235 Eastern Ave, Las Vegas, NV 89101-4542
- Strip malls
- 25,200 SF
- 3.55 lot acres
Current Use by Public Records
- Watermill Express / Big Box & Wholesale Store
- Tortilleria San Diego / Restaurant
- Estrella Beauty Salon / Hair Salon / Nail Salon
- NLV Dental Group / Dental Office
- Prime Health Medical Center / Physician
Property Details for 235 Eastern Ave
- Year built
- 1973
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 3.55 lot acres
- Property type
- Strip malls
- Property subtype
- Shopping centers
- APN
- 139-35-702-002
- APU
- 13935702002
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Feb 27, 2025 | — | Rock Ridge At Stewart Square LLC | — | Deed · related | $4.8M · Clark County Cu |
| Feb 6, 2025 | $6,800,000 | Rock Ridge At Stewart Square LLC | Geraldine F Miller | Bargain & Sale Deed | — |
| Jul 31, 2019 | — | Miller,geraldine F Trust | — | Deed · related | $3.7M · Valley Bk/nv |
| Mar 15, 2019 | $2,184,537 | Miller,geraldine F Trust | Miller Trust | Grant Deed · related | — |
| Dec 31, 2015 | $5,700,000 | Miller Trust | Lebovitz Family Trust LLC | Bargain And Sale Deed | — |
| Aug 12, 2005 | $7,950,000 | Partch-lebovitz Family Trust LLC | Stewart Square National INC | Grant Deed | $6.3M · Morgan Stanley Mtg Capital INC |
| — | — | Miller,geraldine F Trust | — | Deed Of Trust · related | $3.7M · Valley Bk/nv |
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.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $5,640,000
- ML approach
- $5,555,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $10,160,000
- 6.5%
- $9,375,000
- 7%
- $8,710,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $8,965,000
- AI Estimate
- $4,162,000
Market price range: $5.63M - $19.9MMarket price range: $861k - $9.61M -
Alternative Use
- Use
- Estimation
- NEIGHBORHOOD: SHOPPING CENTER
- $10,940,000 Current use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- 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
