City View - Resort Corridor

CBRE is pleased to present the exclusive opportunity to acquire ±36.35 contiguous acres in the Las Vegas resort corridor (The “Property” or “City View”) with unobstructed views of the world-famous Strip. City View has in-place cash flow from lease income, excellent accessibility and visibility to I-15, and optimal zoning. These attractive characteristics are uncommon to find in a single parcel of this size in the resort corridor. The Property is located on the southwest corner of Dean Martin Dr. and Hotel Rio Dr. and has ±1,350 feet of frontage along Dean Martin Dr. Direct access to the Strip is achieved via Harmon Ave. on the southern edge of the Property. The Property has approximately 518,099 square feet of warehouse, flex-office, and retail space among 17 different buildings. Current lease revenue is approximately $3,188,221 per year. Net Operating income (NOI) is expected to be approximately $2M in 2024. This cash flow can be increased if an investor desires to execute a plan for a long-term hold of the asset by implementing longer term leases. City View lies within Clark County’s Entertainment Mixed Use and MUD-1 Mixed Use Overlay District and can accommodate any combination of potential uses, including a full-scale resort casino, retail, office, multifamily residential, residential condominiums, and hotel condominiums. Unlike other major urban centers, Clark County does not have floor area restrictions that establish a maximum number of buildable square feet. This site lends itself to a dense mixed-use project capitalizing on the many uses permitted under the MUD-1 designation.