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    3240 Harmon Ave Las Vegas, NV 89103

    • Distribution centers
    • 22,950 SF
    • 1.29 lot acres
    For Lease
    View listing
    $48 SF/Yr
    Last Sale
    Apr 27, 2022
    $6,450,000
    Value Estimations
    $5,895,000
    Cap Rate Potential
    2.6%
    Distribution centers
    Location Intelligence
    Property ID
    US62-0367187
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Aura Vegas Apartments / Apartment Building

    Property Details for 3240 Harmon Ave

    Year built
    1981
    Construction
    STEEL FRAME
    Lot size
    1.29 lot acres
    Property size
    22,950 SF
    Property type
    Distribution centers
    APN
    162-20-203-012
    APU
    16220203012

    Description

    This exceptional 5,063 square foot retail space, located at 3240 W Harmon Ave in Las Vegas, NV 89103, presents a unique investment opportunity. Situated on 2.1 acres of land in the coveted Resort Corridor submarket, this single-tenancy property offers unparalleled access to a substantial customer base. The ground floor location within the Aura building provides immediate proximity to tens of millions of annual tourists and hundreds of affluent residents in the luxury apartments above. This ensures high visibility and foot traffic, creating a strong foundation for a thriving business. The property's strategic location benefits from convenient access to major transportation arteries, including the I-15 and numerous connecting roads via the new Harmon Interchange and I-15 Tropicana projects, facilitating ease of access for both tourists and local residents throughout the Las Vegas valley. The entire 5,063 square feet is currently vacant, providing a blank canvas for a new restaurant concept or other suitable retail use. This presents a rare chance to establish a prominent presence in one of Las Vegas's most dynamic and high-traffic areas. The property's size and location make it ideal for a variety of restaurant concepts, catering to both the tourist and local populations. This is a truly exceptional opportunity to capitalize on the vibrant energy and substantial foot traffic of the Resort Corridor.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,280,000
      ML approach
      $6,255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,731,000
      Market price range: $3.03M - $9.80M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $6,940,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $9,965,000
      Change: +44% Conversion: Moderate
      RETAIL STORES
      $8,580,000
      Change: +24% Conversion: Moderate
      OFFICE BUILDING
      $7,795,000
      Change: +12% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.184
    Latitude
    36.1087
    CBSA code
    29820
    CBSA name
    LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $12,212
    $196,672
    $247,705
    $444,377
    -
    $561,920
    $707,729
    $1,269,649

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation
      $520,000
      43,920 SF

      4765 Cameron St

      DISTRIBUTION WAREHOUSE • 43,920 SF
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    • Value Estimation
      $715,000
      100,000 SF

      3950 Harmon Ave

      DISTRIBUTION WAREHOUSE • 100,000 SF
      3950 Harmon Ave, Las Vegas, NV 89103-5507
      View Details
    • Value Estimation
      $555,000
      15,678 SF

      4760 Polaris Ave

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    • Value Estimation
      $755,000
      45,594 SF

      4625 Wynn Rd

      INDUSTRIAL (GENERAL) • 45,594 SF
      4625 Wynn Rd, Las Vegas, NV 89103-5324
      View Details
    • Value Estimation
      $545,000
      14,012 SF

      4675 Wynn Rd

      HEAVY INDUSTRIAL • 14,012 SF
      4675 Wynn Rd, Las Vegas, NV 89103-5333
      View Details

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    3240 Harmon Ave
    Las Vegas, NV 89103
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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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