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    Property profile & analytics

    3505 Flamingo Rd Las Vegas, NV 89121-5007

    • Office buildings
    • 12,000 SF
    • 1.74 lot acres
    OFF-MARKET
    Value Estimations
    $850,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0073657
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • SuperSlow Zone / Physical Fitness Program
    • WELLNESS, ETC. / Wellness Center
    • American Fidelity Assurance Company / Insurance Company
    • Dr. Roger R. Elmer / Chiropractor
    • Advanced Neuro Spinal Solutions / Chiropractor

    Property Details for 3505 Flamingo Rd

    Year built
    1993
    Construction
    FRAME
    Lot size
    1.74 lot acres
    Property size
    12,000 SF
    Property type
    Office buildings
    APN
    161-19-110-003
    APU
    16119110003

    Description

    This exceptional 12,000-square-foot office building presents a compelling value-add investment opportunity in Las Vegas, Nevada. Located at 3505 E Flamingo Rd, this single-story, 1993-built property sits on a 1.74-acre lot and is zoned CG (Commercial General), allowing for diverse commercial uses. Currently boasting 100% occupancy with a multi-tenant configuration and staggered leases ranging from one to five years, the property offers immediate income generation. The current Net Operating Income (NOI) is $113,161, yielding a 5.73% cap rate. However, a pro-forma NOI of $178,553 projects a significantly higher 9.04% cap rate, reflecting the substantial upside potential through lease renewals at market rates and potential interior renovations. The asking price is $1,975,000, translating to $164.58 per square foot. The property benefits from below-market lease terms with a 5% annual escalation clause, exceeding the market average. Additional income streams are generated from parking revenue and potential billboard signage. Situated near the Las Vegas Strip, T-Mobile Arena, and UNLV, this property enjoys a prime location within a thriving commercial area. This fee-simple ownership offers a rare chance to acquire a stabilized, multi-tenant office building with significant potential for increased profitability. The property's strong location, below-market leases, and diverse income streams make it an attractive investment for those seeking long-term growth and value appreciation.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.098
    Latitude
    36.1146
    CBSA code
    29820
    CBSA name
    LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,054
    $291,807
    $289,401
    $581,208
    -
    $833,734
    $826,860
    $1,660,594

    Comparable in this City

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      0.50 Acres

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    • Value Estimation by Request
      1,295 SF

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    • Value Estimation by Request
      800 SF

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    • Value Estimation by Request
      800 SF

      2840 Flamingo Rd Ste B

      OFFICE BUILDING • 800 SF
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    • Value Estimation
      $2,050,000
      1.06 Acres

      3150 Tropicana Ave

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    • Value Estimation
      $435,000
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      3740 Pecos Mcleodint

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    Similar Nearby for Lease

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    • $1.35 SF/Yr
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      Office Space Available For Rent

      3150 square feet office space for rent in Las Vegas.
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      Office Space on Flamingo Road

      Office space available for lease on Flamingo Road.
      2840 E Flamingo Rd, Las Vegas, NV 89121
      View Details
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    3505 Flamingo Rd
    Las Vegas, NV 89121-5007
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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.

    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
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