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Property profile & analytics
OFF-MARKET
Estimated value
$4,270,000
Drug stores
4905 Tropicana Ave Las Vegas, NV 89103-5077
Entity Owned
Free & Clear
Property ID
US62-0189081
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
1999
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
14,992 SF
Lot
1.65 ac (71,874 SF)
APN
163-25-502-020
UPID
US62-0189081
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
COVID-19 Drive-thru Testing at Walgreens Pharmacy
-
Walgreens Photo (Bike/Boat/Book/etc) Store
-
Walgreens Pharmacy
-
Walgreens Pharmacy Pharmacy
-
LibertyX Bitcoin ATM Atm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.21M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.27M
Owner & transaction history
4905 West Tropicana Avenue LLC
4905 West Tropicana Avenue LLC
since 2026
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$6.5M
+16.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Las Vegas submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Las Vegas submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$5,640,000
6.5%
$5,205,000
7%
$4,835,000
Alternative Use
Use
Estimation
RETAIL STORES
$5,605,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$6,510,000
Change: +16% · Conversion: Moderate
OFFICE BUILDING
$5,095,000
Change: -9% · Conversion: Easy
WAREHOUSE, STORAGE
$4,535,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$4.27M
Range $3.84M – $4.70M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$285 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$20,826
Tax year 2023
Assessed value
$1,346,098
Assessed 2024
Previous assessed
$1,207,713
+11.5% YoY
Effective rate
1.55%
On assessed value
Assessed land
$572,297
Assessed improvement
$773,801
Land market value
$1,635,134
Improvement market value
$2,210,860
Total market value
$3,845,994
Applied tax rate
417.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
1999
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
1
Total area
14,992 SF
Lot
1.65 ac (71,874 SF)
APN
163-25-502-020
UPID
US62-0189081
Jurisdiction
CLARK
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$5.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$6.5M
OFFICE BUILDING
Est. value
$5.1M
WAREHOUSE, STORAGE
Est. value
$4.5M
RETAIL STORES Current
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
1
Lot
1.65 ac
Current owner
From public records · entity-resolved
4905 West Tropicana Avenue LLC
Entity
Free & Clear · 0 yrs held
Mailing address
PO BOX 1159, DEERFIELD, IL 60015-6002
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 5, 2026
$5,301,000
4905 West Tropicana Avenue LLC
Cole Wg Las Vegas Nv LLC
Bargain & Sale Deed
—
Nov 10, 2021
—
Cole Wg Las Vegas Nv LLC
—
Deed
related
$154,800,000 · Citibank NA
Jan 24, 2014
—
Peter Norrbom
4105 Trop LLC
Quit Claim Deed
related
—
Jan 24, 2014
$5,900,000
Cole Wg Las Vegas Nv LLC
Norrbom,peter
Grant Deed
—
May 16, 2003
—
4105 Trop LLC
Norrbom,peter H
Grant Deed
$4,100,000 · Wachovia Bank NA
Apr 12, 2001
$1,757,000
Peter H Norrbom
Village Tropicana/decatur LP
Grant Deed
—
Apr 12, 2001
—
Peter H Norrbom
Ortiz,susan C
Quit Claim Deed
related
—
—
—
Village Tropicana/decatur LP
—
Deed Of Trust
related
$3,395,000 · Protective Life Insurance Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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