1551 Commerce St Las Vegas, NV 89102
- Office buildings
- 6,750 SF
- 0.21 lot acres
Current Use by Public Records
- Uplift Solar / Solar Energy Equipment Supplier
- Weekend Emergency Assistance Program - Food Distribution Center / Food Bank
- Dream Up Hair Studio / Hair Salon
- 702 Vintage / Antique Store
- Circadian Gallery / Art Gallery
Property Details for 1551 Commerce St
- Year built
- 1975
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.21 lot acres
- Property size
- 6,750 SF
- Property type
- Office buildings
- APN
- 162-03-210-008
- APU
- 16203210008
Description
This exceptional Downtown Las Vegas commercial property, located at 1551 S Commerce St, offers 13,220 square feet of retail and special purpose space across ten suites. The building, situated on a 0.21-acre lot (APN 162-03-210-008), is undergoing a complete renovation, transforming its appearance and functionality. Improvements include a new elevator, updated staircases, and a striking new exterior façade featuring glass storefront doors and windows. The interior is also being completely modernized, with all new infrastructure. Suite sizes range from a minimum of 649 square feet to a maximum contiguous space of 13,220 square feet. The two-story building, constructed in 1975 and renovated in 2004, boasts a Class B rating and is zoned Commercial Industrial (CM). The ground floor features two approximately 3,000 square foot spaces, while the second floor offers studio, creative, and office spaces ranging from approximately 650 to 1,749 square feet. This prime location in the Downtown Las Vegas submarket, near Wyoming Ave, benefits from the surrounding revitalization efforts, including new businesses and residential developments. The property's strategic location and extensive renovations make it an ideal investment opportunity.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,035,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,645,000
- 6.5%
- $1,935,000
- 7%
- $1,730,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,665,000
- Geo Method
- $1,595,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,930,000
- Retail
- $1,795,000
- Mixed-Use
- $1,465,000
- Hospitality
- $1,630,000
- Educational
- $1,675,000
- Residential Income
- $1,525,000
- Energy
- $1,475,000
- Income-Based Land
- $1,600,000
- Food Service
- $1,715,000
Location Insight
- Map
- Local Demand
- City
- Las Vegas
- County
- Clark
- State
- Nevada
- Longitude
- -115.155
- Latitude
- 36.1529
- CBSA code
- 29820
- CBSA name
- LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA
