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    601 Nellis Blvd Las Vegas, NV 89110
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    601 Nellis Blvd Las Vegas, NV 89110

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    • Retail properties & Spaces
    • 19,509 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Thai Cuisine / Restaurant

    Property Details for 601 Nellis Blvd

    Property size
    19,509 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office properties & Spaces

    Description

    This exceptional investment opportunity presents 19,509 square feet of vacant medical office space within the Nellis Bonanza Shopping Center, a thriving multi-tenant retail center situated on a 4.56-acre lot at the intersection of Nellis Boulevard and Bonanza Road in Las Vegas, Nevada. The property is zoned C-1 and located in Clark County's North Las Vegas submarket. The center offers flexible space options, with a minimum divisible unit of 895 square feet and a maximum contiguous space of 18,614 square feet, catering to a variety of medical practices and businesses. Its strategic location benefits from high visibility and accessibility, drawing significant traffic from nearby residential areas and the Nellis Air Force Base. The property's proximity to Eldorado High School (less than two miles west) and the 515 freeway (approximately three miles east) further enhances its appeal and accessibility. This is an unparalleled chance to establish or expand a medical practice in a bustling, well-established retail environment within a densely populated area. The entire 19,509 square feet is currently available. This property offers a unique blend of convenience, visibility, and growth potential, making it an ideal location for medical professionals seeking a thriving practice environment in a high-traffic area of Las Vegas.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.064
    Latitude
    36.1744

    Comparable in this City

    • Value Estimation by Request
      10,541 SF

      821 Nellis Blvd

      Medical Office Space • 10,541 SF
      821 Nellis Blvd, Las Vegas, NV 89110
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    • Value Estimation by Request
      10,541 SF

      821 Nellis Blvd

      Medical Office Space • 10,541 SF
      821 Nellis Blvd, Las Vegas, NV 89110
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    • Value Estimation by Request
      21,200 SF

      861-871 Nellis Blvd

      Neighborhood centers • 21,200 SF
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    • Value Estimation by Request
      3,222 SF

      216 Lamb Blvd

      MEDICAL BUILDING • 3,222 SF
      216 Lamb Blvd, Las Vegas, NV 89110-4674
      View Details
    • Value Estimation
      $7,925,000
      58,477 SF

      650 Nellis Blvd

      MEDICAL BUILDING • 58,477 SF
      650 Nellis Blvd, Las Vegas, NV 89110-5382
      View Details
    • Value Estimation
      $2,270,000
      10,668 SF

      821 Nellis Blvd Ste, Unit 130

      MEDICAL BUILDING • 10,668 SF
      821 Nellis Blvd Ste, Las Vegas, NV 89110-5387
      View Details

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    Las Vegas, NV 89110
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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
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    601 Nellis Blvd, Las Vegas, NV, 89110
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