INVESTMENT OFFERING - LoopNet · The Arts District, or 18b, is a vibrant cultural hub packed with...
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LAS VEGAS, NV INVESTMENT OFFERING
Transcript of INVESTMENT OFFERING - LoopNet · The Arts District, or 18b, is a vibrant cultural hub packed with...
L A S V E G A S , N V
I N V E S T M E N T O F F E R I N G
N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E
C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party
receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary
level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus &
Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property,
the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of
contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,
or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property.
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not
verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters
and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must
take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate
Investment Services, Inc.
© 2018 Marcus & Millichap. All rights reserved.
N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package.
The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said
corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is
solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
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PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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Downtown Las Vegas (DTLV) is the central business district and historic center of Las Vegas, Nevada. It is the original townsite and was the gambling district of Las Vegas prior to the emergence of the Las Vegas Strip.
The area is again becoming a vibrant and active destination. As the urban core of the Las Vegas Valley, it features a variety of hotel and business highrises, cultural centers, historical buildings and government institutions, as well as residential and retail developments.
Downtown is located in the heart of Las Vegas at the convergence of both the I-15 and US 95 Highways, and just north of the Las Vegas Strip.
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The Arts District, or 18b, is a vibrant cultural hub packed with indie art galleries and performance
spaces in converted warehouses. Major venues include the Arts Factory, with galleries, shops and a
bistro, and sprawling Art Square, as well as numerous antique shops and bars with a bohemian vibe.8
The Las Vegas Arts District gives people a glimpse of the real Las Vegas — where there is
occasion for glitz and glamour, yet also embraces people living their day to day lives, meeting
casually at hip restaurants and bars, shopping at vintage antique shops and taking in the arts.9
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C H A R L E STO N B O U L E VA R D ( 4 9, 0 0 0 V P D )
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CHARLESTON BO
ULEVARD ( 49,000 VPD )
CASINO CE NT ER BO UL E VA RD
COOLIDGE AVENUE
Art Square
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C3 Lofts (Under Construction)
Treehouse Nightclub (Under Construction)
Boutique Hotel Concept(In Planning)
Professional/O�ce Building (Under Construction)The Charleston -
Retail/Office (Coming Soon)
The Love Store(Newly Constructed)
Las VegasHealing Garden
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One East Charleston Boulevard, Las Vegas, Nevada 89104
OFFERING PRICE
$4,500,000
OFFERING SUMMARY
Price $4,500,000
Price Per Square Foot $208.57
Gross Square Feet 21,575 SF
Occupancy Vacant
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Outstanding location at the entrance to the
Downtown Las Vegas Resort Corridor and
gateway to the Las Vegas legal community.
Prominently situated at the irreplaceable, hard corner
of West Charleston Boulevard at South Main Street. 15
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One East Charleston Boulevard, Las Vegas, Nevada 89104
DETAILS
Number of Floors Two
Gross Leasable Area (GLA) 21,575 SF
Lot Size 0.5 Acres
Zoning General Commercial (C-2)
APN: 139-33-811-016
Municipality City of Las Vegas
Year Built 1987
Occupancy Vacant
Type of Ownership Fee Simple
Loading Dock One
Elevator Freight Elevator Only
Restrooms Three
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From a visionary standpoint, this building represents the key to unlocking the true potential of what is soon to be the heart and soul of the “next” Downtown Las Vegas.
Captivating the allure of the Las Vegas Strip, yet beckoning the scenesters looking for something more unique, this emerging cultural hub awaits a true visionary to accomplish its goal of
re-creating the dynamic locale to what it has long been in the past.
A collaboration between the City of Las Vegas, with both Mayors Oscar and Carolyn Goodman at the helm, and with prominent members of Downtown Project, the Fremont East Entertainment District
and numerous other powerhouse industry leaders, has created an opportunity to revitalize Downtown Las Vegas. A revolution is emerging.
And it whispers of hip authenticity...
O n e E a s t C h a r l e s t o n B o u l e v a r dL a s Ve g a s , N e v a d a 8 9 1 0 4
Main and Main Location (Literally)
Anchor Corner at the Center of Arts District & Entrance to Resort Corridor
Positioned at Gateway to Downtown Las Vegas Legal Community & Government Buildings
Two-Story 21,575 Square Foot Building Situated Upon a Half Acre of Land Zoned C-2
Within DTLV Redevelopment Area for City of Las Vegas Incentive Programs
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Former S2 Arts Building, located at the heart of the bustling
18b Arts District and adjacent to the popular “Art Square”.
Truly a blank canvas for what can become something
magnificent.
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Interior buildout previously utilized as an arts collective and as a professional office, majority of two-story space currently in
grey shell condition.
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Not A Part
CHARLESTON BOULEVARD
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FLOOR PLAN - LEVEL 1
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FLOOR PLAN - LEVEL 2
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C H A R L E STO N B O U L E VA R D ( 4 9, 0 0 0 V P D )
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LOU RUVO CENTER FOR BRAIN HEALTH
THE MOLASKYCORPORATE CENTER
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WORLD MARKET CENTER LAS VEGAS
NEWPORT LOFTS
REGIONAL JUSTICE CENTER
FREMONT HOTEL
GOLDENNUGGET CASINO
PLAZA HOTEL & CASINO THE OGDEN
CLARK COUNTY GOVERNMENT CENTER
LAS VEGASCITY HALL
SMITH CENTER FOR THE PERFORMING ARTS
THE JUHL
FOUR QUEENS HOTEL
BINIONS CASINO
DOWNTOWNGRAND HOTEL
DISCOVERY CHILDREN’S MUSEUM
Professional/O�ce Building (Under Construction)The Charleston -
Retail/Office (Coming Soon)
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CHARLESTON BOULEVARD ( 49,000 VPD )
INTERSTATE
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UNLV Medical DistrictMetropolitan Police
DepartmentClark County
Government Center
Professional/O�ce Building (Under Construction)
Art Square
The Charleston - Retail/Office (Coming Soon)
The Love Store Newly Constructed
Las Vegas Healing Garden
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CHA
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Las Vegas
City Hall
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Center
Soho Lofts
UNLV Medical District
Clark County Government
Center
Lloyd D George
Courthouse
Federal Justice Tower
Supreme Court of Nevada
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MAIN STREET ( 15,2
00 VPD )
C H A R L E STO N B O U L E VA R D ( 4 9, 0 0 0 V P D )
The City of Las Vegas recently completed an approximate $52 million “Main Street Improvement Project”, beautifying the
South Main corridor from Las Vegas Boulevard to Commerce Street
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A first of its kind for Vegas, Treehouse encompasses various aspects of
entertainment all in one venue including a 300-seat restaurant, Indoor & outdoor
lounge areas, Sports Bar, Nightclub, Dayclub with pool, Rooftop Bar & Lounge,
Private dining deck.
www.treehouselasvegas.com
DETAILS
Size 22,000 sqft
Spaces
RooftopLounge
PoolRestaurant
69,543Daytime Population
40.86Median Age
2017 ESTIMATE 1 MILE 3 MILES 5 MILES
Population 16,978 187,305 545,169
Households 5,806 66,011 186,453
Average HH Income $40,031 $45,190 $48,436
Median HH Income $24,387 $29,368 $34,271
2 .07Average Household Size
1 MILE 3 MILES 5 MILES
88.23%High School or Higher
12 .47%Bachelor’s Degree or Higher
3 .80%Graduate or Professional Degree
1 minute from the Las Vegas Strip
P O P U L AT I O N BY T R AV E L T I M E TO WO R K 1 M I L E 3 M I L E S 5 M I L E S
Under 15 Minutes 26.93% 22.66% 21.08%
15 - 29 Minutes 40.81% 44.77% 45.03%
30 - 59 Minutes 17.47% 22.11% 24.03%
60 - 89 Minutes 7.34% 4.24% 3.99%
90 or More Minutes 2.41% 2.44% 2.02%
Worked at Home 2.00% 2.24% 1.93%
P O P U L AT I O N P R O F I L E 1 M I L E 3 M I L E S 5 M I L E S
Under 20 15.73% 25.71% 27.43%
20 to 34 Years 25.57% 22.52% 23.19%
35 to 39 Years 7.39% 6.81% 6.87%
40 to 49 Years 16.18% 13.78% 13.36%
50 to 64 Years 21.72% 18.37% 16.99%
Age 65+ 13.41% 12.83% 12.17%
H O U S E H O L DS BY I N CO M E 1 M I L E 3 M I L E S 5 M I L E S
$150,000 or More 3.46% 3.23% 3.04%
$100,000 - $149,000 3.39% 4.80% 5.62%
$75,000 - $99,999 5.17% 5.85% 7.61%%
$50,000 - $74,999 12.03% 13.82% 16.43%
$35,000 - $49,999 11.29% 14.19% 16.29%
Under $35,000 59.18% 53.6% 48.42%
Billed as the Entertainment Capital of the World, Las Vegas is one of the most recognizable city brands in the world, attracting over 42 million visitors every year to its world-class resorts, restaurants, shopping malls, and various entertainment options. The Las Vegas metro is also one of the fastest-growing regions in the U.S. and boasts a current population of nearly 2.2 million people, ranking it as the 29th largest metro in the country. The metro is situated at the southernmost tip of Nevada, bordering California and Arizona, and is home to more than 70 percent of Nevada’s total population.
Visitor volume reached an all-time high of 42.9 million in 2016, ranking Las Vegas
among the top 10 of all U.S. cities in tourism.
A diversifying employment base will support job growth that will outpace the national growth rate over the next five years.
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Like Nevada’s economy as a whole, the Clark County economy has grown steadily. Employment in the state grew 2.8% from June 2017 to June 2018, while the unemployment rate fell to 4.5%. The county’s economic progress is comparable to similar metropolitan areas’ progress, with a Year Over Year GDP Growth of 3.9%, which surpasses the nation as a whole.
From the fourth quarter of 2016 to the fourth quarter of 2017, average annual wages in Clark County rose 3.1%. As employment and wages grew over the past year, business activity benefited. In June 2018, gaming revenue widened 3.5% as the monthly total increased to $791 million. Furthermore, the cumulative revenue in the year-to-date value for 2018 (January to June) is 3.9% higher than in 2017. The Las Vegas Strip accounts for much of the gaming revenue, but Downtown casinos have seen steady increases, revenues accounting for roughly $535 million (a 1% increase from October 2017 to October 2018).
In June 2018, Las Vegas Strip revenue rose 5.4% from June 2017, reaching $524 million. This accounts for over 66% of total gaming revenue in Clark County.
Taxable sales have risen considerably in Clark County. From May 2017 to May 2018, they increased 8.2%, reaching $3.6 billion. Food Services and Drinking Places remains the largest subgroup for taxable sales, rising 3.9% from May 2017 to May 2018.
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Lowest Corporate Travel Cost in Western US
#1
2017 National Passenger Traffic
9th busiest
Total Passengers
48.5M
Visitors/Tourists in 2017
39M
2017 Hotel Occupancy
91.3%
2016 Employment Growth
3.3%
Clark County 2017 Gaming Revenue
$11.1B
2017 Las Vegas Strip Revenue
$17.8B
2017 Room Inventory
148,690
Convention Attendees
6.3M
Conventions Per Year
21,864
Convention Center Expansion Budget
$1.4B
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The population will expand by more than 253,000 residents over the next five years, resulting in the formation of nearly 117,000 households.
The homeownership rate of 52 percent is well below the national rate of 64 percent, providing a strong rental market.
Roughly 22 percent of the population age 25 and older have attained a bachelor’s degree, with 7 percent also holding a graduate or professional degree.
2017 Population
2 .2M
Growth Forecast 2017-2022
1 1 .7%
2017 Households
786K
Growth Forecast 2017-2022
14 .9%
2017 Median Age
37
US Median
37.8
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MAJOR AREA EMPLOYERS
Wynn Resorts
Station Casinos
MGM Resorts
Las Vegas Sands
Caesars Entertainment
Boyd Gaming
The Valley Health System
Cosmopolitan of Las Vegas
Dignity Health-St. Rose Dominican
United Healthcare of Nevada
With all 10 of the nation’s largest hotels located in Las Vegas, tourism and entertainment are the most significant drivers of the Las Vegas economy; however, the economy is diversifying into distribution, back-office operations and manufacturing.
The metro’s business-friendly environment, access to Western markets, large labor force, and availability of high-speed data attract companies such as Switch, Amazon, K2 Energy, Scientific Games, Sunpreme, Tectonics, Virtual Guard, VadaTech and Zappos.
The 2.3 million-square-foot Las Vegas Convention Center is one of the largest in the world and draws more than six million attendees annually.
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
Coming Soon
Leisure and Hospitality
29%
Trade, Transportation and Utilities
17%
Professional and Business Services
14%
Government
1 1%
Education and Health Services
10%
Financial Activities
5%
Other Services
3%
Manufacturing
2%
Information
1%
Construction
7%
Over the past year, Las Vegas firms added 24,300 workers, expanding total payrolls by 2.5 percent. The construction and education and healthcare sectors led job creation, accounting for nearly half of new positions.
Broad hiring led the unemployment rate to remain steady near 5 percent, indicating an expanding labor force.
2 .5%Increase in Total
Employment Y-O-Y
410,000Squared Feet
Completed Y-O-Y
1 10Basis Point Decrease In
Vacancy Y-O-Y
0.1%Decrease In the Average
Asking Rent Y-O-Y
Builders completed 410,000 square feet of retail space over the past year, mostly in the South and Southwest Las Vegas submarkets.
Construction will reaccelerate through the remainder of 2018 as roughly 715,000 square feet of retail space is expected to come online. The Skye Canyon Marketplace and Las Vegas Athletic Club highlight deliveries.
Retailers absorbed more than 1.3 million square feet for the second straight year, trimming vacancy 110 basis points to 7.9 percent over the past year. Two submarkets posted declines of 150 basis points.
The Downtown Las Vegas submarket posted the lowest vacancy in the metro at 3.5 percent, led by little inventory and robust demand.
The average asking rent declined 0.1 percent to $17.52 per square foot over the past 12 months, primarily driven by steep discounting in West Las Vegas and Henderson in order to fill older vacant spaces.
Excellent performance was recorded in South Las Vegas, where the average asking rent surged 10.1 percent to $19.82 per square foot.
A myriad of entertainment, employment and major housing projects across Clark County have been given the green light. Amazon is moving quickly to open a new fulfillment center in Nevada, with plans to add 1,000 full-time jobs. Amazon said Southern Nevada was chosen because of its proximity to customers and its abundance of talent. In an area concentrated in Leisure & Hospitality, this will help diversify the economy by adding more Professional & Business employees.
Several new professional league sporting teams are moving to the Valley following the historically successful Vegas Golden Knights NHL debut.The Raiders Stadium is being constructed to accommodate the Las Vegas Raiders and the University of Nevada, Las Vegas football teams. The $1.8-billion development is expected to ready for an inaugural 2020 season. The WNBA’s Las Vegas Aces are coming to Vegas from San Antonio. The Las Vegas Aviators have been officially announced as the City’s new Minor League Baseball team, with a new stadium currently under construction in Downtown Summerlin.
The University of Nevada, Las Vegas has completed plans to build the Harry Reid Research and Technology Park, which will accommodate innovators and entrepreneurs. The goal is to attract tech businesses and high-skilled workers to the area. This concept has also been recently engineered by the thoughtful insight and impactful expansion of Zappos.com, combined with The Downtown Projects’ efforts of revitalization to the Downtown Las Vegas corridor. Although these tech projects are unlikely to dramatically change the economic landscape of Las Vegas, they will be helpful in employing workers of various skill levels and could attract other such projects. Further, since not every region can become a major tech hub, like California’s Silicon Valley; the best way to build tech in areas like Las Vegas is to incorporate it into the existing business infrastructure.
