 3240 W Harmon Ave in Las Vegas, NV 89103, presents a unique investment opportunity. Situated on 2.1 acres of land in the coveted Resort Corridor submarket, this single-tenancy property offers unparalleled access to a substantial customer base. The ground floor location within the Aura building provides immediate proximity to tens of millions of annual tourists and hundreds of affluent residents in the luxury apartments above. This ensures high visibility and foot traffic, creating a strong foundation for a thriving business. The property's strategic location benefits from convenient access to major transportation arteries, including the I-15 and numerous connecting roads via the new Harmon Interchange and I-15 Tropicana projects, facilitating ease of access for both tourists and local residents throughout the Las Vegas valley. The entire 5,063 square feet is currently vacant, providing a blank canvas for a new restaurant concept or other suitable retail use. This presents a rare chance to establish a prominent presence in one of Las Vegas's most dynamic and high-traffic areas. The property's size and location make it ideal for a variety of restaurant concepts, catering to both the tourist and local populations. This is a truly exceptional opportunity to capitalize on the vibrant energy and substantial foot traffic of the Resort Corridor.

    Property Features for 3240 Harmon Ave

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,063 SF
    Total Rate
    20252

    Unit(s) available at that property

    Space
    Size
    5,063 SF
    Rate per SF
    $48

    We can help!

    Listing Contact
    Steve Neiger
    Steve Neiger

    Learn more

    Property Insight Report

    HighLights

    • 5,063 SF retail space at 3240 W Harmon Ave, Las Vegas, NV 89103.
    • Restaurant‑ready with a 2,000‑gallon grease interceptor.
    • Located within a luxury apartment development with common areas in the Resort Corridor.
    • Excellent access to CityCenter and the Las Vegas Strip.
    • Ample ground floor, covered parking reserved for commercial use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Aura Vegas Apartments Apartment Building

    Suggested Use

    Realty agency Law Firm Dental Office Spa & Massage Hair Salon Nail Salon Restaurant Accounting Firm Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.1832192
    Latitude
    36.1082254

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    FAQs

    What type of property is this?
    Retail property - Prime Resort Corridor Retail Opportunity
    Where is this retail property located?
    The property is located at 3240 Harmon Ave Las Vegas, NV.
    What is the lease rate?
    The lease rate is $48 SF/Yr.
    What are key features of this property?
    This property features: 5,063 SF retail space at 3240 W Harmon Ave, Las Vegas, NV 89103.; Restaurant-ready with a 2,000-gallon grease interceptor.; Located within a luxury apartment development with common areas in the Resort Corridor.
    Request Owner's contact information
    3240 Harmon Ave Las Vegas, NV 89103
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    Las Vegas, NV 89103
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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.

    More about this property
    3240 Harmon Ave Las Vegas, NV 89103
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    We can help!
    Listing Contact
    Steve Neiger
    Steve Neiger
    Real Estate License ID: NV B.0146583
    Learn more
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