2200 Rancho Dr Las Vegas, NV 89102

Property Details for 2200 Rancho Dr

Lot size

2.23 lot acres

Property size

125,884 SF

Property type

Office Properties & Spaces

Description

This exceptional investment opportunity presents two Class B office buildings totaling 125,884 net rentable square feet, situated on a 2.23-acre lot in Las Vegas, NV. Built in 1980 and 2004, the property boasts a strong 87% occupancy rate and a substantial net operating income (NOI) of $1,302,602, yielding an 8.00% cap rate. The asking price is $16,300,000, translating to $129.48 per square foot. The property features a diverse tenant mix, including legal firms, State of Nevada agencies, healthcare providers, a trade school, and unions, offering a stable and diversified income stream with built-in annual rent increases. Its prime location offers convenient access to I-15 freeway at Sahara Avenue, placing it within close proximity to Downtown Las Vegas, the Las Vegas Strip, and Harry Reid International Airport. The property is adjacent to the Las Vegas Medical District, a burgeoning hub of healthcare services, including major hospitals, medical schools, and dental schools. This presents a significant value-add opportunity through potential medical office conversion, capitalizing on the strong and growing demand for medical office space in the area. The property's proximity to the Regional Justice Center and other federal courts further enhances its appeal. The surrounding area offers abundant amenities, including dining, retail, hotels, and banking services. This is a rare chance to acquire a well-positioned, cash-flowing asset with significant upside potential.

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Longitude

-115.173

Latitude

36.1469