Las Vegas Value Added Retail Center Just Listed For Sale!

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

Downtown Las Vegas is Transforming! Get Involved Now or Miss out!

This past weekend was the "Life Is Beautiful" event that had Downtown Las Vegas full of young dreamers and believers!

Here is the Las Vegas Suns' Katz Report describing the event, the change and its destined forward direction of this area.

http://www.lasvegassun.com/blogs/kats-report/2013/oct/27/life-beautiful-throws-open-door-new-downtown-las-v/

And, here is a Las Vegas Review Journal article about the Then and Now of Downtown Las Vegas!

http://www.reviewjournal.com/news/downtown

Please enjoy!  Then, get together with your investor friends and call me about acquiring property in this area to redevelop along side Tony!

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88

IF Las Vegas City Officials were Smart?

That's right!

In my opinion, IF the Las Vegas city officials were smart, they'd offer developers the same incentives that the Downtown Redevelopment Project (DRP) is getting. Now, what I have seen and the impression I am getting is that the east side of Las Vegas Blvd, along Fremont Street could be an area of upscale office and retail and NOT just a party area for First Friday and teen drinking any other weekend.

Tony of Zappos' plans are pretty secret. And he may just be planning this. But, I believe that unless other developers get involved in this area, this is going to be pretty much the same as it has always been.

It is my belief that the need for higher end jobs is the key to getting this area redeveloped properly and it would have a positive affect on existing property values for the current owners in this area.

DRP has been able to convince several property owners in this area their properties are worth less than what has been paid to others in the area before they decided to sell. It's as if they didn't look at the area comparable sales in pricing their properties.

Granted most properties left in this area are low end housing and older homes which most likely need to be torn down.  But, to sell off to one buyer at the buyer's price is fueling a decline in the values.

That is why I have been standing firm in my listings in staying at the list price I have stated to these owners. Why sell cheap? Just because a sale near you was low at $24 PSF doesn't mean that, that is the value of your property. I have also cautioned that just because properties such as the Las Vegas Dragon or Ferguson's or Peter Pan Motels sold at $159 PSF doesn't mean your property is that high either.

But, in reality, another developer needs to step up and get involved. Other developments in this area are necessary to build competition so that the property values will increase thus making the current and future developments more valuable. And that would affect future re-sale prices in this area, too.

I have been marketing my listings to Pacific Rim investors and thus far I have received a lot of inquiries, but these investors are gun shy to pull the trigger. WHY? I ask. My guess is that they fear Tony's bank account.  I know it is NOT bottomless. But there is the rub.

East Las Vegas along Fremont Street has a reputation of being low end everything.  However, it could be a hub for business rather than a play ground for youthful Zappos' Millenniumers. who engage in underage drinking which will continue to be a problem and could set any development back IF not corrected without the Metro Police's involvement. So, IF you are brave and bold, this area of Las Vegas is in desperate need of high rise office, retail and non gaming hotel rooms just as any other well developed city has.

For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88