1820 Lake Mead BlvdNorth Las Vegas, NV 89030

For Sale
$8,000,000

12-Tenant Retail Center, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional retail investment opportunity presents The SQUARE, a 28,129 square foot, multi-tenant shopping center located in North Las Vegas, Nevada. Situated at 1820 E Lake Mead Blvd, this Class B property boasts a prime location off I-15 and Lake Mead Boulevard, benefiting from high visibility and convenient access. The property comprises two buildings with multiple ingress/egress points, offering a diverse tenant mix of 12 businesses, including national brands. Currently operating at 92% occupancy, the center generates a strong pro-forma NOI of $541,223, representing a 6.77% pro-forma cap rate. Built in 1979 and extensively renovated in 2018 (including over $100,000 in HVAC upgrades, $70,000 in sewer system improvements, and over $100,000 in tenant space enhancements), the property features a recently resealed roof (2020) and an upgraded pylon sign (2018). The 1.91-acre lot is zoned R-A-DC, and the property benefits from rent bumps and a strong tenant history, providing a stable and attractive investment. The asking price is $8,000,000, translating to $284.40 per square foot. The seller guarantees a 12-month lease on any vacant unit at closing. This NNN-leased property offers a compelling opportunity for investors seeking a stable, high-performing retail asset in a growing market.

Highlights

  • 92% occupied, with seller guaranteeing a 12-month lease on any vacant unit at closing.
  • 1979 construction, extensively renovated in 2018, including HVAC, sewer, and tenant space improvements.
  • Strong tenant history with a diverse mix including national brands like Pearl Vision and Cricket Wireless.
  • High-traffic location at I-15 and Lake Mead Blvd, with a prominent pylon sign.
  • 28,129 SF multi-tenant shopping center on a 1.91-acre lot, priced at $8,000,000 ($284.40/SF), offering a 6.77% pro-forma cap rate and $541,223 NOI.

Property Details for 1820 Lake Mead Blvd

Property type
Lifestyle centers, Power centers
Square Feet
28,129 SF
Class
B
Year Built/Renovated
1979/2018
Buildings
2
Stories
1
Lot Size (sq. ft)
83,200 SF
Units
12

Location Insight

City
North Las Vegas
County
Clark
State
Nevada
Latitude
36.1960992
Longitude
-115.121636
1820 Lake Mead Blvd, North Las Vegas, Nevada

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1820 Lake Mead Blvd
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