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

    3220 Flamingo Rd Las Vegas, NV 89121-7448

    • Retail space
    • 5,177 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    May 20, 2025
    Value Estimations
    $895,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-1305090
    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

    • NuWireless Connect / Telecommunications Service

    Property Details for 3220 Flamingo Rd

    Year built
    1998
    Construction
    FRAME
    Lot size
    0.23 lot acres
    Property size
    5,177 SF
    Property type
    Retail space
    APN
    162-13-812-001
    APU
    16213812001

    Description

    This exceptional retail investment opportunity, Renaissance III Retail Center, presents 124,934 square feet of vacant space within a 225,748-square-foot, six-building complex situated on 22.99 acres of land in Las Vegas, Nevada. Located at 3220 E Flamingo Rd, at the Northwest corner of Flamingo Road and Pecos Road, this Class B property boasts a prime location with combined daily traffic counts exceeding 62,200 vehicles. The property features a diverse tenant mix, including the Department of Health and Human Services, WIC Nevada, Planet Fitness, AT&T, Panda Express, Ichabod's Lounge, and ChagaRoot. Spaces range from a minimum of 550 square feet to a maximum contiguous space of 60,560 square feet, ideal for a variety of retail uses. Built in 1987, the single-story buildings offer 42 total suites, with flexible options for end cap, inline, strip center, anchor, and pad tenants. The property is zoned CM and CG, and its location benefits from proximity to the Las Vegas Strip, UNLV, and Harry Reid International Airport, serving a dense residential population of approximately 465,278 residents within a 5-mile radius, boasting an average household income of $67,267. The property's Assessed Parcel Numbers (APN) are 162-13-812-001, 002, 003, 004, 005, 006, and 009. This is a remarkable opportunity to acquire a well-positioned retail center in a thriving Las Vegas submarket.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,160,000
      6.5%
      $1,070,000
      7%
      $995,000

    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
    36.1155
    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
    $4,748
    $38,573
    $191,000
    $229,573
    -
    $110,209
    $545,714
    $655,923

    Comparable in this City

    • Value Estimation
      $11,250,000
      0.36 Acres

      4490 Tropicana Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.36 Acres
      4490 Tropicana Ave, Las Vegas, NV 89121
      View Details
    • Value Estimation
      $8,545,000
      3.22 Acres

      4440 Tropicana Ave

      RETAIL STORES (PERSONAL SERVICES) • 3.22 Acres
      4440 Tropicana Ave, Las Vegas, NV 89121-6719
      View Details
    • Value Estimation
      $690,000
      5,070 SF

      4245 Boulder Hwy

      RETAIL STORES (PERSONAL SERVICES) • 5,070 SF
      4245 Boulder Hwy, Las Vegas, NV 89121-3003
      View Details
    • Value Estimation
      $1,075,000
      9,372 SF

      4260 Boulder Hwy

      RETAIL STORES (PERSONAL SERVICES) • 9,372 SF
      4260 Boulder Hwy, Las Vegas, NV 89121-3006
      View Details
    • Value Estimation
      $1,135,000
      7,708 SF

      3318 Flamingo Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,708 SF
      3318 Flamingo Rd, Las Vegas, NV 89121-7496
      View Details
    • Value Estimation
      $11,250,000
      0.65 Acres

      4596 Tropicana Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.65 Acres
      4596 Tropicana Ave, Las Vegas, NV 89121
      View Details

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    Similar Nearby for Lease

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      View Details
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    Las Vegas, NV 89121-7448
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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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