Mike Mixer, ​

Executive Managing Director

+1 702 836 3777

mike.mixer@colliers.com ​

License # NV-B.0021557.LLC​ ​

Glenn Dulaine, CCIM ​

Realty Executives SNV

+1 702 596 9890 lvbroker@outlook.com ​

License # NV-00024348​ ​ ​ ​

CONFIDENTIALITY AGREEMENT ​

© 2019 Colliers International ​

 

This Confidential Offering Memorandum (the “Memorandum”) is being delivered exclusively by Colliers International (the “Agent”) to a party who may be interested in the acquisition of the 4.99 Acres (the “Property”), described in this Memorandum. This is a private offering, made only by delivery of a copy of the Memorandum to the recipient (the “Recipient”). By accepting this Memorandum, the Recipient agrees to comply strictly with the terms and conditions of the Confidentiality Agreement previously executed and delivered to the Agent by the Recipient with respect to this Memorandum and all information contained herein, and to use this Memorandum only for the purpose of evaluating the offering made hereby. ​ The information furnished has been obtained from sources we deem reliable and is submitted subject to errors, omissions and changes. Although Colliers Nevada, LLC has no reason to doubt its accuracy, we do not guarantee it. All information should be verified by the recipient prior to lease, purchase, exchange or execution of legal documents. ​ The Agent reserves the right to require the return of this Memorandum and any other material provided to the Recipient at any time. Acceptance of this Memorandum by the Recipient constitutes acceptance of the terms and conditions outlined above.

Investment Offering

4.99 Acres
Near the
Strip

Fully entitled for development potential

Rare opportunity to acquire 4.99 acres in the Las Vegas Resort Corridor. Within walking distance to rapidly growing Chinatown. The property is also located directly west of the world-famous Las Vegas Strip.

Property overview

4.99 Acres

Rare opportunity to acquire 4.99 acres in the Las Vegas Resort Corridor. Within walking distance to rapidly growing Chinatown. The property is also located directly west of the world-famous Las Vegas Strip.

Property summary

Las Vegas Resort Corridor

The site is located within the H-1 zoning with expansion options for mixed use residential and commercial. With close proximity to I-15 and direct access to the “Las Vegas Strip” this Sale opportunity offers maximum growth and great exposure to the growing Las Vegas Resort Corridor.

 

Located West of the Las Vegas “Strip” on Interstate 15. A short walk under the Interstate-15 via Dean Martin Drive puts you at the back doors of hotels such as The Mirage Hotel & Casino, Caesars Palace, Forum Shops, Treasure Island, The Fashion Show Mall, The Bellagio, Vadara, Aria, City Center, The Park MGM and New York New York.

 

Fully Entitled

Development Potential:​ Proposed project highlights include 435 multifamily units, podium-style, with 87 units to the acre. Unit mix offers diverse floorplans, and a premier lifestyle poised to attract near $2.50 per square foot in rental income.

ZONING

Current zoning is Limited Resort and Apartment (H-1), a master level to build what you can dream. Owners have met with local officials and builders in which architectural designs and cost estimates have been drafted and approved.

 

Tax Parcel
162-17-203-001 THRU 008
ZONING
H-1 HOTEL, TIMESHARE, COMMERCIAL, RESIDENTIAL
LAND SIZE
4.99 ACRES
Rare Opportunity

To Acquire 4.99 Acres in the Las vegas Resort Corridor

3RD QUARTER 2019 MULTIFAMILY AND HOTEL MARKET SUMMARY

MULTIFAMILY IS WAITING ON THE NEXT WAVE

  • Multifamily inventory increased by 210 units in the second quarter of 2019
  • Net absorption moved back into positive territory
  • Vacancy remained 4.2 percent, while asking rents continued to increase ​

Five of the Valley’s eight submarkets had positive net absorption in the second quarter of 2019, with the highest net absorption, 117 units, occurring in the Henderson/Green Valley submarket. The lowest net absorption was negative 39 units in the West Central submarket. At midyear 2019, it appears the first wave of multifamily development has ended. 2018 saw over 3,000 new multifamily units completed, while 2019 has so far only seen inventory expand by 210 units. Net absorption also fell dramatically in 2019 compared to 2018. While development decreased in 2019, investments remained strong, though still below the peak investment year of 2016. At midyear, 2019 was on pace to match 2018 in terms of units sold and total sales volume. If there was anything puzzling about the multifamily market, it was the way in which older properties struggled to compete with new Class A properties despite offering much lower rental rates. The excellent performance of Class A properties probably guarantees that a new wave of multifamily completions will begin soon.

HOSPITALITY STAYS HEALTHY

  • Las Vegas room occupancy remained healthy in the third quarter of 2019
  • ADR and RevPAR were up on a year-over-year basis ​ ​ ​

Southern Nevada’s hospitality market fundamentals continues to show improvement in 2019. Visitor volume in the first seven months of 2019 was 24.8 million people. This represented 0.6 percent year-over-year growth. Growth (year-over-year) was 0.5 percent in room occupancy, 3.9 percent in the Average Daily Room Rate (ADR) and 4.6 percent in Revenue Per Available Room (RevPAR). Year-over-year, gaming revenue growth was 0.3 percent in Clark County, negative 1.0 on the Las Vegas “Strip”, 5.3 percent Downtown and negative 0.6 percent on the Boulder Strip.

MULTIFAMILY ASKING RENTS CONTINUE TO INCREASE

THE EXCELLENT PERFORMANCE OF CLASS A PROPERTIES PROBABLY GUARANTEES THAT A NEW WAVE OF MULTIFAMILY COMPLETIONS WILL BEGIN SOON.​ ​

THE LOCATION

CENTRALLY LOCATED NEXT TO 18 OF THE 30 LARGEST RESORTS IN THE WORLD

GROWING METRICS

Las Vegas is currently experiencing a renaissance and has surpassed pre-recession metrics as it relates to visitor volumes and overall revenues generated. This renaissance has spurred an extraordinary amount of investment activity ($14+ billion) that is projected to help continue the upward trend in the number of visitors coming to the city and the amount of money those visitors are spending. ​

4.99 Acres

Resort Corridor

Mike Mixer,

Executive Managing Director

+1 702 836 3777

mike.mixer@colliers.com

License # NV-B.0021557.LLC

Glenn Dulaine, CCIM

Realty Executives SNV

+1 702 596 9890

lvbroker@outlook.com

License # NV-00024348