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

    3055 E Tropicana Ave Las Vegas, NV 89121

    • Outlet malls
    • 130,160 SF
    • 53.27 lot acres
    For Lease
    View listing
    Last Sale
    Sep 11, 2024
    $72,500,000
    Value Estimations
    $72,500,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-1287858
    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

    • Velle da barber / Barber Shop

    Property Details for 3055 E Tropicana Ave

    Year built
    1991
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    53.27 lot acres
    Property size
    130,160 SF
    Property type
    Outlet malls
    APN
    162-25-510-001
    APU
    16225510001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market
      ML approach
      Off market

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $80,937,000
      Market price range: $24.8M - $80.9M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $48,660,000
      Current use
      RESTAURANT
      $93,805,000
      Change: +93% Conversion: Easy
      COMMERCIAL (GENERAL)
      $82,320,000
      Change: +69% Conversion: Easy
      AUTO REPAIR, GARAGE
      $72,290,000
      Change: +49% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $56,505,000
      Change: +16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.105
    Latitude
    36.0981
    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
    $416,213
    $5,522,650
    $12,339,659
    $17,862,309
    -
    $15,779,000
    $35,256,169
    $51,035,169

    Comparable in this City

    • Value Estimation
      $3,315,000
      25,200 SF

      4655 Flamingo Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 25,200 SF
      4655 Flamingo Rd, Las Vegas, NV 89121-4740
      View Details
    • Value Estimation
      $11,865,000
      102,400 SF

      3455 Boulder Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 102,400 SF
      3455 Boulder Hwy, Las Vegas, NV 89121-1502
      View Details
    • Value Estimation by Request
      10,000 SF

      4915 Desert Inn Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 10,000 SF
      4915 Desert Inn Rd, Las Vegas, NV 89121-2809
      View Details
    • Value Estimation
      $5,780,000
      38,640 SF

      4900 Tropicana Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 38,640 SF
      4900 Tropicana Ave, Las Vegas, NV 89121-6729
      View Details
    • Value Estimation
      $3,230,000
      27,524 SF

      4790 Flamingo Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 27,524 SF
      4790 Flamingo Rd, Las Vegas, NV 89121-4709
      View Details
    • Value Estimation
      $3,295,000
      28,170 SF

      4730 Flamingo Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 28,170 SF
      4730 Flamingo Rd, Las Vegas, NV 89121-4709
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      77,650 SF

      Grocery-Anchored Neighborhood Center For Sale

      77,650 SF shopping center anchored by high-performing Albertsons.
      2959 E Desert Inn Rd, Las Vegas, NV 89121
      View Details
    • $5,250,000
      36 SF

      Retail Property on Flamingo Road

      Retail property in Central East Las Vegas with high traffic.
      3075 E Flamingo Rd, Las Vegas, NV 89121
      View Details
    • $10,900,000
      90,732 SF

      Anchored Shopping Center with Value-Add

      90,732 SF shopping center with high traffic and value-add.
      3732-3750 E Flamingo Rd, Las Vegas, NV 89121
      View Details
    • $2,888,000

      Las Vegas Auto Shop & Store

      Prime Retail Investment: Auto Shop, Convenience Store
      4885 Flamingo Rd, Las Vegas, NV 89121
      View Details
    • $2,180,000
      8,334 SF

      Las Vegas Retail/Office Opportunity

      Versatile commercial property suitable for retail or office uses.
      3085 East Flamingo Rd, Las Vegas, NV 89121
      View Details
    • $2,250,000
      5,051 SF

      Turnkey Restaurant Space For Sale

      Restaurant property with fully equipped kitchen on Boulder Strip.
      4860 Boulder Hwy, Las Vegas, NV 89121
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,484 SF

      Las Vegas Retail Space Available

      Retail space in a high-traffic Las Vegas shopping center.
      3365-3375 E Tropicana Ave, Las Vegas, NV 89121
      View Details
    • $1.75 SF/Yr
      2,626 SF

      Freestanding Strip Center on Boulder

      Leased strip center with laundromat and bar in Las Vegas.
      Las Vegas, NV 89121
      View Details
    • Contact for pricing
      50,150 SF

      Las Vegas Retail Center Space

      Large retail space in high-traffic Las Vegas shopping center.
      3075-3185 E Tropicana Ave, Las Vegas, NV 89121
      View Details
    • Contact for pricing
      1,348 SF

      Las Vegas Retail Space Available

      Retail space for lease in a busy Las Vegas shopping center.
      3025-3035 E Tropicana Ave, Las Vegas, NV 89121
      View Details
    • Contact for pricing
      13,740 SF

      2797 Tropicana Ave

      Lifestyle centers • 13,740 SF
      2797 Tropicana Ave, Las Vegas, NV 89121
      View Details
    • Contact for pricing
      1,554 SF

      Retail Space Near Mariana's Supermarket

      Retail opportunity near Mariana’s Supermarket, Flamingo Rd. & Pecos Rd.
      3310 E Flamingo Rd, Las Vegas, NV 89121
      View Details
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    Las Vegas, NV 89121
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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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