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

    616 Carson Ave Las Vegas, NV 89101

    • Strip malls
    • 4,881 SF
    • 0.25 lot acres
    For Lease
    View listing
    $48 SF/Yr
    Last Sale
    Jul 24, 2024
    $3,900,000
    Value Estimations
    $3,890,000
    Cap Rate Potential
    3%
    Strip malls
    Location Intelligence
    Property ID
    US62-0458989
    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

    • A Cut Above the Rest / Barber Shop
    • 7th & Carson / American Restaurant / Breakfast Restaurant

    Property Details for 616 Carson Ave

    Year built
    1972
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.25 lot acres
    Property size
    4,881 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    139-34-611-024
    APU
    13934611024

    Description

    This exceptional retail opportunity presents a 2,000 square foot in-line space within a vibrant multi-tenant building situated in Las Vegas's Fremont East Entertainment District. The property, located at 616 E. Carson Ave., at the corner of E. Carson Ave. and S. 7th St., boasts high visibility along a major thoroughfare. The building itself totals 8,586 square feet and sits on a 0.25-acre lot. Constructed in 1955, this single-story building offers a unique chance to establish a business in a thriving entertainment hub. The property's T6-UC zoning allows for a variety of uses, making it suitable for a range of retail concepts. Its proximity to the I-15 freeway provides easy access to the Las Vegas Strip and Harry Reid International Airport, ensuring excellent accessibility for both employees and customers. The surrounding area is characterized by a lively mix of entertainment venues, hotels, casinos, bars, and restaurants, creating a dynamic and attractive environment for businesses. The available space is ideal for a restaurant or similar establishment seeking a high-traffic location within a bustling district. The property's APN is 139-34-611-024.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,900,000
      ML approach
      $3,900,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,857,000
      Market price range: $1.09M - $3.86M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,185,000
      COMMERCIAL (GENERAL)
      $2,935,000
      AUTO REPAIR, GARAGE
      $2,710,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.139
    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
    $10,517
    $171,518
    $186,967
    $358,485
    -
    $490,051
    $534,191
    $1,024,242

    Comparable in this City

    • Value Estimation
      $385,000
      8,250 SF

      1736 Fremont St

      SHOPPING CENTER, STRIP CENTER • 8,250 SF
      1736 Fremont St, Las Vegas, NV 89101-7620
      View Details
    • Value Estimation
      $520,000
      15,219 SF

      1028 Fremont St, Unit 133

      SHOPPING CENTER, STRIP CENTER • 15,219 SF
      1028 Fremont St, Las Vegas, NV 89101-5425
      View Details
    • Value Estimation
      $1,410,000
      10,868 SF

      2501 Stewart Ave

      SHOPPING CENTER, STRIP CENTER • 10,868 SF
      2501 Stewart Ave, Las Vegas, NV 89101
      View Details
    • Value Estimation
      $285,000
      4,550 SF

      1599 Eastern Ave

      SHOPPING CENTER, STRIP CENTER • 4,550 SF
      1599 Eastern Ave, Las Vegas, NV 89101-1512
      View Details
    • Value Estimation
      $6,920,000
      14,086 SF

      727 9th St Ste A

      SHOPPING CENTER, STRIP CENTER • 14,086 SF
      727 9th St Ste A, Las Vegas, NV 89101-7091
      View Details
    • Value Estimation
      $345,000
      4,968 SF

      201 Bridger Ave

      SHOPPING CENTER, STRIP CENTER • 4,968 SF
      201 Bridger Ave, Las Vegas, NV 89101-6101
      View Details

    Similar Nearby for Sale

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    • $1,900,000

      Retail Property for Sale

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    Similar Nearby for Lease

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      Fremont East Retail Space

      Prime Downtown Las Vegas location. 2,000 SF available.
      616 Carson Ave, Las Vegas, NV 89101
      View Details
    • $2 SF/Yr
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      Remodeled Retail Space on Las Vegas Boulevard

      Turn-key retail space suitable for various business concepts.
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      Retail Space Near University

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    616 Carson Ave
    Las Vegas, NV 89101
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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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