OFFICE FOR SALE. GINO VINCENT Vice President TURNKEY PROFESSIONAL OFFICE BUILDING

Transcription

1 OFFICE FOR SALE GINO VINCENT Vice President TURNKEY PROFESSIONAL OFFICE BUILDING

2 PROPERTY OVERVIEW PROPERTY DETAILS Address: 1424 S. Jones Blvd., Las Vegas, NV Space Available: +/- 3,455 SF on +/ Acres APN: Zoning: Limited Commercial District (C-1) Annual Property Taxes: $4,369 Annual Association Dues: $2,400 Year Built: 1998 Purchase Price: $629,000 PROPERTY HIGHLIGHTS Turnkey office building, perfect for any professional use Currently operating but will be sold vacant 8 private offices, large conference room with fireplace, lobby/reception area, breakroom, 2 bathrooms & 2 storage rooms Centrally located with easy access to all sides of town Less than 1.5 miles from the US-95 Freeway/Jones Blvd. Interchange Convenient access to Downtown Las Vegas via W. Charleston Blvd. High traffic counts - more than 75,000 cars per day at S. Jones Blvd. & W. Charleston Blvd. Office furniture can also be purchased Tours by appointment only, please do not disturb tenant Updated: The information herein was obtained from sources deemed reliable; however Logic Commercial Real LOGIC Estate COMMERCIAL makes no guarantees, REAL warranties ESTATE or representation 3900 S. as to HUALAPAI the completeness WAY, or accuracy SUITE thereof 200 LAS VEGAS, NV P:

3 S. JONES BLVD. // 31,500 CPD 1424 S. JONES BLVD. AERIAL NORTH LAS VEGAS AIRPORT GARSIDE JR. HIGH SCHOOL SOUTHERN NEVADA HEALTH DISTRICT US-95 FREEWAY // 205,000 CPD DESERT WILLOW TREATMENT CENTER 1424 S. JONES BLVD +/- 3,455 SF AVAILABLE W. CHARLESTON BLVD. // 43,775 CPD DOWNTOWN LAS VEGAS +/- 3.5 mi. BONANZA HIGH SCHOOL S. RAINBOW BLVD. // 52,125 CPD W. OAKEY BLVD. // 12,975 CPD

4 SITE PLAN 1424 S. JONES BLVD. S. JONES BLVD S. JONES 3,455 SF AVAILABLE

5 FLOOR PLAN EXIT EXIT OFFICE 3 BUILT-IN CABINETS STORAGE OFFICE 4 OFFICE 5 STORAGE WET BAR CONFERENCE ROOM TABLE STORAGE FIREPLACE BREAKROOM OFFICE 2 BATHROOM BATHROOM RECEPTION DESK OFFICE 1 OFFICE 6 OFFICE 7 OFFICE 8 LOBBY * NOT DRAWN TO SCALE; FOR ILLUSTRATION PURPOSES ONLY ENTRANCE

6 PROPERTY PHOTOS

7 PROPERTY PHOTOS

8 LAS VEGAS - MARKET OVERVIEW THE LAS VEGAS STRIP The Las Vegas Strip is a stretch of South Las Vegas Boulevard in Clark County, Nevada, known for its concentration of resort hotels and casinos. The Strip is approximately 4.2 miles (6.8 km) in length, located immediately south of the Las Vegas city limits in the unincorporated towns of Paradise and Winchester. However, the Strip is often referred to as being in Las Vegas. Most of the Strip has been designated an All-American Road, and is considered a scenic route at night. Many of the largest hotel, casino, and resort properties in the world are located on the Las Vegas Strip. Fourteen of the world's 25 largest hotels by room count are on the Strip, with a total of over 62,000 rooms. One of the most visible aspects of Las Vegas' cityscape is its use of dramatic architecture and lights. The rapidly evolving skyline and constant modernization of hotels, casinos, restaurants, residential high-rises, and entertainment offerings on the Strip, have established it as one of the most popular destinations for tourists in the United States, and the world. Historically, the casinos that were not in Downtown Las Vegas along Fremont Street were limited to outside of the city limits on Las Vegas Boulevard. In 1959 the Welcome to Fabulous Las Vegas sign was constructed exactly 4.5 miles (7.2 km) outside of the city limits. The sign is today about 0.4 miles (0.64 km) south of the southernmost entrance to Mandalay Bay (the southernmost casino). In the strictest sense, the Strip refers only to the stretch of Las Vegas Boulevard that is roughly between Sahara Avenue and Russell Road, a distance of 4.2 miles (6.8 km). However, the term is often used to refer not only to the road but also to the various casinos and resorts that line the road, and even to properties that are not on the road but in proximity. Phrases such as Strip Area, Resort Corridor or Resort District are sometimes used to indicate a larger geographical area, including properties 1 mile (1.6 km) or more away from Las Vegas Boulevard, such as the Hard Rock Hotel & Casino, Rio All Suite Hotel and Casino, Palms Casino Resort and Hooters Casino Hotel. Clark County 2016 Gaming Revenue $9.7B Las Vegas Strip 2016 Revenue $6.3B 2016 Hotel Occupancy 89.8% 2016 Employment Growth 3.1% 2016 Conventions Per Year 21, Room Inventory 149,339 Source: Las Vegas Convention and Visitors Authority

9 LAS VEGAS - MARKET OVERVIEW RESORTS WORLD Resorts World Las Vegas will include 3,500 hotel rooms and a 175,000 SF casino. Resorts World Las Vegas broke ground in May 2015 on their planned mega resort which will include multiple restaurants and dining options, along with 250,000 SF of retail, more than 500,000 SF of convention space, a theater and outdoor pool amenities. Resorts World will complete construction on the north end of the Strip in LAS VEGAS CONVENTION CENTER EXPANSION The Las Vegas Convention Center expansion and renovation will be completed in a phased approach with a projected completion date of Phase 1 will be the construction of the new 1.4 million-square-foot expansion with 600,000 square feet of exhibit space and the accompanying meeting rooms and support space. This phase is projected to be complete by The second phase will be the complete renovation of the existing 3.2 million-square-foot facility. The phased approach will ensure that no business will be displaced during the construction and renovation. The convention center expansion and renovation is expected to support nearly 14,000 construction jobs and nearly 7,800 full-time permanent jobs upon completion. The project will generate an additional $1.4 billion into the economy during construction and have an annual incremental economic impact of $810 million while attracting one million additional visitors each year. THE LUCKY DRAGON Lucky Dragon Hotel and Casino is an Asian-themed boutique hotel and locals -casino located on 2.5 acres of land at 300 West Sahara Avenue, near the Las Vegas Strip. The Lucky Dragon is adjacent to the Allure Las Vegas high-rise condominium. The Lucky Dragon was announced in February 2012, and groundbreaking began in May The resort had a soft opening in November An official grand opening was held in December THE SLS HOTEL & CASINO The SLS Hotel & Casino Las Vegas is a hotel and casino located on the Las Vegas Strip in Winchester, Nevada. It is owned by Stockbridge Real Estate and also recently features a newly converted W. Las Vegas tower adding a luxury component to 289 rooms in addition to the existing 1,324 modern designed rooms. The SLS anchored the northern end of the Las Vegas Strip. The renovated property reopened in August 2014, after a $415 million renovation as part of SBE s chain of SLS hotels. The information herein was obtained from sources deemed reliable; however Logic Commercial Real LOGIC Estate COMMERCIAL makes no guarantees, REAL warranties ESTATE or representation 3900 S. as to HUALAPAI the completeness WAY, or accuracy SUITE thereof 200 LAS VEGAS, NV P:

10 LOAN OPTIONS LOAN OPTIONS - SBA 7 (a) vs. SBA 504 COMPARISON SBA 7 (a) SBA 504 Loan Amount $585,817 1st DOT $317,750 Loan Term 25 years CDC 2nd DOT $260,936 Loan Amortization 25 years Loan Term / Amortization (1st) 25 years / 25 years Loan Term / Amortization (CDC 2nd) 20 years / 20 years Interest Rate* *Locked for 3 years 5.50% Interest Rate (1st Mtg)* *Locked for 5 years 5.70% Interest Rate (CDC 2nd Mtg) 4.82% Monthly Payment $3,597 Combined Monthly Payment $3,686 Breakdown of Project Costs Breakdown of Project Costs Total Cost Out of Pocket Total Cost Out of Pocket Project Cost $629,000 $62,900 Project Cost $629,000 $62,900 SBA 7 (a) Guaranty Fee $15,408 $1,541 Debenture Fees Bank Loan Fee $9,236 $1,589 $2,500 $1,589 Third Party Related Costs $6,500 $650 Third Party Related Costs $6,500 $650 Total Project Costs $650,908 $65,091 Total Project Costs $646,325 $67,639 Out of Pocket Cost as % of Total Project 10.0% Out of Pocket Cost as % of Total Project 10.5% SBA 7(a) Loan Specifics: Finance up to 90% of Total Project Costs Long fixed rate options No balloon payment Limited prepayment penalty Most loans close in days Third party costs can be financed One loan closing SBA 504 Loan Specifics: Finance up to 90% of Total Project Costs Longer fixed rate options No Balloon payment Prepayment penalties apply Most loans close in days Most third party costs can be financed Two loan closings with 2 lenders The above figures are for discussion purposes only and are subject to change. This is not an offer or commitment to lend. All credit decisions are subject to credit qualification. The information herein was obtained from sources deemed reliable; however Logic Commercial Real LOGIC Estate COMMERCIAL makes no guarantees, REAL warranties ESTATE or representation 3900 S. as to HUALAPAI the completeness WAY, or accuracy SUITE thereof 200 LAS VEGAS, NV P:

11 We provide a host of services to our clients that include Property Management and Capital Markets. ADDITIONAL SERVICES PROPERTY MANAGEMENT LOGIC Property Management team members are tenured professionals with a comprehensive knowledge and understanding of commercial real estate management. We methodically approach each assignment with customized management strategies that meet the client s needs, maintain the property s physical plant, and effectively service tenants. We know our priority is to cooperate with our tenants by working intelligently to reduce expenses and to serve our owner-clients by identifying creative ways to drive income. We provide for accountability in every step we take, from management to accounting. Logic Property Management will pinpoint a client s goals and objectives, meet challenges, and achieve expected results from your investment. Contact: LAUREN VANISKI Director of Property Management laurenv@logiccre.com CAPITAL MARKETS LOGIC Capital Markets is a preferred funding source for investors, developers and operators of commercial real estate. Our loan brokerage service & origination platform provide our clients access to the market s wide range of competitive products for all property types. Through our relationships which include banks, conduits, life companies, mortgage funds, and hard money lenders, we are able to offer debt and equity financing for the purpose of acquisition, development, refinance, buyouts, and more. Contact: BILL SKUPA Director of Capital Markets wskupa@logiccre.com