Attention! Investors!
A long time client of mine asked me IF I would sell his Neighborhood Retail Center that he owns in Henderson. I have introduced him to an attorney friend of mine to help him with a SHORT SALE! He wants to sell to be able to get out from under this debt property.
Now, this retail center is in a neighborhood where the City of Henderson has set aside about $1 Billion to help upstart and/or new businesses who will lease in this area.
The upside for the risk taking real estate investor, will be that once this is fully leased up, the Cap Rate could be as high as 13%.
The property has +/-12,700 SF in two two buildings on one 1.53 acre parcel of land. It is currently +/-60% Occupied! With Total Rent being collected at +/-$8,500 that puts the average PSF monthly rent at +/-$0.70's!
This rent number should be higher -- more like $1.00 PSF per month! And, there is room to improve on that with the way the economy in Las Vegas seems to be slowly improving. The other thing is, with the existing leases in their 2nd or 3rd years, rent renewals are going to improve the bottom line as this property rolls along into the future.
The main tenant is the Coin Operated Laundry and a local Mini Mart that competes with the 7-Eleven on the corner.
The Retail Center was built in 2007 and still looks (almost) brand new! The selling price could be as low as $1.2 Million.
There is money to be made but that is the future leasing capacity from the vacant +/-3,000 SF.
For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88
A long time client of mine asked me IF I would sell his Neighborhood Retail Center that he owns in Henderson. I have introduced him to an attorney friend of mine to help him with a SHORT SALE! He wants to sell to be able to get out from under this debt property.
Now, this retail center is in a neighborhood where the City of Henderson has set aside about $1 Billion to help upstart and/or new businesses who will lease in this area.
The upside for the risk taking real estate investor, will be that once this is fully leased up, the Cap Rate could be as high as 13%.
The property has +/-12,700 SF in two two buildings on one 1.53 acre parcel of land. It is currently +/-60% Occupied! With Total Rent being collected at +/-$8,500 that puts the average PSF monthly rent at +/-$0.70's!
This rent number should be higher -- more like $1.00 PSF per month! And, there is room to improve on that with the way the economy in Las Vegas seems to be slowly improving. The other thing is, with the existing leases in their 2nd or 3rd years, rent renewals are going to improve the bottom line as this property rolls along into the future.
The main tenant is the Coin Operated Laundry and a local Mini Mart that competes with the 7-Eleven on the corner.
The Retail Center was built in 2007 and still looks (almost) brand new! The selling price could be as low as $1.2 Million.
There is money to be made but that is the future leasing capacity from the vacant +/-3,000 SF.
For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.