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Property profile & analytics
OFF-MARKET
Estimated value
$5,000,000
Casinos
122 Water St Henderson, NV 89015-7211
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US62-0412749
Property profile
Verified
Property type
Casinos
Use group
CASINO
Year built
1951
Construction
FRAME
Total area
18,948 SF
Lot
0.55 ac (23,958 SF)
APN
179-18-710-042
UPID
US62-0412749
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Rotary International and the Henderson Rotary Club Volunteer Organization Charitable Organization
-
Triple B Brooks Brothers Burgers Restaurant
-
Triple B Restaurant Restaurant
-
Rainbow Club Casino Hotel & Motel Resort
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.00M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.00M
Owner & transaction history
Ecl Water Street LLC · 2 yrs held
Ecl Water Street LLC
since 2024
Last sale
$5.0M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.1M
+95.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Henderson submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Henderson submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$5,000,000
ML approach
$5,000,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,145,000
Change: +95% · Conversion: Difficult
Blend value · Realmo final
$5.00M
Range $4.50M – $5.50M · ±10% · vs last sale $5.00M (Jan 8 2024)
Last sale anchor
$5.00M
Jan 8 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$264 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,247
Tax year 2023
Assessed value
$329,310
Assessed 2024
Previous assessed
$304,509
+8.1% YoY
Effective rate
2.50%
On assessed value
Assessed land
$100,624
Assessed improvement
$228,686
Land market value
$287,497
Improvement market value
$653,389
Total market value
$940,886
Applied tax rate
503.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Casinos
Use group
CASINO
Status
Off-Market
Year built
1951
Construction
FRAME
Heating
HEAT PUMP
Stories
2
Total area
18,948 SF
Lot
0.55 ac (23,958 SF)
APN
179-18-710-042
UPID
US62-0412749
Jurisdiction
CLARK
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$3.1M
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1951
Construction
FRAME
Heating
HEAT PUMP
Stories
2
Lot
0.55 ac
Current owner
From public records · entity-resolved
Ecl Water Street LLC
Entity
Mailing address
6360 S BUFFALO DR, LAS VEGAS, NV 89113-2133
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
14 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 8, 2024
—
Ecl Water Street LLC
Wt Landco LLC
Lease
—
Jan 8, 2024
$5,000,000
Wt Landco LLC
Water Street Gaming LLC
Bargain And Sale Deed
$1,000,000 · Zb NA
Sep 11, 2020
—
Water Street Gaming LLC
—
Deed
related
$2,700,000 · Western Alliance Bk
Jun 1, 2020
$500,000
Water Street Gaming LLC
Peppermill Casinos INC
Grant Deed
—
Aug 29, 2019
—
Peppermill Casinos INC
—
Loan Modification
related
$625,000,000 · Us Bk
Aug 10, 2017
—
Peppermill Casinos INC
—
Loan Modification
related
$7,500,000 · Wells Fargo Bk
Nov 1, 2016
—
Peppermill Casinos INC
—
Deed
related
—
Nov 9, 2012
—
Peppermill Casinos INC
—
Deed Of Trust
related
$650,000,000 · Wells Fargo Bank
May 24, 2004
—
Peppermill Casinos INC
—
Deed Of Trust
related
$250,000,000 · Wells Fargo Bank
Jul 5, 1994
$290,000
Peppermill Casinos INC
Rainbow Associat
Grant Deed
—
—
—
Peppermill Casinos INC
—
Loan Modification
related
—
—
—
Peppermill Casinos INC
—
Loan Modification
related
—
—
—
Peppermill Casinos INC
—
Loan Modification
related
—
—
—
Water Street Gaming LLC
—
Deed Of Trust
related
$2,700,000 · Western Alliance Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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