720 7Th StLas Vegas, NV 89101

Property Details for 720 7Th St

Year built

1982

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.56 AC

Property size (Sq ft)

28,366 SF

Property type

Office properties

Property subtype

Office buildings

APN

139-34-410-229

APU

13934410229

Description

This exceptional three-story, 28,366 square foot office building sits on a 10.56-acre lot with an additional 10.19 acres of uncovered parking in Las Vegas' historic Lawyers Row. Currently 49% occupied, this Class B building offers a significant value-add opportunity with a current NOI of $298,362 and a pro-forma NOI of $606,762, resulting in a pro-forma cap rate of 7.14%. The asking price is $8,500,000 ($299.65/sq ft). The building features standard office improvements including a reception area, 34 private offices, three conference rooms, a break area, and four restrooms. It also boasts 67 covered parking spaces. Its prime location offers easy access to I-15 and I-515, and is in close proximity to several courthouses and government facilities, including the Federal Justice Center, Clark County Justice Center, Las Vegas Municipal Court, the new Federal Immigration Customs Enforcement Office, and the Nevada Supreme Court. The property is zoned for Professional Office and Parking (P-R), making it ideal for an owner-user seeking a prominent presence in a thriving downtown area surrounded by retail, entertainment, and restaurant amenities. This is a multi-tenant gross lease property.

• CAP approach

  CAP return

  Valuation

  6%

  $6,693,486

  6.5%

  $6,178,602

  7%

  $5,737,273

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,683,128

  Geo Method

  $5,683,128

• Alternative Use

  Use

  Valuation

  Residential

  $7,661,466

  Hospitality

  $7,017,862

  Educational

  $5,838,778

  Medical

  $6,039,584

  Retail

  $9,082,545

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Latitude

36.1605

Longitude

-115.144

CBSA code

29820

CBSA name

LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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