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    Property profile & analytics

    4245 Grand Canyon Dr Las Vegas, NV 89147

    • Community centers
    • 97,706 SF
    • 8.74 lot acres
    For Lease
    View listing
    $33 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0419706
    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

    • Lydia Wyatt DDS / Dental Office
    • 103° Hot Pilates & Yoga / Gym & Fitness Center
    • Skin Sanctuary LV / Medical Clinic / Skin Care Clinic
    • iShape Beauty Clinic / Hair Salon / Nail Salon
    • Orangetheory Fitness / Gym & Fitness Center

    Property Details for 4245 Grand Canyon Dr

    Year built
    2005
    Construction
    METAL FRAME
    Lot size
    8.74 lot acres
    Property size
    97,706 SF
    Property type
    Community centers
    APN
    163-19-112-012
    APU
    16319112012

    Description

    This exceptional Class A retail center, built in 2005, boasts a prime location in the Summerlin South submarket of Las Vegas, Nevada. Situated on 8.74 acres at 4245 S Grand Canyon Dr, near Flamingo Rd. & Grand Canyon Pkwy (APN 163-19-112-012, zoned C-2), this one-story, two-building property offers immediate access to the 215 Beltway. The center is anchored by Target, Kohl's, Floor & Decor, and JCPenney, ensuring high visibility and substantial foot traffic. Currently, there is 12,400 square feet of vacant space available, divisible into units as small as 2,723 square feet and up to a contiguous 12,401 square feet. The property benefits from its proximity to affluent residential communities such as The Summit Club and The Ridges. Existing tenants include Flip N Out Extreme, Doggie District, Water Wings Swim School, Orange Theory Fitness, HUE Salon & Lux Suites, The Ride Indoor Cycling, and 103° Hot Pilates & Yoga, creating a vibrant and diverse tenant mix. This presents a unique opportunity for businesses seeking exposure in a thriving, established retail center within a high-demand area. The property's strong anchor tenants, excellent location, and substantial vacant space make it an ideal investment for a variety of retail, restaurant, or office uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $36,525,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.307
    Latitude
    36.1123
    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
    $125,964
    $2,498,436
    $6,005,849
    $8,504,285
    -
    $7,138,389
    $17,159,569
    $24,297,958

    Comparable in this City

    • Value Estimation
      $6,535,000
      33,240 SF

      4205 Grand Cyn Dr

      MINI-MALL • 33,240 SF
      4205 Grand Cyn Dr, Las Vegas, NV 89147-7152
      View Details
    • Value Estimation by Request
      13,348 SF

      4045 Buffalo Dr

      MINI-MALL • 13,348 SF
      4045 Buffalo Dr, Las Vegas, NV 89147-7479
      View Details
    • Value Estimation
      $1,535,000
      8,000 SF

      4011 Buffalo Dr

      MINI-MALL • 8,000 SF
      4011 Buffalo Dr, Las Vegas, NV 89147-7478
      View Details
    • Value Estimation
      $15,050,000
      105,700 SF

      4195 Ft Apache Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 105,700 SF
      4195 Ft Apache Rd, Las Vegas, NV 89147-8802
      View Details
    • Value Estimation by Request
      7,449 SF

      4215 Grand Cyn Dr

      SHOPPING CENTER, STRIP CENTER • 7,449 SF
      4215 Grand Cyn Dr, Las Vegas, NV 89147-7172
      View Details
    • Value Estimation
      $9,255,000
      49,548 SF

      8650 Tropicana Ave

      SHOPPING CENTER, STRIP CENTER • 49,548 SF
      8650 Tropicana Ave, Las Vegas, NV 89147-8181
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $31 SF/Yr
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      Siena Town Center Retail Space

      Prime Las Vegas retail center, multiple spaces available.
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      View Details
    • Contact for pricing

      Retail Center in Summerlin South

      Retail spaces available in a high-traffic, anchored shopping center.
      4245 S Grand Canyon Dr, Las Vegas, NV 89147
      View Details
    • Contact for pricing
      9,200 SF

      Retail Space Available For Lease

      Retail space available for lease with potential pad opportunity.
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      View Details
    • Contact for pricing

      Target Anchored Power Center Space

      Retail and restaurant spaces available in busy Summerlin South center.
      4115-4215 S Grand Canyon Dr, Las Vegas, NV 89147
      View Details
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      Retail Space in Summerlin Submarket

      Retail space in Summerlin with high visibility and signage.
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    • $2 SF/Yr
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      Retail Space on Fort Apache

      Inline retail space with open floorplan and private restroom.
      4840 S Fort Apache Rd, Las Vegas, NV 89147
      View Details
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    Las Vegas, NV 89147
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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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