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    1040 Rainbow Blvd Las Vegas, NV 89145

    For Sale
    $2,941,000

    8,000 SF Pharmacy, 6% Cap Rate, Owner-User Potential

    Property size:
    8,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional investment opportunity presents a fee-simple, 8,000-square-foot retail building in Las Vegas, Nevada. Located at 1040 S Rainbow Blvd, this Class B property boasts a prime location in the Rainbow Vista development, offering excellent visibility from Rainbow Boulevard near W Charleston Blvd. Currently housing a pharmacy franchisee as a primary tenant under a NNN lease with 2.9 years remaining (commencing July 1, 2022, and expiring October 31, 2027), this stabilized investment offers a 6.00% cap rate and a $367.62 price per square foot. The property features a single-story building constructed in 1995 and renovated in 2022, with ample parking. The building is zoned C-1 and includes a prominent pylon sign. The asking price is $2,941,000. This property is ideal for an owner-user medical professional seeking a fully built-out space, complemented by rental income from an adjacent tenant. The property includes two units, with the second unit occupied by a tenant under a five-year lease. The property's features include three rent bumps built into the lease. This is a multi-tenant property with a 33% occupancy rate as of May 18, 2023. The APN is 138-34-820-008. This offering is suitable for a 1031 exchange.

    Property Features for 1040 Rainbow Blvd

    General Information

    Property type
    Individual retail properties
    Square Feet
    8,000 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1995/2022
    Buildings
    1
    Stories
    1
    Units
    2

    HighLights

    • 8,000 SF fee‑simple retail building in Las Vegas, NV, located at 1040 S Rainbow Blvd.
    • Class B property in the Rainbow Vista development with excellent visibility from Rainbow Boulevard near W Charleston Blvd.
    • Currently 33% occupied (as of May 18, 2023), with a primary tenant under a NNN lease with 2.9 years remaining (expiring October 31, 2027) and a secondary tenant under a 5‑year lease with three rent bumps.
    • Features a large pylon sign and ample parking.
    • Asking price: $2,941,000 ($367.62/SF), offering a 6.00% cap rate. Suitable for a 1031 exchange.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Maranon William R ... General Practitioner Pioneer Pediatrics Pediatrician Lv dollar plus Dollar Store Ideal Weight Loss ... Weight Loss Service Dr. Nana Kufuor Pediatrician

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.243539
    Latitude
    36.1600233

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    FAQs

    What type of property is this?
    Individual retail property - 8,000 SF Pharmacy, 6% Cap Rate, Owner-User Potential
    Where is this individual retail property located?
    The property is located at 1040 Rainbow Blvd Las Vegas, NV.
    What is the asking price?
    The asking price for this property is $2,941,000.
    What are key features of this property?
    This property features: 8,000 SF fee-simple retail building in Las Vegas, NV, located at 1040 S Rainbow Blvd.; Class B property in the Rainbow Vista development with excellent visibility from Rainbow Boulevard near W Charleston Blvd.; Currently 33% occupied (as of May 18, 2023), with a primary tenant under a NNN lease with 2.9 years remaining (expiring October 31, 2027) and a secondary tenant under a 5-year lease with three rent bumps.
    Request Owner's contact information
    1040 Rainbow Blvd Las Vegas, NV 89145
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    Las Vegas, NV 89145
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    Realmo Value Estimation

    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.

    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.

    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
    1040 Rainbow Blvd Las Vegas, NV 89145
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