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

    3501 Rainbow Blvd Las Vegas, NV 89103

    • Retail space
    • 15,000 SF
    • 7.51 lot acres
    For Lease
    View listing
    $27 SF/Yr
    Last Sale
    Nov 15, 2021
    $42,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0452312
    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

    • TNT Fireworks / Fireworks Store / Store
    • Rent a Car Spring | ClavisCar / Car Rental Agency
    • CareOne Credit / Credit Counseling Service
    • Applebee's Grill + Bar / Traditional American Restaurant / Restaurant

    Property Details for 3501 Rainbow Blvd

    Year built
    1996
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    7.51 lot acres
    Property size
    15,000 SF
    Property type
    Retail space
    APN
    163-15-610-016
    APU
    16315610016

    Description

    Rainbow Springs Shopping Center presents a unique opportunity for multiple retail tenants seeking high-visibility space in a thriving Spring Valley location. This Class B retail center boasts a total of 37,972 square feet, currently 100% vacant and available for lease. Spaces are divisible to a minimum of 3,000 square feet, with a maximum contiguous space of 12,000 square feet. The center benefits from excellent co-tenancy, including established national retailers such as Sam's Club, Walmart, Dollar Tree, ACE Hardware, and Petco, ensuring high foot traffic and brand synergy. Located at the intersection of Rainbow Boulevard and Spring Mountain Road, the center enjoys exceptional visibility and accessibility, with over 85,000 vehicles passing daily. The property is zoned C-2, offering flexibility for a variety of retail, medical, or restaurant uses. Recent improvements include a new pylon sign (2020) and ongoing renovations by the landlord, encompassing facade upgrades, landscaping enhancements, and improved lighting throughout the center. This is an exceptional opportunity to establish a presence in a densely populated area with strong demographics and a proven track record of retail success. The center's strategic location and ongoing improvements make it an ideal investment for businesses seeking significant growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.244
    Latitude
    36.1248
    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
    $74,580
    $1,660,215
    $1,783,474
    $3,443,689
    -
    $4,743,471
    $5,095,640
    $9,839,111

    Comparable in this City

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      $2,010,000
      7,870 SF

      3081 Business Ln

      RETAIL STORES (PERSONAL SERVICES) • 7,870 SF
      3081 Business Ln, Las Vegas, NV 89103-4129
      View Details
    • Value Estimation
      $1,135,000
      4,639 SF

      5485 Flamingo Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,639 SF
      5485 Flamingo Rd, Las Vegas, NV 89103-3500
      View Details
    • Value Estimation
      $515,000
      17,640 SF

      3675 Decatur Blvd

      RETAIL STORES (PERSONAL SERVICES) • 17,640 SF
      3675 Decatur Blvd, Las Vegas, NV 89103-6857
      View Details
    • Value Estimation
      $265,000
      3,000 SF

      4625 Flamingo Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,000 SF
      4625 Flamingo Rd, Las Vegas, NV 89103-3701
      View Details
    • Value Estimation
      $315,000
      7,506 SF

      3830 Vly Vw Blvd

      RETAIL STORES (PERSONAL SERVICES) • 7,506 SF
      3830 Vly Vw Blvd, Las Vegas, NV 89103-2904
      View Details
    • Value Estimation
      $715,000
      40,960 SF

      3859 Vly Vw Blvd

      RETAIL STORES (PERSONAL SERVICES) • 40,960 SF
      3859 Vly Vw Blvd, Las Vegas, NV 89103-2909
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Retail Space on Flamingo Road

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      View Details
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    3501 Rainbow Blvd
    Las Vegas, NV 89103
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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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