Panorama Towers Retail
For Sale
Contact for pricing
Pending
4585 Dean Martin Dr, Las Vegas, NV 89103
Ground floor commercial property in iconic Panorama Towers for sale.
Property Size5,191 SF
Days on Market1862
Property Features for 4585 Dean Martin Dr
General Information
Standard status
Pending
Size
5,191 SF
Class
A
Property subtype
Retail
Zoning
CT / UV
Investment Type
Owner/User
Building Details
Year Built
2008
Buildings
1
Stories
1
Listing Agency:
CAST
Listed By:
Steve Neiger · License #NV B.0146583
(702) 592-7187
Source:
Crexi
Added: Aug 4, 2021
Changed: Aug 28
Last Checked: Sep 7 at 1:51AM
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 CAST
Investment Insights
Based on property information with market context.
This 5,191 square foot ground floor commercial property is located in the Panorama Towers. The towers are positioned within walking distance of the Strip. The property is easily accessible from multiple primary arterials and is situated in one of the most recognizable examples of world-class architecture in the city.
Key Highlights
- Prime ground floor commercial property in Panorama Towers
- Easily accessible location near the Las Vegas Strip
- Recognizable, world‑class architecture
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$117,189
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,343,780
$2.3M
Cap Rate 7%
$1,674,129
$1.7M
Cap Rate 9%
$1,302,100
$1.3M
Market Conditions
NOI Build-Up for 5,191 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$177.5K $34.20/SF
− Vacancy
−$10.1K −$1.95/SF
EGI
$167.4K $32.25/SF
− OpEx
−$50.2K −$9.68/SF
NOI
$117.2K $22.58/SF
Area
Las Vegas, NV
Vacancy
5.70%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,343,780
Cap Rate 7%
$1,674,129
Cap Rate 9%
$1,302,100
Alternative Uses
Best Use
Retail
$1.67M
$1.46M – $1.95M
NOI $117,189 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.79M
$1.57M – $2.09M
NOI $125,560 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,666
Businesses Nearby
Explore this area
Business Placement
Demographics for 89103, NV
49,461
Population
25,470
Households
1.9
Avg Household Size
39
Median Age
20%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
7,609
Density / Sq Mi
$48,311
Median Household Income
$33,520
Median Earnings
$1,300
Median Rent
$273,800
Median Home Value
Market
Vacancy Rate% for Retail in Las Vegas, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Ground floor commercial property in iconic Panorama Towers for sale.
Where is this retail space located?
The property is located at 4585 Dean Martin Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Prime ground floor commercial property in Panorama Towers; Easily accessible location near the Las Vegas Strip; Recognizable, world‑class architecture
