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

    1111 Sierra Vis Dr Las Vegas, NV 89169-2903

    • Office buildings
    • 11,479 SF
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    Apr 10, 2024
    $828,774
    Value Estimations
    $830,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0227436
    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

    • Dadej Rhett OD / Optometrist
    • Carter Janet OD / Optometrist
    • Reeve R. Evers, OD / Optometrist

    Property Details for 1111 Sierra Vis Dr

    Year built
    1973
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.17 lot acres
    Property size
    11,479 SF
    Property type
    Office buildings
    APN
    162-15-511-003
    APU
    16215511003

    Description

    This exceptional 0.66-acre commercial land parcel in Las Vegas, Nevada, presents a remarkable investment opportunity. Located at 1111 Sierra Vista Drive, this property boasts a highly desirable location, minutes from Sunrise Hospital and the renowned Las Vegas Strip. The site comprises four contiguous parcels (APN 162-15-511-003, 004, 005, 006), offering flexibility for various development projects. The land is fully paved and features an existing concrete slab, significantly reducing initial development costs. All utilities are conveniently located on-site. Zoned H-1, this property is well-suited for a range of uses, including medical facilities or multi-family residential developments. The asking price is $1,399,000. This unique offering presents a rare chance to acquire a versatile property in a thriving area with significant potential for future growth and return on investment. Consider this exceptional opportunity to build in a central Las Vegas location. The property's proximity to major medical facilities and the Strip makes it an attractive location for a variety of commercial ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $830,000
      ML approach
      $830,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $638,000
      Market price range: $391k - $1.96M

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.14
    Latitude
    36.1267
    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
    2023
    $5,603
    $31,101
    $169,321
    $200,422
    -
    $88,860
    $483,774
    $572,634

    Comparable in this City

    • Value Estimation
      $13,065,000
      59,156 SF

      3930 Howard Hughes Pkwy

      OFFICE BUILDING • 59,156 SF
      3930 Howard Hughes Pkwy, Las Vegas, NV 89169-0943
      View Details
    • Value Estimation by Request
      1,000 SF

      3650 Eastern Ave Ste, Unit 330

      OFFICE BUILDING • 1,000 SF
      3650 Eastern Ave Ste, Las Vegas, NV 89169-3345
      View Details
    • Value Estimation
      $2,210,000
      15,954 SF

      1600 Desert Inn Rd

      OFFICE BUILDING • 15,954 SF
      1600 Desert Inn Rd, Las Vegas, NV 89169-2525
      View Details
    • Value Estimation
      $790,000
      1,720 SF

      1591 Desert Inn Rd

      OFFICE BUILDING • 1,720 SF
      1591 Desert Inn Rd, Las Vegas, NV 89169-2502
      View Details
    • Value Estimation
      $4,190,000
      20,728 SF

      3690 Eastern Ave

      OFFICE BUILDING • 20,728 SF
      3690 Eastern Ave, Las Vegas, NV 89169-3300
      View Details
    • Value Estimation
      $4,140,000
      20,021 SF

      3441 Eastern Ave

      OFFICE BUILDING • 20,021 SF
      3441 Eastern Ave, Las Vegas, NV 89169-3314
      View Details

    Similar Nearby for Sale

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      Las Vegas Vacant Land Parcel

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    Similar Nearby for Lease

    • Contact for pricing
      46,844 SF

      McCarran Village Restaurant Space

      Las Vegas Restaurant/Retail Opportunity, Two Spaces Available
      360 Tropicana Ave, Las Vegas, NV 89169
      View Details
    • $35 SF/Yr
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      Howard Hughes Parkway Office Space

      Office space available in the Hughes Center, Las Vegas.
      3993 Howard Hughes Pkwy, Las Vegas, NV 89169
      View Details
    • $33 SF/Yr
      2,107 SF

      Office Space in Hughes Center

      Office space available for rent in Howard Hughes Parkway.
      3770 Howard Hughes Pkwy, Las Vegas, NV 89169
      View Details
    • $56 SF/Yr
      20,269 SF

      Las Vegas Executive Office Suites

      Class A Office Space, Flexible Terms
      3753 Howard Hughes Pkwy, Las Vegas, NV 89169
      View Details
    • $15 SF/Yr
      15,954 SF

      Prime Medical Office Suites in Vegas

      Newly renovated, flexible office spaces available.
      1600 Desert Inn Rd, Las Vegas, NV 89169
      View Details
    • $34 SF/Yr
      18,080 SF

      Office Space in Hughes Center

      Office space available in the Hughes Center, Las Vegas.
      3773 Howard Hughes Pkwy, Las Vegas, NV 89169
      View Details
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    1111 Sierra Vis Dr
    Las Vegas, NV 89169-2903
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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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