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

    450 Nellis Blvd Las Vegas, NV 89110

    • Grocery and convenience stores
    • 72,204 SF
    • 7.53 lot acres
    For Lease
    View listing
    $21 SF/Yr
    Last Sale
    Jun 03, 2022
    $32,660,000
    Value Estimations
    $31,995,000
    Cap Rate Potential
    3.2%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US62-0323639
    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

    • Coinstar Kiosk | Bitcoin ATM / Atm / Currency Exchange Service
    • U.S. Bank Branch / Bank / Loan Service
    • Primo Water Refill & Exchange / Big Box & Wholesale Store
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • higi / Physician

    Property Details for 450 Nellis Blvd

    Year built
    1988
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    7.53 lot acres
    Property size
    72,204 SF
    Property type
    Grocery and convenience stores
    APN
    140-33-201-005
    APU
    14033201005

    Description

    This exceptional Las Vegas retail center, Sunrise Market Place, offers 5 available spaces ranging from 1,500 to 25,161 square feet. Located at 450 N Nellis Blvd, at the corner of Stewart and Nellis, this Class B property boasts a total of 192,158 square feet across three single-story buildings. Built in 1988, the center benefits from a strong anchor tenant, Smith's Grocer, and SouthWest Medical, with many long-term tenants (over 30 years). The property is zoned CG and has a Clark County APN of 140-33-201-005. Its prime location within the Nellis trade area provides access to a substantial population base: over 200,000 people and 75,000 households reside within a 3-mile radius. The high concentration of medical tenants presents a unique opportunity for additional medical office spaces, enhancing patient convenience. This property offers a compelling investment opportunity in a thriving Las Vegas neighborhood. The center features multiple tenancies and no elevators.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $31,805,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $30,845,000
      Market price range: $13.8M - $44.9M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $26,995,000
      Current use
      RESTAURANT
      $52,035,000
      Change: +93% Conversion: Easy
      COMMERCIAL (GENERAL)
      $45,665,000
      Change: +69% Conversion: Easy
      AUTO REPAIR, GARAGE
      $40,100,000
      Change: +49% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $31,345,000
      Change: +16% Conversion: Moderate
      OFFICE BUILDING
      $21,865,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.061
    Latitude
    36.1674
    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
    $100,273
    $981,561
    $2,854,274
    $3,835,835
    -
    $2,804,460
    $8,155,069
    $10,959,529

    Comparable in this City

    • Value Estimation by Request
      2,928 SF

      3520 Owens Ave

      CONVENIENCE STORE • 2,928 SF
      3520 Owens Ave, Las Vegas, NV 89110-1052
      View Details
    • Value Estimation
      $9,150,000
      69,791 SF

      4421 Bonanza Rd

      GROCERY, SUPERMARKET • 69,791 SF
      4421 Bonanza Rd, Las Vegas, NV 89110-6342
      View Details
    • Value Estimation
      $9,180,000
      54,340 SF

      3602 Bonanza Rd

      GROCERY, SUPERMARKET • 54,340 SF
      3602 Bonanza Rd, Las Vegas, NV 89110-2161
      View Details
    • Value Estimation by Request
      3,136 SF

      15 Lamb Blvd

      CONVENIENCE STORE • 3,136 SF
      15 Lamb Blvd, Las Vegas, NV 89110-4601
      View Details
    • Value Estimation by Request
      2,400 SF

      780 Nellis Blvd

      CONVENIENCE STORE • 2,400 SF
      780 Nellis Blvd, Las Vegas, NV 89110-5307
      View Details
    • Value Estimation
      $530,000
      3,533 SF

      251 Nellis Blvd

      CONVENIENCE STORE • 3,533 SF
      251 Nellis Blvd, Las Vegas, NV 89110-5321
      View Details

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    Similar Nearby for Lease

    • $3 SF/Yr
      38,862 SF

      Sunrise Mountain Plaza Retail Space

      Las Vegas Retail Center - Multiple Spaces Available
      0 Swc Bonanza & Nellis, Las Vegas, NV 89110
      View Details
    • $2.00 SF/Yr
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      Retail Space Available For Lease

      Retail spaces available for lease with high traffic counts.
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    • $1.00 SF/Yr
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      Retail Space on Nellis Boulevard

      Retail space available for rent on Nellis Boulevard.
      871 N Nellis Blvd, Las Vegas, NV 89110
      View Details
    • Contact for pricing
      3,107 SF

      Retail Space in Walmart Center

      Retail space available within a busy Walmart shopping center.
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    • $1.50 SF/Yr
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      Modern Retail Center with Parking

      Retail spaces available in a modern, clean center with ample parking.
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    • $1.25 SF/Yr
      1,100 SF

      Retail Space on Nellis Boulevard

      Retail spaces available in busy Las Vegas corridor.
      861 N Nellis Blvd, Las Vegas, NV 89110
      View Details
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    450 Nellis Blvd
    Las Vegas, NV 89110
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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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