Las Vegas Multi-Tenant Retail For Sale at +/-7% Cap Rate!

Now, here is a steal!

Just when I think that the Las Vegas (steals) deals are gone, the agent for this owner sends me a property that the owner wants to sell their well located Multi-Tenant Retail Center!!

There is a great opportunity for you to acquire this well located property on a very, very busy street in Las Vegas!

However, you must act rapidly!  This will be in the SOLD! very quickly!  (Send me an email and I will forward the property details!!)

This means that you can acquired a multi-tenant property with NNN leases on a busy west Las Vegas street!  A Property like this doesn't last very long on the market; and, your neighbors will be Starbucks, Jersey Mike's and WeinerSchnitzel!

I have been blogging about NET LEASED INVESTMENTS!  That is where the Tenant pays the building Real Estate Taxes, Insurance and (most) of the maintenance on top of their annual rent!

AND, the Anchor Tenant is a Regional Credit Tenant owned by a Regional Gaming Corporation!
And, an offer at or about a 7.5% Cap Rate, might get you into escrow, this means you re-coup your initial investment in +/-14 Years!

This property is listed at just less than $5 Million.

The leases and tenant financials are available only to those who call or email me.  I suggest you do so as soon as you finish reading this so you do NOT swing and miss on this too good of an opportunity!

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

Looking for an 8% Cap Rate In Las Vegas? Don't! What's left are crappy properties!

This is NOT to alarm you!  But, if you are seeking an 8% Cap Rate or higher for commercial real estate in Las Vegas, "I laugh in your general direction!"

I was approached by a New York Buyer who had contacted many, many Las Vegas Real Estate Brokers because he thought that contacting more than one was going to get him an inside tract to a property where a Seller was dumb enough to sell a property at his purchase price.

I could not stop laughing. (Okay, I was smiling.  But he couldn't see because we were speaking on the telephone.)

Anyway, he told me that he had found a property where the owner was willing to sell at a price that was more than an 8% Cap Rate.

I told him that, that property was hard to lease because finding a tenant to lease the property up was very, very difficult.  I know this because the owner had owned the property for several years and struggled to lease the property because the area is NOT conductive to retail.  Sure there are a few retail tenants in the area, but for the most part, a convenience store and a tattoo parlor are usually hard to find locations.  So, they usually take any location they can find.

Anyway, since the property had vacancy, the New York Buyer said that the seller was willing to pay 1 year's worth of rent for the vacancy -- or until the New York Buyer was able to lease the space.

Okay, I had to be careful since the agent the New York Buyer was working with had told him that this was a good deal -- because the Seller would cover the rent for up to one year.

I told him that just because he was getting the property at an 8% Cap Rate, other bottom feeder clients I have passed on this property because they know that the space is impossible to lease.

But, he is from New York and he knows better than me.  I only live and work in Las Vegas and I had, had the lease listing on this property more than ten years ago.  (And, back then, I was not able to lease the property up 100% because the area the property is in is not conductive to retail.)

Lesson learned.  Any questions?

Generally, right now in Las Vegas, most 8% Cap Rates are properties I would NOT recommend.
The problem is that the leases (usually) have less then 5 years remaining; or they are a church tenant; or they are basing the 8% on whether or not the new owner can lease the remaining vacancy up in a short time period (Not Likely).

But, since this one particular property had a price reduction to slightly higher than 7.5% Cap Rate, it amazed me the vulnerability that puts know it all New York Buyers in.

So, if you are a serious buyer with intent to acquire a long term solid investment; and are willing to pay slightly more for the solid investment, give me a call.

There are solid CRE investments in Las Vegas.  Unfortunately, they are just not going to be sold at an 8% Cap Rate.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

Want to Buy a Las Vegas Resort? Call Me! I Know the Ones Actually For Sale!

Having lived and worked here in Las Vegas since 1994, I know a thing or two about how 'business' gets done in Las Vegas!

One thing: Las Vegas commercial real estate (CRE) requires that you build client base of Owners. So, in the 21 plus years working and living here, I have developed relationships with 'key' people who can help me help you.

Two, this gives me an advantage that you need IF you are interested in acquiring a Las Vegas Resort Casino. Knowing who the 'key' person is requires an important decision on your part: Go it alone and see what happens; OR sign me up to help you get to those people.

Now, most Resorts in general do NOT like Real Estate Brokers at all. They think we are unnecessary and most do get in their way of closing on a Resort Property. However, I understand their plight. I have seen, first hand, Real Estate Brokers  -- some from half way around the world -- way over-charge Buyer clients simply because they think the information they have is valuable and for sale.

And, because those "Brokers" think they are special, because of that third or fourth hand information, they think that is the key to a successful purchase attempt.

Now, since I do know which Resort Casino properties are truly being considered for sale, you should only sign up with me!

And, "Yes!" I know the 'key' people to contact at those Resort properties.

Unfortunately, just as the other Brokers, the key element involved requires you -- as the Buyer -- to compensate me.  BUT, that is where the difference between me and them lie.  I only ask for a 1% fee. But, just as everything else in life, I am flexible.

Recently, a CA Broker told me that he had a Buyer from the Pacific rim who wants to acquire a Las Vegas Resort Casino AND his Buyer was willing to pay him a ridiculously fee of 3%!

I'm sorry. But, I do NOT know of any Buyer who is that ready, willing and able to pay a 3% fee on a $1 Billion dollar property. How much is that? $30 Million?!

Given that Resort Casino prices are mostly in the hundreds of millions, my charging 1% fee can seem too much, too.  But, I am willing to negotiate and be compensated on a flat fee.

Now, please be aware of Broker Chains. This is where two or more Brokers want a piece of the commission pie simply because they learned that a Buyer - such as yourself - has made it known that you want to Buy.

These Brokers feel that they are due a larger piece simply for only referring you to me -- which is usually too high.  So, ask yourself: Is it truly worth their demand for more money just because they passed along a Buyer client's name or telephone number?

IF you did a little more research, you would have stumbled upon me.  Thus giving you access to a Seller directly.

I truly do NOT want to be a apart of these broker chains.

However, IF you are truly interested in acquiring a Las Vegas Resort Casino property, please forgo the Broker chain, and sign with me directly as your Broker.  And, "Yes!" that requires an officer of your corporation duly authorized to sign a Non Circumvent Commission Agreement (which is located in the right hand column about midway down the blog under Las Vegas Casino Information) that you will compensate me directly from Escrow upon the Close of Escrow or the Sale of the subject Resort Casino Property!

But, remember, I do know which Resort property(s) are actually for sale. Signing up with me to represent you doesn't mean a deal will get down. That could take time and effort on your part. And, of course, there could be attorneys involved. But you will actually get closer to submitting an LOI or Offer to the correct person; which gets you closer to Las Vegas Resort Casino Ownership; which with my help -- and you compensating me a fee to represent you -- is a small price to pay for a Resort Casino Property Ownership.

Lastly, ALL interested parties will have to disclose their financial capabilities to me. That way, I know upfront that you are able to complete a purchase prior to making an offer. And getting that LOI or Offer with the appropriate financial qualifying paperwork to the 'key' person, protects my reputation as a Real Estate Broker and will allow them to know that YOU are qualified to Buy.

I appreciate your patience and tolerance in the matter.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes