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FREESTANDING AUTOMOTIVE DEALERSHIP WITH SHOWROOM AND BODY SHOP PROPERTY FOR SALE: LEASED INVESTMENT PROPERTY
Fremont Street,Las Vegas, NV 89104
+1 702 836 [email protected] # NV-S.0039295
+1 702 836 [email protected] # NV-S.0075502
G R A N T T R A U B , S I O R C H R I S C O N N E L L
±38,000 TOTAL SF
3024
Grant Traub and Chris Connel l of Col l iers Internat ional are proud to present 3024 Fremont Street , a f reestanding Automot ive Dealership wi th Showroom and Body Shop proper ty. THIS PROPERTY IS LEASED TO TWO TENANTS: Flamingo Col l is ion and Varsanyi Feddy Proper ty Holdings, LLC. The proper ty is comprised of 3 bui ldings total ing ±38,000 square feet and was bui l t-out in 1963.
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
OFFERING PRICE: $3,500,000
PRO FORMA NOI $271,272.40
TOTAL SF ±38,000 SF
TOTAL ACREAGE ±3.47 Acres
PRICE PER SF $92.11
OCCUPANCY 100%
FOR SALE: LEASED INVESTMENT PROPERTY
Fremont Street,Las Vegas, NV 89104 3024
PROPERTY DESCRIPTION
ADDRESS: 3024 Fremont Street, Las Vegas, NV 89104
APN 162-01-701-001
BUILDING SF ±38,000 SF
ACRES ±3.47 Acres
ZONING General Commercial (C-2)
JURISDICTION Clark County
YEAR BUILT 1963
PROPERTY TAXES $16,734.17
3024 Fremont is a two-tenant automotive property.
The tenants are Flamingo Collision Center and
Solid Motorcars, a used car dealer. The property
consists of three buildings totaling ±38,000 SF
situated on ±3.47 acres.
THE BUILDINGS INCLUDE A SHOWROOM, SERVICE AREA, BODY SHOP, PAINT BOOTH AND EXCESS LAND FOR PARKING.
FOR SALE: LEASED INVESTMENT PROPERTY
EAST SAHAR A AUTOMOTIVE SUBMARKET
E SAHARA AVE
E ST. LOUIS AVE
S E
AS
TE
RN
AV
E
±24,300 CARS PER DAY
±39,500 CARS PER DAY
SITE
FREMONT ST
FREESTANDING AUTOMOTIVE DEALERSHIP WITH SHOWROOM AND BODY SHOP PROPERTY
FOR SALE
USED CAR DEALERSHIPS
25 Acres Future Development- 344 Workforce Housing Units- Gas Station- Mini Storage- Retail
FREMO
NT STREET
OAKEY BOULEVARD
HO
WARD DRIVE
SIL
VE
R B
IRC
H L
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FREESTANDING AUTOMOTIVE DEALERSHIP WITH SHOWROOM AND BODY SHOP PROPERTY
FOR SALE
THE EAST SAHARA AUTOMOTIVE DEALERSHIP SUBMARKET ex tends along E. Sahara Avenue from Boulder Highway on the east to Spencer Street on the West . There are over 12 new and used car dealers in this area. New Car Dealers include: AutoNat ion Honda East Las Vegas, United Nissan, Fairway Chevrolet , Fairway Buick /GMC, Chapman Chrysler Jeep Dodge, and Fletcher Jones Toyota. Used Car Dealers include: DriveTime, Lowbook Auto Sales, Newpor t Motors, and Baja Motors.
±24,300 CARS PER DAY
BODY SHOP
DEALERSHIP
= Body Shop = Dealership
FREESTANDING AUTOMOTIVE DEALERSHIP WITH SHOWROOM AND BODY SHOP PROPERT YFOR SALE
EXPENSES - LANDLORD
RENT ROLL
Property Taxes ($16,734.00)
Water and Sewer ($2,789.92)
Insurance (Est) ($5,000.00)
Building Maintenance (Est) ($5,000.00)
Total Expenses ($29,523.92)
Tenant Name Lease Start Lease End SF Monthly Rent Annual Rent Comments
Feddy Varsanyi 06/17/17 05/31/22 19,000 $12,500.00 $150,000.00 Rent flat thru 5/31/2022; 3% annual increases during option terms. Two-5 year renewal options.
Flamingo Collision Center 12/01/16 11/30/21 19,000 $12,566.36 $150,796.32 3% annual rent increases during term and option. One-5 year renewal option.
TOTALS 38,000 $25,066.36 $300,796.32
RENTAL INCOME: $300,796.32
NET OPERATING INCOME: $271,272.40
Fremont Street,Las Vegas, NV 89104 3024
0 - 1 MILES 0 - 3 MILES 0 - 5 MILES
2024 Projection 24,503 248,464 578,390
2019 Estimate 23,276 236,869 548,951
2010 Census 21,876 223,814 512,862
2000 Census 24,314 223,662 490,282
Projected Growth 2019 - 2024 5.27% 4.89% 5.36%
Estimated Growth 2010 - 2019 6.40% 5.83% 7.04%
Growth 2000 - 2010 -10.03% 0.07% 4.61%
0 - 1 MILES 0 - 3 MILES 0 - 5 MILES
2024 Projection 9,941 87,211 197,777
2019 Estimate 9,429 82,819 187,576
2010 Census 8,815 77,865 175,323
2000 Census 9,857 82,008 176,905
Projected Growth 2019 - 2024 5.43% 5.30% 5.44%
Estimated Growth 2010 - 2019 6.96% 6.36% 6.99%
Growth 2000 - 2010 -10.57% -5.05% -0.89%
0 - 1 MILES 0 - 3 MILES 0 - 5 MILES
Per Capita Income $26,152 $30,234 $30,898
Est. Average Household Income $38,023 $49,733 $54,306
Est. Median Household Income $27,804 $34,368 $38,059
0 - 1 MILES 0 - 3 MILES 0 - 5 MILES
2024 Projection 5,048 50,900 122,758
2019 Estimate 4,787 48,405 116,462
2010 Census 4,475 45,623 109,061
2000 Census 5,051 48,070 108,683
Growth 2019 - 2024 5.45% 5.15% 5.41%
Growth 2010 - 2019 6.97% 6.10% 6.79%
Growth 2000 - 2010 -11.40% -5.09% 0.35%
POPULATION EST OWNER OCCIPIED PROPERTY VALUES
EST HOUSEHOLDS BY INCOME
EST HOUSEHOLDS BY TYPE
HOUSEHOLDS
2019 EST. HOUSEHOLDS BY HH INCOME
FAMILY HOUSEHOLDS
DEMOGRAPHICS
Fremont Street, Las Vegas, NV 89104 3024
0% 5% 10% 15% 20% 25%
1-Mile
3-Mile
5-Mile
Est Owner Occupied Property Values
$1,000,000 or more
$750,000 to $999,999
$500,000 to $749,999
$400,000 to $499,999
$300,000 to $399,999
$200,000 to $299,999
$150,000 to $199,999
$100,000 to $149,999
$80,000 to $99,999
$60,000 to $79,999
$40,000 to $59,999
$20,000 to $39,999
0%
10%
20%
30%
40%
50%
60%
$15,000 orLess
$15,000 to$24,999
$25,000 to$34,999
$35,000 to$49,999
$50,000 to$74,999
$75,000 to$99,999
$100,000 to$124,999
$125,000 to$149,999
$150,000 to$199,999
$200,000 to$249,999
$250,000 to$499,999
$500,000 orMore
Estimated Households By Income
1-Mile 3-Mile 5-Mile
0% 20% 40% 60% 80% 100% 120% 140% 160%
1-Mile
3-Mile
5-Mile
Estimated Households By Type
Single Person Household Married Other Family - Male Head Other Family - Female Head
Clark County is the southernmost county of the state of Nevada. It includes the cities of Las Vegas, North Las Vegas, Henderson, Boulder City, Mesquite and Laughlin. Clark County is included in the Las Vegas Metropolitan Statistical Area (MSA), along with Mohave County, AZ.
Clark County is served by I-15, I-515, I-215, US-93/95, State Routes 157, 159 and 160 and County Route 215. By car, one can get to Los Angeles in 4 hours, Phoenix in 5 hours, Salt Lake City in 6 hours and Reno in 8 hours. Clark County is also served by the Union Pacific Rail Road.
McCarran International Airport was ranked the 27th busiest airport in the world in 2015, with 48,566,803 enplaned/deplaned passengers. McCarran’s maximum capacity is estimated at 55 million passengers.
Clark County has become a popular place to locate a business due to its strategic location in the Southwest U.S., its right-to-work legislation and its light tax burden. The state of Nevada does not have a corporate income
tax, personal income tax, franchise tax on income, inheritance or gift tax, admissions tax, unitary tax or estate tax. It also has competitive sales and property tax rates and a minimal employer payroll tax.
Clark County’s economy is dominated by the leisure and hospitality sector, which employs 295,400 people. The ten largest employers are the Clark County School District, Clark County Municipal Government, MGM Casino and Resorts, Caesars Entertainment, Wynn Resorts, Aria Resort & Casino, Las Vegas Metropolitan Police Department, Bellagio, Mandalay Bay Resort & Casino and the University of Nevada, Las Vegas.
Clark County abounds in large residential developments. The largest development is Summerlin, which began in 1990. Summerlin consists of 22,500 acres and 80,000 units. Other large developments include Anthem, Cadence, Nevada Trails, Skye Canyon, Villages at Tule Springs, Southern Highlands, Inspirada, Providence and Aliante.
BUSINESS FACTS*
Total Employees (2018) * 996,381
Total Establishments (2018) * 81,948
Taxable Sales (2017) ** $41,476,399,079
INDUSTRIES BY EMPLOYEES****
Leisure & Hospitality 294,400
Professional & Business Services 145,200
Retail Trade 113,500
Government 113,200
Education & Health Services 103,000
Construction 67,200
Financial Activities 51,100
Transportation & Warehousing 45,300
Other Services 33,600
Manufacturing 24,800
Wholesale Trade 22,700
Information 11,100
Natural Resources & Mining 400
Utilities 4,022
Agriculture & Natural Resources 450
Resource Extraction 285
VISITOR STATISTICS (2017)**
Visitor Volume 42,208,100
Convention Attendance 6,646,200
Gaming Revenue $9,979,230,000
BUSINESS PARKS (SIZE IN SQ. FT.)
Northgate Distribution Center 3,329,000
Black Mountain Complex 3,172,000
Hughes Airport Center 3,083,000
LogistiCenter 2,839,000
Speedway Commerce Center I/II 2,762,000
Beltway Business Park 2,760,000
Golden Triangle 2,540,000
Northgate Distribution Center 2,190,000
ProLogis Park – LVCC 2,074,000
Las Vegas Corporate Center 1,910,000
ProLogis Sunrise Industrial Park 1,828,000
Black Mountain Industrial Complex 1,687,000
The HC - Hughes Center 1,486,000
Downtown Summerlin 1,421,000
McCarran Center 1,398,000
Las Vegas Technology Center 1,368,000
Switch SuperNAP 1,350,000
Harsch Henderson Commerce Center 1,336,000
South15 Airport Center 1,330,000
Arrowhead Commerce Center 1,124,000
The Spectrum of Las Vegas 1,063,000
Green Valley Corporate Center 926,000
Conestoga Industrial Area 840,000
Green Valley Corp. Center South 799,000
* Source: Claritas ** Source: Nevada Dept. of Taxation *** Source: Las Vegas Convention & Visitors Authority **** Source: NDETR
LAS VEGAS MARKET OVERVIEW
+1 702 836 [email protected] # NV-S.0039295
+1 702 836 [email protected] # NV-S.0075502
G R A N T T R A U B , S I O R C H R I S C O N N E L L©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verificatio
DEALERSHIP SERVICES
Fremont Street,Las Vegas, NV 89104 3024
