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    Downtown Las Vegas Office Building Title is generated by Realmo AI

    228 S 4th St, Las Vegas, NV 89101

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    Three-story office building in the heart of Downtown Las Vegas.

    Type:Office
    Property size:
    13,852 SF
    Added:
    Sep 28, 2023
    Days on Market:
    977
    Last Refresh:
    May 12 at 9:52 pm

    Property Features for 228 S 4th St

    General Information

    Standard status
    Active
    Size
    13,852 SF
    Property subtype
    Office

    Building Details

    Year Built
    1963

    We can help!

    Listing Contact
    Marlene Fujita
    Marlene Fujita

    Listing agent Marlene Fujita License #S.0054013

    Listing office Cushman & Wakefield - Las Vegas, Nevada

    Listing date Sep 28, 2023

    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 Cushman & Wakefield - Las Vegas, Nevada

    HighLights

    • Prime Downtown Las Vegas location offering redevelopment potential, capitalizing on proximity to the Fremont Street Experience.
    • Flexible occupancy options: opportunity for owner‑occupancy or continued use as an income‑producing investment property.
    • Recently renovated second floor with upgraded finishes, appealing to office users seeking premier space.
    • Existing tenancy in place (70% occupied) with established law firms, providing immediate income.
    • Previously designed plans available for a 23‑story boutique hotel, offering significant development potential.
    • Unique architectural appeal with a classic 1960's design and rare second‑floor balconies providing natural light.

    Overview

    Located in the heart of Downtown Las Vegas, the property at 228 South 4th Street is a three-story professional office building with approximately 13,852 square feet of space. The building is currently 70% occupied, with a concentration of law firms. The second floor has been recently renovated and features upgraded finishes. The property offers optionality for a future owner, as the seller is an existing tenant and has expressed that the length of their lease term can be amended or terminated. A business owner has the opportunity to occupy the existing vacant suite or the seller’s suite and benefit from the additional income generated from the existing tenancy. An investor can also enjoy the benefits of owning this asset as an income-producing investment. There is also an opportunity for a developer to reposition and redevelop the parcel, capitalizing on the proximity to the Fremont Street Experience. Ownership previously designed plans for a 23-story, approximately 405,500 square foot boutique hotel. The architectural appeal of this building is its classic 1960’s design. The grounds are in excellent condition with attractive interior finishes and balconies on the second floor. The second floor’s access to outdoor balconies provides natural ambient lighting.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Law Offices of Benjamin ... Law Firm Hofland & Tomsheck Law Firm Hofland Bradley J Law Firm Dennie Law Offices Law Firm Cramer Law Firm Law Firm

    Suggested Use

    Real Estate Agency Restaurant Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon 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
    -115.14345
    Latitude
    36.167809

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    FAQs

    What type of property is this?
    Office building - Three-story office building in the heart of Downtown Las Vegas.
    Where is this office building located?
    The property is located at 228 S 4th St Las Vegas, NV.
    What are key features of this property?
    This property features: Prime Downtown Las Vegas location offering redevelopment potential, capitalizing on proximity to the Fremont Street Experience.; Flexible occupancy options: opportunity for owner‑occupancy or continued use as an income‑producing investment property.; Recently renovated second floor with upgraded finishes, appealing to office users seeking premier space.
    (702) 605-1549 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Marlene Fujita
    Marlene Fujita
    Real Estate License ID: S.0054013
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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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