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    Property profile & analytics

    706 Tonopah Dr Las Vegas, NV 89106

    • Parking lots & garages
    • 35,416 SF
    • 1.13 lot acres
    OFF-MARKET
    Last Sale
    Jun 21, 2023
    Value Estimations
    $40,995,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0478880
    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

    • Parking lots & garages

    Property Details for 706 Tonopah Dr

    Year built
    2006
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.13 lot acres
    Property size
    35,416 SF
    Property type
    Parking lots & garages
    APN
    139-32-803-010
    APU
    13932803010

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $42,328,000
      Market price range: $23.1M - $42.3M
      AI Estimate
      $39,665,000
      Market price range: $29.7M - $39.7M

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $31,570,000
      Current use
      RESTAURANT
      $25,525,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.17
    Latitude
    36.1618
    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
    $3
    $413,473
    $2,014,280
    $2,427,753
    -
    $1,181,351
    $5,755,086
    $6,936,437

    Comparable in this City

    • Value Estimation
      $38,675,000
      33,410 SF

      701 Shadow Ln

      PARKING GARAGE, PARKING STRUCTURE • 33,410 SF
      701 Shadow Ln, Las Vegas, NV 89106-4131
      View Details
    • Value Estimation by Request
      51,326 SF

      901 Rancho Ln Ste, Unit 190

      PARKING GARAGE, PARKING STRUCTURE • 51,326 SF
      901 Rancho Ln Ste, Las Vegas, NV 89106-3818
      View Details
    • Value Estimation
      $2,035,000
      1,757 SF

      100 City Pkwy

      PARKING GARAGE, PARKING STRUCTURE • 1,757 SF
      100 City Pkwy, Las Vegas, NV 89106-4610
      View Details
    • Value Estimation
      $2,510,000
      2,169 SF

      100 City Pkwy

      PARKING GARAGE, PARKING STRUCTURE • 2,169 SF
      100 City Pkwy, Las Vegas, NV 89106-4610
      View Details
    • Value Estimation by Request
      980,677 SF

      455 Grand Central Pkwy, Unit 581

      PARKING GARAGE, PARKING STRUCTURE • 980,677 SF
      455 Grand Central Pkwy, Las Vegas, NV 89106-4552
      View Details
    • Value Estimation by Request
      53,820 SF

      740 Martin L King Blvd

      PARKING GARAGE, PARKING STRUCTURE • 53,820 SF
      740 Martin L King Blvd, Las Vegas, NV 89106-3503
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Vacant Commercial Parcel For Sale

      0.44-acre commercial parcel in West-Central Las Vegas.
      1330 W Owens Ave, Las Vegas, NV 89106
      View Details
    • Contact for pricing
      36,407 SF

      Anchored Shopping Center For Sale

      Value-add shopping center with junior-anchor opportunity in north Las Vegas.
      3103-3149 N Rancho Dr, Las Vegas, NV 89106
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    • $2,188,700
      1,827 SF

      Luxury High-Rise Residences, Las Vegas

      Striking 32-story condominium with luxury residences and Strip views.
      700 W Carson Ave, Las Vegas, NV 89106
      View Details
    • $265,000
      0.73 Acres

      Las Vegas Land Parcel

      Nearly ¾-acre lot ready for custom home in Las Vegas.
      2010 Goldhill Ave, Las Vegas, NV 89106
      View Details
    • $1,549,600
      1,248 SF

      Luxury High-Rise Residences in Las Vegas

      32-story condominium with luxury residences and Strip views.
      700 W Carson Ave, Las Vegas, NV 89106
      View Details
    • Contact for pricing

      Land Near Downtown Las Vegas

      3.23 +/- acres of land near downtown Las Vegas.
      3.23 Ac Iron Horse Ct, Las Vegas, NV 89106
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Commercial Land For Rent

      High-traffic location suitable for various commercial uses.
      835 N M.l.k. Blvd, Las Vegas, NV 89106
      View Details
    • Contact for pricing

      Dollar General Market Absolute NNN

      Dollar General Market in Las Vegas with long-term NNN lease.
      1631 W Lake Mead Blvd, Las Vegas, NV 89106
      View Details
    • Contact for pricing
      2,399 SF

      Retail Space in High-Traffic Area

      Multi-tenant retail property with high visibility and ample parking.
      701-721 N Rancho Dr, Las Vegas, NV 89106
      View Details
    • Contact for pricing

      Retail Space Available

      Retail property for rent at 3602 E Bonanza Rd, Las Vegas.
      3602 E Bonanza Rd, Las Vegas, NV 89106
      View Details
    • $1.35 SF/Yr
      1,500 SF

      Retail Space on Rancho Drive

      9000 SF retail space with excellent visibility.
      3900 N Rancho Dr, Las Vegas, NV 89106
      View Details
    • Contact for pricing
      7,836 SF

      Office Space in Las Vegas

      7,836 SF office space available for rent.
      700 Shadow Ln, Las Vegas, NV 89106
      View Details
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    706 Tonopah Dr
    Las Vegas, NV 89106
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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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