Menu
For Sale
1725 E Warm Springs rd - Las Vegas, NV 89119
Property Highlights
- Bernardo Springs is a 24,336 SF Retail Center sitting on 2.11 acres of land constructed in 1992 and situated in the mature, affluent Southeast residential zone
- Significant Upside | Rents avg $1.39 NNN with Tavern and $1.25 NNN without providing 18% upside as leases roll over | Tavern is roughly 35% below market | WALT 31 months provides security
- Synergistic tenant mix | Serves everyday needs with Tavern, Dentist Office, Restaurants, Dog Grooming, Salon, Nails, Water/Ice Kiosk, Liquor Store (NAP), Gas Station (NAP)
- The property is anchored by Chris’s Place, a local tavern with 15 gaming machines | Rare Gaming/Tavern license
- High barriers to entry | The Southeast Las Vegas submarket encompasses expansionary neighborhoods proximate to Interstate 215, as well as Southwest Las Vegas where the average retail asking rent grew more than 40 percent since 2019, one of the most coveted suburbs in the metro
- In 2023, the metro will register the second-fastest pace of population expansion among major markets nationally, producing the quickest rate of household formation in the country | Residents and households warrant new shopping options, likely nudging retailers to favor fast-growing suburbs over tourism-heavy zones
- Proven Site | Chris’s Place Gaming & Spirits (20% GLA) has occupied the space since 1992 | Gentle Dental (20% GLA) has occupied the space since 1997 | In 2020 Sidra Market absorbed the 1,200 sf space next door
- Impressive Roster | 50% of Rent Roll has operated at the site for over 10 years & 100% since before 2020 | Additional income from “24/7 Water & Ice” kiosk
- Excellent Visibility & Exposure – Large monument sign| 31,160 VPD (2022) | 475 ft of frontage on E Warm Springs Rd & 150 ft on Spencer St
- Strategic Retail Location | Located .5 miles away from the I-215 on/off ramp | Excellent Ingress and Egress: 5 Access Points
- Affluent trade area | $90,559 Average Household Income within 1-mile & $95,146 Average Household Income within 3-miles
- Mature Rooftop Population | 6,058 Households within 1-mile | Daytime Population: 161,898 within 3-miles
- Nearby National Tenants | Albertsons Grocery, Circle K, CVS, Walmart Neighborhood Market
Details
- Price: $7,000,000
- Year Built: 1992
- Property Type: Multi-Tenant
- Property Status: For Sale
Additional Details
- Price/SF: $287.64
- Cap Rate: 6.79%
- Rentable Area: 24,336
- Lot Size: 2.11 AC
- Parking Ratio: 4.27 / 1,000 SF
- Zoning : C-2
- APN/Parcel ID: 177-11-101-004; 005
- Cross Streets: E Warm Springs Rd & Spencer St
Address
Open on Google Maps- Address 1725 E Warm Springs rd
- City Las Vegas
- State/county Nevada
- Zip/Postal Code 89119
