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    1551 Commerce St Las Vegas, NV 89102

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    For Lease
    Contact for pricing

    10 Suites, 649-13,220 SF, Renovated

    Lot size:
    13,220 SF

    Property Features for 1551 Commerce St

    General Information

    Property type
    Specialty properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    13,220 SF
    Class
    B
    Total Rate
    42965

    Building Details

    Year Built/Renovated
    1975/2004
    Buildings
    1
    Stories
    2

    Spaces For Lease

    at 1551 Commerce St, Las Vegas, NV 89102 Contact us
    Unit Suite 100

    $39 /Mo

    Size
    2,856 SF
    Contact us
    Unit Suite 110

    $39 /Mo

    Size
    3,351 SF
    Contact us
    Unit Suite 200

    $42 /Mo

    Size
    1,749 SF
    Contact us
    Unit Suite 210

    $42 /Mo

    Size
    806 SF
    Contact us
    Unit Suite 220

    $42 /Mo

    Size
    700 SF
    Contact us
    Unit Suite 230

    $42 /Mo

    Size
    650 SF
    Contact us
    Unit Suite 240

    $42 /Mo

    Size
    649 SF
    Contact us
    Unit Suite 250

    $42 /Mo

    Size
    698 SF
    Contact us
    Unit Suite 260

    $42 /Mo

    Size
    781 SF
    Contact us
    Unit Suitte 270

    $42 /Mo

    Size
    980 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Jesse Chippoletti, Ccim
    Jesse Chippoletti, Ccim

    Listing Agency: Keller Williams Las Vegas Listing Agent: Jesse Chippoletti, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional Downtown Las Vegas commercial property, located at 1551 S Commerce St, offers 13,220 square feet of retail and special purpose space across ten suites. The building, situated on a 0.21-acre lot (APN 162-03-210-008), is undergoing a complete renovation, transforming its appearance and functionality. Improvements include a new elevator, updated staircases, and a striking new exterior façade featuring glass storefront doors and windows. The interior is also being completely modernized, with all new infrastructure. Suite sizes range from a minimum of 649 square feet to a maximum contiguous space of 13,220 square feet. The two-story building, constructed in 1975 and renovated in 2004, boasts a Class B rating and is zoned Commercial Industrial (CM). The ground floor features two approximately 3,000 square foot spaces, while the second floor offers studio, creative, and office spaces ranging from approximately 650 to 1,749 square feet. This prime location in the Downtown Las Vegas submarket, near Wyoming Ave, benefits from the surrounding revitalization efforts, including new businesses and residential developments. The property's strategic location and extensive renovations make it an ideal investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Uplift Solar Production Facility Weekend Emergency Assistance ... Food Bank Dream Up Hair ... Hair Salon 702 Vintage Home Decor Store Circadian Gallery Art Gallery

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.15540626462
    Latitude
    36.152958937482

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    FAQs

    What type of property is this?
    Specialty property - 10 Suites, 649-13,220 SF, Renovated
    Where is this specialty property located?
    The property is located at 1551 Commerce St Las Vegas, NV.
    What is the lease rate?
    The lease rate is $39-$42 SF/Yr.
    What are key features of this property?
    This property features: Completely renovated building with new plumbing, electrical, roof, HVAC, and exterior.; Modern exterior featuring a glass storefront.; New interior staircases and elevator.
    (702) 445-9835 Call to check price and availability
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    1551 Commerce St Las Vegas, NV 89102
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    Las Vegas, NV 89102
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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
    1551 Commerce St Las Vegas, NV 89102
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jesse Chippoletti, Ccim
    Jesse Chippoletti, Ccim
    (702) 445-9835
    Learn more
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