Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Las Vegas, NV 89123

    Property Lookup

    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    Las Vegas, NV 89123

    View on Map
    • Land
    • 1.25 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details

    Lot size
    1.25 lot acres
    Property type
    Land

    Description

    This exceptional 1.25-acre lot, located at 0 W Richmar in Las Vegas, Nevada (zip code 89123), presents a unique investment opportunity. Situated inside the 215 beltway, this property is conveniently located, the second lot east of Arville on W Richmar Avenue. The property's Assessor's Parcel Number (APN) is 177-19-701-018. Currently zoned R-E (Rural Estates Residential), allowing for two units per acre, the property also benefits from a master plan overlay rezoning to Business Employment (BE). This dual zoning potential offers flexibility for various development options. Buyers could pursue building up to two residential units, capitalizing on the existing zoning, or explore a zoning change to fully utilize the Business Employment designation for commercial development. The asking price for this versatile property is $795,000. This land offers significant potential for both residential and commercial ventures, making it an attractive investment in a rapidly growing 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
    -115.198
    Latitude
    36.0172

    Comparable in this City

    • Value Estimation by Request
      1.93 Acres

      & La Cienega Windmill Ln

      Land • 1.93 Acres
      & La Cienega Windmill Ln, Las Vegas, NV 89123
      View Details
    • Value Estimation by Request
      4.75 Acres

      8848 Las Vegas Blvd

      Land • 4.75 Acres
      8848 Las Vegas Blvd, Las Vegas, NV 89123
      View Details
    • Value Estimation by Request
      1.13 Acres

      2220 Wigwam Ave

      Land • 1.13 Acres
      2220 Wigwam Ave, Las Vegas, NV 89123
      View Details
    • Value Estimation by Request
      5.17 Acres

      Of Serene Ave And Hualapai Way

      Land • 5.17 Acres
      0 Of Serene Ave And Hualapai Way, Paradise, NV 89123
      View Details
    • Value Estimation by Request
      2.27 Acres

      Maulding Ave & Ln Cienega St

      Land • 2.27 Acres
      0 Maulding Ave & Ln Cienega St, Las Vegas, NV 89123
      View Details
    • Value Estimation by Request
      2.12 Acres

      Bermuda Rd

      Land • 2.12 Acres
      0 Bermuda Rd, Las Vegas, NV 89123
      View Details

    Similar Nearby for Sale

    • $1,495,000
      0.87 Acres

      Las Vegas Commercial Land Opportunity

      37,897 sq ft lot with C-1 zoning.
      Maryland Ave, Las Vegas, NV 89123
      View Details
    • $450,000
      1,801 SF

      Luxury Condo Near Las Vegas Strip

      Spacious 2BR condo with resort amenities and convenient location.
      2455 W Serene Ave, Las Vegas, NV 89123
      View Details
    • $223,000
      784 SF

      Las Vegas Mid-Rise Condo

      Resort-style living near Allegiant Stadium with premium amenities.
      2455 W Serene Ave, Las Vegas, NV 89123
      View Details
    • $399,900
      1,368 SF

      Las Vegas High-Rise Living

      Two-bedroom condo with sunrise views and resort-style amenities.
      8255 Las Vegas Blvd, Las Vegas, NV 89123
      View Details
    • $479,000
      1,524 SF

      Las Vegas Condo with Views

      Luxury condo with extended balcony and resort-style amenities.
      8255 Las Vegas Blvd, Las Vegas, NV 89123
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Single Tenant Office Space

      Office space available for single tenant occupancy.
      8665 S Eastern Ave, Las Vegas, NV 89123
      View Details
    • Contact for pricing

      Viewpointe Professional Center Office Space

      Office space available in high-traffic location near many amenities.
      8235 S Eastern Ave, Las Vegas, NV 89123
      View Details
    • Contact for pricing

      Las Vegas Retail Space Available

      Retail space in densely populated Las Vegas area near airport.
      7380 S Eastern Ave, Las Vegas, NV 89123
      View Details
    • Contact for pricing
      4,640 SF

      Office Space Available For Rent

      4,640 square feet of office space for lease.
      8965 S Eastern Ave, Las Vegas, NV 89123
      View Details
    • Contact for pricing
      1,117 SF

      Office Space Available For Rent

      Office space available for lease in Las Vegas, Nevada.
      8985 S Eastern Ave, Las Vegas, NV 89123
      View Details
    • Contact for pricing

      Prime Retail Location on Las Vegas Blvd

      Retail space near Premium Outlets South and future train station.
      7680 S Las Vegas Blvd, Las Vegas, NV 89123
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Las Vegas, NV 89123
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!