229 Las Vegas BlvdLas Vegas, NV 89101

Property Details for 229 Las Vegas Blvd

Year built

1959

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.16 AC

Property size (Sq ft)

8,500 SF

Property type

Office properties

Property subtype

Office buildings

APN

139-34-611-048

APU

13934611048

Description

This exceptional 8,525 square foot, two-story Class B office building, located at 229 Las Vegas Blvd S, Las Vegas, NV 89101, presents a unique investment opportunity. Built in 1959 and extensively renovated in 2019, the property boasts a modern interior with multiple secured offices, support offices, and bullpen areas on both floors. Amenities include four restrooms, two large and two small conference rooms, and two breakrooms. The building is fully furnished and ready for immediate occupancy. Situated on a 0.16-acre lot (APN 139-34-611-048), this property is zoned C-2 and offers excellent growth potential. Its prime downtown location provides easy access to the Federal Courthouse, banks, the US Post Office, and numerous other businesses. The building features a masonry exterior with a white brick frontage. The asking price is $3,195,000, representing a price per square foot of $374.78 and a price per unit of $1,597,500. This is a rare opportunity to acquire a fully furnished, turn-key office building in the heart of Las Vegas.

• CAP approach

  CAP return

  Valuation

  6%

  $2,005,733

  6.5%

  $1,851,446

  7%

  $1,719,200

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,702,975

  Geo Method

  $1,702,975

• Alternative Use

  Use

  Valuation

  Residential

  $2,295,793

  Hospitality

  $2,102,934

  Educational

  $1,749,616

  Medical

  $1,809,788

  Retail

  $2,721,626

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Latitude

36.167

Longitude

-115.142

CBSA code

29820

CBSA name

LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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