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

    1980 Festival Plz Dr Las Vegas, NV 89135-2927

    • Office buildings
    • 214,704 SF
    • 1.59 lot acres
    OFF-MARKET
    Value Estimations
    $39,255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0734442
    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

    • White House Black Market / Clothing & Fashion Store
    • The Best Hummus Ever Co. / Restaurant
    • Electric Bike Association / (Bike/Boat/Book/etc) Store
    • Willis Towers Watson / Business Management Consultant
    • AJIA Innogroup Holdings Ltd. / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 1980 Festival Plz Dr

    Year built
    2009
    Construction
    STEEL FRAME
    Lot size
    1.59 lot acres
    Property size
    214,704 SF
    Property type
    Office buildings
    APN
    164-01-311-007
    APU
    16401311007

    Description

    This exceptional 7,592 square foot Class A executive office suite is available for sublease in Las Vegas, Nevada. Located at 1980 Festival Plaza Drive, zip code 89135, this single-tenant space offers a complete and immediately available solution for businesses seeking a prestigious location. The property boasts a total building size of 7,592 square feet, with the entire space currently vacant and ready for occupancy. Situated in Sonoma County, this office building provides a modern and efficient workspace, ideal for companies requiring ample room and a high-quality environment. The property's prime location in Las Vegas offers easy access to major transportation routes, amenities, and a vibrant business community. This is a unique opportunity to secure a substantial, move-in ready office space in a highly desirable area. The property is classified as Class A, reflecting its superior construction, amenities, and overall quality. All 7,592 square feet are available for immediate sublease, making it an attractive option for businesses needing quick relocation or expansion. Interested parties are encouraged to inquire promptly to secure this exceptional opportunity. The property is located in Las Vegas, NV, within Sonoma County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $58,745,000
      6.5%
      $54,225,000
      7%
      $50,350,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $65,020,000
      Current use
      INDUSTRIAL (GENERAL)
      $63,570,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.333
    Latitude
    36.1502
    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
    $629,290
    $478,760
    $24,711,952
    $25,190,712
    -
    $1,367,886
    $70,605,577
    $71,973,463

    Comparable in this City

    • Value Estimation
      $28,955,000
      151,800 SF

      10845 Griffith Peak Dr

      OFFICE BUILDING • 151,800 SF
      10845 Griffith Peak Dr, Las Vegas, NV 89135-1553
      View Details
    • Value Estimation
      $12,530,000
      77,136 SF

      10100 Charleston Blvd Ste, Unit 260

      OFFICE BUILDING • 77,136 SF
      10100 Charleston Blvd Ste, Las Vegas, NV 89135-5006
      View Details
    • Value Estimation
      $3,090,000
      5,220 SF

      3625 Town Ctr Dr

      OFFICE BUILDING • 5,220 SF
      3625 Town Ctr Dr, Las Vegas, NV 89135-3053
      View Details
    • Value Estimation
      $1,985,000
      12,600 SF

      3605 Town Ctr Dr

      OFFICE BUILDING • 12,600 SF
      3605 Town Ctr Dr, Las Vegas, NV 89135-3061
      View Details
    • Value Estimation
      $740,000
      4,014 SF

      3575 Town Ctr Dr

      OFFICE BUILDING • 4,014 SF
      3575 Town Ctr Dr, Las Vegas, NV 89135-3045
      View Details
    • Value Estimation
      $3,130,000
      20,833 SF

      10785 Twain Ave

      OFFICE BUILDING • 20,833 SF
      10785 Twain Ave, Las Vegas, NV 89135-3026
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • Contact for pricing

      Class-A Office Space in Las Vegas

      Premier office building near Las Vegas Ballpark with retail and dining.
      1700 S Pavilion Center Dr, Las Vegas, NV 89135
      View Details
    • $51 SF/Yr

      Class A Office in Summerlin

      Class A office space in Downtown Summerlin with mountain views.
      1980 Festival Plz Dr #550, Las Vegas, NV 89135
      View Details
    • $50 SF/Yr

      Class A Office in Summerlin

      Nine-story Class A office building in Downtown Summerlin for lease.
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      View Details
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      Furnished Office Suite in Summerlin

      Fully furnished office suite in Summerlin, perfect for professional services.
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      View Details
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      1,913 SF

      Furnished Townhome in Summerlin Centre

      Furnished townhome in Summerlin Centre, close to amenities and recreation.
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    Las Vegas, NV 89135-2927
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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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