235 Eastern Ave Las Vegas, NV 89101-4542

Property Details for 235 Eastern Ave

Year built

1973

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

3.55 lot acres

Property size

25,200 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

139-35-702-002

APU

13935702002

Description

This exceptional investment opportunity presents a fee-simple interest in Stewart Square, a well-located neighborhood shopping center at 235 N Eastern Ave, Las Vegas, NV 89101. The 39,600 square foot property, built in 1973 and situated on a 3.58-acre lot, features two single-story buildings and comprises 29 units with 26 tenants under NNN leases. Currently boasting 91% occupancy, the center offers significant upside potential with a pro-forma cap rate of 7.33% and a pro-forma NOI of $550,000. The asking price is $7,500,000, representing a price per square foot of $189.39. The property benefits from a prime location on a signalized corner with high daily traffic counts, exceeding 96,000 vehicles. Average rents are $1.21 per square foot per month, presenting opportunities for rent increases through property improvements. The property has 196 parking spaces and is zoned Limited Commercial (C-1). With a remaining lease term of 3.4 years and rent bumps included, this core Class B shopping center is poised for strong returns. The current NOI is $465,478. The property is expected to reach full occupancy by March 13, 2024.

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Longitude

-115.117

Latitude

36.1656

CBSA code

29820

CBSA name

LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments