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SunCommercial Real Estate, Inc.
Offering MeMOranduM | Vacant Bank Building With incOMe
2 Story | Four Teller Drive-Thru Lanes | ±14,000 SF107-111 S. Water Street, Henderson, Nevada 89015
Cathy Jones, CPA, SIOR, CCIMCEO
Roy FritzSenior Vice President
Paul MiachikaExecutive Vice President
Taylor VasquezAssociate
Sun Commercial Real Estate, Inc.6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148
702 | 968 | 7300 Ph • 702 | 968 | 7301 Faxwww.SunCommercialRE.com
Jessica CegavskeVice President702-968-7321
cOntacts
2
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3 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.
Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.
Cathy Jones, CPA, SIOR, [email protected]
cOnfidentiality & disclOsure
4 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
Form
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Property SummaryProperty PhotosFloor Plan - First FloorFloor Plan - Second FloorBank of America Exterior Lighting UpgradeSurrounding AerialAssessor Parcel MapSoutheast Las Vegas Valley Location MapOpportunity Zone - Henderson Map
Financial Overview
Las Vegas Valley Overview
Section 3
Section 4
Rent Roll - As IsProforma Rent Roll
Market Overview Section 2
Las Vegas Office & Southeast Las Vegas/Henderson Submarket ReviewArea Demographics
Investment Overview Section 1
taBle Of cOntents
5 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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inVestMent highlights
THE OFFERING
Sun Commercial Real Estate, Inc. is pleased to offer an exceptional owner/user opportunity to purchase a vacant ± 14,000 SF two (2) story building located in the heart of the Historic Water Street District. The offering includes a ± 14,000 SF former bank building with four (4) drive-thru lanes at a signalized hard corner and is also located in Henderson’s Downtown Redevelopment Area. The property offers exposure on Water Street within 5 minutes of the 215 Beltway and U.S. 95.
INVESTMENT HIGHLIGHTS
• Owner User/Value-Add Opportunity with Income – ± 14,000 SF Retail/Office building that was a former bank. • In-Place Income with Maximum Flexibility – Bank of America leases 3 ATM’s located on site which create a positive NOI for the
property of $24,090. Additionally the owner has the flexibility to cancel the lease at any time with 180 days’ notice.• Redevelopment Area – The Property could qualify for two (2) different grants available through the Henderson Downtown
Redevelopment Area – Facade Improvement Grant – up to $27,000 including signage, and Tenant Improvement Grant – up to $50,000.
• Drive-Thru Lanes – The Property includes Four (4) drive-thru lanes offering versatility for several uses • Signalized Corner - The Property is located at the signalized intersection of Water Street and Pacific Avenue • Opportunity Zone - Located in a nominated Opportunity Zone which potentially would allow a buyer to have 1031 taxable
gains forgiven after 10 years - See page 15 for further explanation
Asking Price:
Lot Size (Net):
$1,950,000
± 14,000 SF
± 1.02 Acres
SUMMARY
Square Footage:
Zoning: Downtown Mixed Use (DX)
Occupancy: Vacant - Except Bank of America Leases the ATM’s and Drive-Thru’s - Mutual Option to Cancel the Lease
Ownership: Fee SimpleIn-Place NOI: $24,090
6 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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Property Location:
Property Description:
Assessor Parcel Number:
Building Size:
Site Size:
Construction Year:
Zoning:
Parking Ratio:
Traffic Counts:
Bank Vault:
ATM’s:
This Property is located on the southeast corner of South Water Street and East Pacific Avenue, having the civic address of 107-111 South Water Street, Henderson, Nevada. The Property is located 2 miles west of the 215 Beltway, and U.S. 95, in the heart of the historic Water Street District in Henderson. As of 2017, there were 172,012 residents within a 5-mile radius with a median household income of $58,464.
This Property consists of a vacant two-story single tenant retail building with up to four bank drive-thru lanes, built in 1964 and totals ± 14,000 square feet. The Property has four second floor offices, a built in bank vault, teller and open offices spaces on the first floor. The building may be a single tenant building or demised into two floors ranging with sizes of 6,452 and 7,548 square feet. The property has excellent street exposure on South Water Street offering 200 feet of frontage and traffic counts of over 8,500 cars per day.
179-18-710-043
± 14,000
± 1.02 Acres
1964
DX (Downtown Mixed-Use)
3.0 per 1,000 (42 parking spaces)
On S. Water Street, N. of Pacific Avenue - ± 8,500 CPD
The interior Bank Vault is included in the sale of the real estate
The Tenant, Bank of America, owns the ATM’s machine and they would be removed if the lease is canceled
PrOPerty suMMary
7 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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8 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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8
9 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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flOOr Plan - first flOOr
9
10 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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flOOr Plan - secOnd flOOr
10
11 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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Bank Of aMerica exteriOr lighting uPgrade - 2018
11
LU-3
OVERALL SITE PLAN
âBank of America
S. W
ATE
R S
T.
BLUEGREEN
ORANGE
= NEW FIXTURE= EXISTING FIXTURE LOCATION TO BE REPLACED= EXISTING FIXTURE TO REMAIN= FIXTURE TO BE REMOVEDTURQUOISE
PL = PROPERTY LINE BASED ON COUNTY APPRAISAL INFORMATION
PINK = REPLACE WITH NEW POLE AT NEW HEIGHT= INDICATES NEW SECURITY FENCE
E. PACIFIC AVE.
SCALE: 3/4" = 1'-0"
DESCRIPTIONREVISIONNO.
1
2
3
REVISEDBY
REVISED XX KRM
SHEET NO.
DESIGN BY:
REVIEWED BY:
DRAWN BY:
APPROVED BY:KRM
JSRDJC
ABH
SN1
SE1
UU1
SK1
GY1 (NEW POLE)HG1 (NEW POLE)
SK2
SJ1
SJ1
HG1 (NEW POLE)
SF1SF2
SA1
SF3
BP1BP1BP1
R1R1
R1R1
R1
SJ1
HG1 (NEW POLE)
SE1
Y1 Y1 Y2
Y3 Y3
BQ1 BQ1BQ1
BQ1 BQ1 BQ1
AHD (CLOSED)
ATM2
ATM1
ATM3
PL
PL
PL
PL
PL
PL
PL
PL
PL
PL
PL
PL PLPL PL PL PL
PLPL
PLPL
PLPL
PLPL
PL
PLPLPLPLPLPLPLPLPLPL
SITE NOTE 2
SITE NOTE 2
SITE NOTE 1
ALL Y FIXTURES ARECONTROLLED BY OTHERS
DT1
Henderson BranchNV1-109
107 South Water St.Henderson, NV
NOTE: THIS LIGHTING PLAN ILLUSTRATES ILLUMINATION LEVELS CALCULATED FROMLABORATORY DATA UNDER CONTROLLED CONDITIONS IN ACCORDANCE WITHILLUMINATING ENGINEERING SOCIETY OF NORTH AMERICA (IESNA) APPROVEDMETHODS. ACTUAL SITE ILLUMINATION LEVELS AND PERFORMANCE OF LUMINARIESMAY VARY DUE TO VARIATIONS IN WEATHER, ELECTRICAL VOLTAGE, TOLERANCE INLAMPS AND OTHER RELATED VARIABLE FIELD CONDITIONS.
v1 180409
SITE NOTES:
CONTRACTOR TO INSTALL POLE WITH A 3' BASE PAINTED YELLOW TO PROTECT POLE.FIXTURES ARE REQUIRED FOR ATM COMPLIANCE. BANK MUST HAVE LANDLORD AGREETO LEAVE FIXTURES ON ALL HOURS OF DARKNESS.LIGHTING IS REQUIRED FOR COMPLIANCE AND WILL REQUIRE LANDLORD APPROVAL PRIOR TO INSTALLATION.
1.2.
3.
EXISTING CONDITIONS:
1.2.3.
EXISTING POLES - N/AEXISTING POLE BASES - N/AEXISTING DRIVE THRU CEILING - HARD
LUMINAIRE SCHEDULE **SEE FIXTURE CLARIFICATION NOTE #9 (NP) = NEW POLE (CBO) CONTROLLED BY OTHERS
QTY LABEL
3 BP1
6 BQ1
1 DT1
1 GY1 (NP)
3 HG1 (NP)
1 SA1
2 SE1
1 SF1
1 SF2
1 SF3
3 SJ1
1 SK1
1 SK2
1 SN1
1 UU1
5 R1
2 Y1 (CBO)
1 Y2 (CBO)
2 Y3 (CBO)
NOTES
REPLACE EXISTING FIXTURE
REPLACE EXISTING FIXTURE
REPLACE EXISTING FIXTURE
ADD NEW POLE AND FIXTURE
ADD NEW POLE AND FIXTURE
ADD NEW FIXTURE
REPLACE EXISTING FIXTURE
REPLACE EXISTING FIXTURE
ADD NEW FIXTURE
ADD NEW FIXTURE
REPLACE EXISTING FIXTURE
ADD NEW FIXTURE
ADD NEW FIXTURE
REPLACE EXISTING FIXTURE
ADD NEW FIXTURE
REMOVE AND PATCH
OUT OF SCOPE
OUT OF SCOPE
OUT OF SCOPE
MOUNTING HEIGHT
MATCH EXISTING
MATCH EXISTING
MATCH EXISTING
25' AFG
25' AFG
9' AFG
MATCH EXISTING
MATCH EXISTING
14' - 6'' AFG
15' AFG
MATCH EXISTING
10' AFG
12' - 9'' AFG
MATCH EXISTING
8'' AFG
-
-
-
-
N
P:\B
ank
of A
mer
ica\
2018
\Des
ign\
ELP\
NV\
Hend
erso
n (N
V1-1
09) -
107
Sou
th W
ater
Str
eet\
Activ
e\CA
D N
V1-1
09 -
v1 -
1804
09 JS
R.dw
g, 4
/9/2
018
1:38
:14
PM
Bank of America leases the ATM and Drive-Thru lanes through 4/31/2023*.
Bank of America is preforming an exterior lighting upgrade in 2018.
This improvement will increase the lighting of the exterior of the building especially near the walk up and Drive-Thru ATM’s
*Lease includes a mutual out-clause that be triggered by either party with a 180 day notice.
12 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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surrOunding aerial
12
W LAKE MEAD PARKWAY
S WATER STREET
W ATLANTIC AVENUE
W BASIC ROAD
PACIFIC AVEN
UE
W VAN WAGENEN STREET
BOULDER HIGHWAY
S M
AJO
R AV
ENUE
GORDON MCCAW ELEMENTARY SCHOOL
DOWNTOWN RECREATION CENTER
SUBJECT PROPERTY
TAYLOR ELEMENTARY SCHOOL
13 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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E5
PT 179-18-810-001
PT 179-18-710-242
603
312
712
711
710
701
703
604
701BASIC RD
NEBRASKA AVE
ARKANSAS AVE
NEBRASKA AVE
IDAHO WY
WYOMING AVE
ATLA
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AVE
PANAMA ST
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VAC 627607
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VAC 3:5676
VAC 3:5676
VAC 543:502181
VAC 251:203892
VAC 243767
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VAC 55:43963
VAC 047:037595
VAC 2217:2176266
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PANAMA ST
WATER STNAVY ST
ARMY ST
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PB 16-32
PB 17-87
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NO
TES
This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
MA
P LE
GE
ND
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK CO., NV.
Scale: 1" = 200' 1/29/2015
T22S R63E 18 N 2 SE 4 179-18-7
31
30
19
1
1314
121110987
6 5 4 3 2
3635343332
29 28 27 26
24
25
23222120
18 17 16 15
BO
OK
SEC
.
MA
P
2
3
4
5
6
7
8
1
2
3
4
51
8
7
5
6
4 8
503
PARCEL BOUNDARYSUB BOUNDARY
ROAD EASEMENTPM/LD BOUNDARY
HISTORIC LOT LINEMATCH / LEADER LINE
ROAD PARCEL NUMBERPARCEL NUMERACREAGE
PARCEL SUB/SEQ NUMBER
PLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER
10010011.00
202PB 24-45
55
GL5
HISTORIC SUB BOUNDARYHISTORIC PM/LD BOUNDARY
15
8 4
Rev:
TAX DIST
0 200 400 600 800100 SECTION LINE
CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL
190
161162
180179177 178
191
158160159
181
186188189
Michele W. Shafe - Assessor
assessOr Parcel MaP
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PT 179-18-810-001
PT 179-18-710-242
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NO
TES
This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
MA
P LE
GE
ND
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK CO., NV.
Scale: 1" = 200' 1/29/2015
T22S R63E 18 N 2 SE 4 179-18-7
31
30
19
1
1314
121110987
6 5 4 3 2
3635343332
29 28 27 26
24
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23222120
18 17 16 15
BO
OK
SEC
.
MA
P
2
3
4
5
6
7
8
1
2
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8
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5
6
4 8
503
PARCEL BOUNDARYSUB BOUNDARY
ROAD EASEMENTPM/LD BOUNDARY
HISTORIC LOT LINEMATCH / LEADER LINE
ROAD PARCEL NUMBERPARCEL NUMERACREAGE
PARCEL SUB/SEQ NUMBER
PLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER
10010011.00
202PB 24-45
55
GL5
HISTORIC SUB BOUNDARYHISTORIC PM/LD BOUNDARY
15
8 4
Rev:
TAX DIST
0 200 400 600 800100 SECTION LINE
CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL
190
161162
180179177 178
191
158160159
181
186188189
Michele W. Shafe - Assessor
Pacific A
venue
Water Street
14 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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sOutheast las Vegas Valley lOcatiOn MaP
15 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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The Opportunity Zones program offers three tax benefits for investing in low-income communities through a qualified Opportunity Fund:
1. A temporary deferral of inclusion in taxable income for capital gains reinvested in an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026.
2. A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation.
3. A permanent exclusion from taxable income of capital gains from the sale orexchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.
Once certified by the Secretary of Treasury, an Opportunity Zone designation lasts until December 31, 2026.
Satellite
Henderson Opportunity ZoneOPPOrtunity ZOne - hendersOn MaP
16 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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las Vegas Office & se las Vegas/hendersOn suBMarket reVieW
Class A Market Statistics First Quarter 2018
YTD Net YTD Under QuotedMarket # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF RatesCentral East Las Vegas 7 1,315,158 295,598 295,598 22.5% (51,773) 0 0 $30.11Central North Las Vegas 2 273,958 12,620 12,620 4.6% 300 0 0 $27.00Downtown Las Vegas 10 1,791,889 210,109 212,434 11.9% 39,305 0 0 $31.61North Las Vegas 0 0 0 0 0.0% 0 0 0 $0.00Northwest Las Vegas 19 2,076,169 450,033 450,033 21.7% 34,932 0 0 $24.47Outlying NE Clark County 0 0 0 0 0.0% 0 0 0 $0.00Outlying S Clark County 0 0 0 0 0.0% 0 0 0 $0.00SE Las Vegas/Henderson 3 296,443 146,140 146,140 49.3% 0 0 0 $25.65South Las Vegas 24 1,788,936 111,064 130,894 7.3% 10,579 0 0 $27.05Southwest Las Vegas 28 3,453,601 81,644 123,578 3.6% 313,292 152,000 75,000 $22.81West Las Vegas 7 683,816 110,099 110,099 16.1% (6,989) 0 144,574 $37.43Totals 100 11,679,970 1,417,307 1,481,396 12.7% 339,646 152,000 219,574 $27.91Source: CoStar Property®
Class B Market Statistics First Quarter 2018
YTD Net YTD Under QuotedMarket # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF RatesCentral East Las Vegas 178 5,191,505 1,002,398 1,020,944 19.7% 94,054 0 61,146 $18.37Central North Las Vegas 49 1,422,806 93,299 93,299 6.6% (2,946) 0 0 $20.84Downtown Las Vegas 65 2,634,847 112,243 114,596 4.3% 12,255 0 0 $23.01North Las Vegas 151 2,050,007 260,114 260,114 12.7% 18,422 0 0 $14.26Northwest Las Vegas 358 7,310,299 1,023,329 1,031,888 14.1% (175,304) 0 0 $17.46Outlying NE Clark County 32 261,028 64,209 64,209 24.6% (3,000) 0 0 $11.33Outlying S Clark County 4 44,287 0 0 0.0% 0 0 0 $0.00SE Las Vegas/Henderson 83 1,190,510 197,922 197,922 16.6% 9,848 0 44,000 $14.16South Las Vegas 532 9,777,261 1,281,961 1,297,746 13.3% (33,822) 60,000 9,946 $17.79Southwest Las Vegas 508 8,033,872 917,120 930,802 11.6% 135,409 54,506 62,646 $19.77West Las Vegas 398 6,429,495 690,139 881,313 13.7% 83,618 0 6,665 $14.92Totals 2,358 44,345,917 5,642,734 5,892,833 13.3% 138,534 114,506 184,403 $17.80Source: CoStar Property®
Class C Market Statistics First Quarter 2018
YTD Net YTD Under QuotedMarket # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF RatesCentral East Las Vegas 473 2,782,557 354,155 354,155 12.7% (48,283) 0 0 $11.31Central North Las Vegas 90 658,242 34,749 34,749 5.3% 3,943 0 0 $15.84Downtown Las Vegas 251 925,092 103,001 103,001 11.1% 5,148 0 0 $17.26North Las Vegas 59 446,718 67,855 67,855 15.2% (19,234) 0 0 $15.02Northwest Las Vegas 177 924,421 24,441 25,441 2.8% (9,707) 0 0 $14.04Outlying NE Clark County 19 79,135 6,853 6,853 8.7% 0 0 0 $11.64Outlying S Clark County 20 112,158 0 0 0.0% 0 0 0 $13.80SE Las Vegas/Henderson 72 495,307 32,814 32,814 6.6% 18,294 0 0 $10.89South Las Vegas 208 1,139,817 36,157 36,157 3.2% 33,008 0 0 $12.61Southwest Las Vegas 52 360,197 11,426 11,426 3.2% 4,238 0 0 $21.19West Las Vegas 145 811,386 52,899 52,899 6.5% 8,851 0 0 $12.10Totals 1,566 8,735,030 724,350 725,350 8.3% (3,742) 0 0 $12.77Source: CoStar Property®
Total Office Market Statistics First Quarter 2018
YTD Net YTD Under QuotedMarket # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF RatesCentral East Las Vegas 658 9,289,220 1,652,151 1,670,697 18.0% (6,002) 0 61,146 $20.02Central North Las Vegas 141 2,355,006 140,668 140,668 6.0% 1,297 0 0 $20.80Downtown Las Vegas 326 5,351,828 425,353 430,031 8.0% 56,708 0 0 $26.24North Las Vegas 210 2,496,725 327,969 327,969 13.1% (812) 0 0 $14.29Northwest Las Vegas 554 10,310,889 1,497,803 1,507,362 14.6% (150,079) 0 0 $19.24Outlying NE Clark County 51 340,163 71,062 71,062 20.9% (3,000) 0 0 $11.46Outlying S Clark County 24 156,445 0 0 0.0% 0 0 0 $13.80SE Las Vegas/Henderson 158 1,982,260 376,876 376,876 19.0% 28,142 0 44,000 $18.18South Las Vegas 764 12,706,014 1,429,182 1,464,797 11.5% 9,765 60,000 9,946 $18.57Southwest Las Vegas 588 11,847,670 1,010,190 1,065,806 9.0% 452,939 206,506 137,646 $20.24West Las Vegas 550 7,924,697 853,137 1,044,311 13.2% 85,480 0 151,239 $18.70Totals 4,024 64,760,917 7,784,391 8,099,579 12.5% 474,438 266,506 403,977 $19.56Source: CoStar Property®
Existing Inventory Vacancy
Existing Inventory Vacancy
Existing Inventory Vacancy
Existing Inventory Vacancy
22 CoStar Office Statistics ©2018 CoStar Group, Inc.
Las Vegas – First Quarter 2018
Las Vegas Office MarketMarket Highlights – Class “A, B & C”
©2018 CoStar Group, Inc. CoStar Office Statistics 23
First Quarter 2018 – Las Vegas
Las Vegas Office MarketMarket Highlights – Class “A, B & C”
S E L a s V e g a s / H e n d e r s o n M a r k e t
Deliveries, Absorption & Vacancy Historical Analysis, All Classes
Source: CoStar Property®
Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes
Source: CoStar Property® Source: CoStar Property®
Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates
2018 1q 158 1,982,260 376,876 19.0% 28,142 0 0 1 44,000 $18.18
2017 4q 158 1,982,260 405,018 20.4% 28,803 0 0 1 44,000 $15.43
2017 3q 158 1,982,260 433,821 21.9% (810) 0 0 0 0 $18.17
2017 2q 158 1,982,260 433,011 21.8% 3,566 2 89,300 0 0 $18.25
2017 1q 156 1,892,960 347,277 18.3% (10,610) 1 6,500 2 89,300 $19.25
2016 4q 155 1,886,460 330,167 17.5% 15,407 0 0 2 85,300 $15.44
2016 3q 155 1,886,460 345,574 18.3% 1,283 0 0 2 85,300 $18.58
2016 2q 155 1,886,460 346,857 18.4% (1,196) 0 0 2 85,300 $18.03
2016 1q 155 1,886,460 345,661 18.3% 16,867 0 0 1 6,500 $18.95
2015 4q 155 1,886,460 362,528 19.2% 17,726 0 0 1 6,500 $14.14
2015 3q 155 1,886,460 380,254 20.2% 36,370 0 0 0 0 $18.16
2015 2q 155 1,886,460 416,624 22.1% 10,505 0 0 0 0 $17.95
2015 1q 155 1,886,460 427,129 22.6% 9,438 0 0 0 0 $19.14
2014 4q 155 1,886,460 436,567 23.1% (38,967) 1 10,000 0 0 $14.15
2014 3q 154 1,876,460 387,600 20.7% 6,921 0 0 1 10,000 $18.95
2014 2q 154 1,876,460 394,521 21.0% 55,749 0 0 1 10,000 $18.99
Source: CoStar Property®
UC InventoryDelivered InventoryExisting Inventory Vacancy
(0.020)
0.000
0.020
0.040
0.060
0.080
0.100
2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q
Millions
SF
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Perce
nt V
aca
nt
Delivered SF Absorption SF Vacancy
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
2017 1q 2017 3q 2018 1q
Dollars
/SF/Y
ear
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
2017 1q 2017 3q 2018 1q
Millions
SF
Direct SF Sublet SF
17 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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KEY FACTS
81,605Population
38.22.8
AverageHousehold Size
$55,526Median Household
Income
INCOME
$55,526Median Household
Income
$25,684Per Capita Income
$80,751Median Net Worth
81,60538.2
Median Age
29,352Households
$48,196Median Disposable Income
6,0004,0002,0000
HOUSEHOLD INCOME
200000+
150000-199999
100000-149999
75000-99999
50000-74999
35000-49999
25000-34999
15000-24999
0-14999
EDUCATION
10%
No HighSchool
Diploma 34%High School
Graduate
38%Some College 19%
Bachelor's/Grad/ProfDegree
EMPLOYMENT
60%White Collar
20%Blue Collar
21%Services
6.7%
UnemploymentRate
18 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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KEY FACTS
172,012Population
37.42.7
AverageHousehold Size
$58,464Median Household
Income
INCOME
$58,464Median Household
Income
$28,071Per Capita Income
$79,237Median Net Worth
172,01237.4
Median Age
62,553Households
$50,805Median Disposable Income
12,0008,0004,0000
HOUSEHOLD INCOME
200000+
150000-199999
100000-149999
75000-99999
50000-74999
35000-49999
25000-34999
15000-24999
0-14999
EDUCATION
8%
No HighSchool
Diploma 29%High School
Graduate
37%Some College 26%
Bachelor's/Grad/ProfDegree
EMPLOYMENT
62%White Collar
17%Blue Collar
21%Services
5.7%
UnemploymentRate
19
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The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice.
107-111 South Water Street - "AS IS" Rent Roll
Address Tenant RSF % of Total Start End Increases CAM's$/SF/
MonthMonthly
NNN Rent Annualized
107-111 S Water Street, 1st Floor Vacant 7,548 53.91% - - - - - $0.00 $0.00107-111 S Water Street, 2nd Floor Vacant 6,452 46.09% - - - - - $0.00 $0.00ATM Leases - 4 Drive-Thru's / 1 Walk Up (3) Bank of America - - 5/31/2013 4/31/2023 10% every 5 years 450$ - $2,695.00 $32,340.00
Occupied 0 0.0% - $2,695.00 $32,340.00Vacant 14,000 100.0%Total 14,000 100.0% $32,340.00
$5,400.00$37,740.00$13,650.00$24,090.00
Notes:(1) Operating expenses include: Insurance - $4,500/Annually; Property Tax -$8,150/ Annually; Water - $1,000/ Annually(2) Power is paid directly by Bank of America.(3) Mutual cancellation clause can be triggered anytime with a 180 day written notice, Tenant also has three (5) years options with 10% increases at the beginning of each period with a 30 day notice prior to expiration of the term
Less: Operating Expenses (1)(2):Net Operating Income:
Current Base Rent
Rental Income:Plus: Expense Reimbursement:
Gross Potential Income:
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The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice.
107-111 South Water Street - Proforma Rent Roll
Address Tenant RSF % of Total Start End Increases CAM's$/SF/
MonthMonthly
NNN Rent Annualized
107-111 S Water Street, 1st Floor Vacant 7,548 53.91% TBD TBD TBD 2,641.80$ $1.05 $7,925.40 $95,104.80107-111 S Water Street, 2nd Floor Vacant 6,452 46.09% TBD TBD TBD 2,258.20$ $1.05 $6,774.60 $81,295.20ATM Leases - 4 Drive-Thru's / 1 Walk Up (2) Bank of America - - 5/31/2013 4/31/2023 10% every 5 years 450.00$ - $2,695.00 $32,340.00
Occupied 0 0.0% 5,350.00$ $1.05 $17,395.00 $208,740.00Vacant 14,000 100.0%Total 14,000 100.0% $208,740.00
$64,200.00$272,940.00
$40,941.00$58,800.00
$173,199.00
CAP Rate Price Price PSF7.50% $2,309,320 $2,309,320.00
(1) Operating expenses have been estimated at $0.35 per square foot per month when the property is leased. 7.75% $2,234,826 $2,234,825.818.00% $2,164,988 $2,164,987.508.25% $2,099,382 $2,099,381.828.50% $2,037,635 $2,037,635.29
Less: Vacancy Adjustment 15%Less: Operating Expenses (1):
Proforma Net Operating Income:
(2) Mutual cancellation clause can be triggered anytime with a 180 day written notice, Tenant also has three (5) years options with 10% increases at the beginning of each period with a 30 day notice prior to expiration of the term
Current Base Rent
Proforma Rental Income:Plus: Expense Reimbursement:
Proforma Gross Potential Income:
Notes:
21 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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las Vegas Valley OVerVieW
$13.6 Billion in New Capital Investment is Driving Growth
1. Resorts World Las Vegas - $4.0 Billion 2. Las Vegas Stadium - $1.9 Billion
• $4 billion Strip resort project with a heavy Asian theme began construction in 2017. • Resorts World, developed by the Genting Group, is being built at the former site of the Stardust and Echelon. • Genting, which bought the site from Boyd in 2013 for $350 million, will be using the partially constructed Echelon structures for this property. • With a projected opening set for 2020, the initial phase will have 3,100 rooms, a 100,000-square-foot casino, shops and restaurants spread across its 88-acre site.
• The Oakland Raiders will move to Las Vegas for the 2020 NFL season. • The groundbreaking ceremony took place in November 2017 for a new $1.9 billion stadium just west of the Strip. • The venue’s horse-shoe shape, designed by Manica Architecture, would accommodate 65,000 spectators, 8,000 cars, tailgating amenities and mixed-use commercial facilities. • The design shows a retractable natural turf field. • This venue would also allow Las Vegas to host the annual Super Bowl.
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22 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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las Vegas Valley OVerVieW (cOn’t)
3. Wynn Paradise Park - $1.5 Billion
5. Union Village - $1.2 Billion
4. Convention Center Expansion - $1.4 Billion
6. Switch - $1 Billion
• Wynn Resorts Ltd. is building its third hotel behind its two Las Vegas casinos, an ambitious Carnivale themed project called Wynn Paradise. • The $1.5 billion resort will take the place of the golf course and feature 1,500 rooms around a 38-acre lagoon, a small casino, restaurants and nightclubs. • The lake will have a white sandy beach, a boardwalk, water skiing, paddle boating, zip lines/gondola, and nightly fireworks.• Heavy duty construction should begin by spring 2018 with a 2020 debut.
• Union Village will be the first Integrated Health Village in the world, and is listed as the largest healthcare building project in the United States. • The $1.2 billion dollar, 155-acre planned development not only covers healthcare, but retail, entertainment, and senior living as well. • Approximately 355,000 square feet have been completed, totaling $300 million in work, with another 476,000 square feet to be under construction soon.
• Las Vegas Convention Center will be renovated and expanded into a $1.4 billion Las Vegas Global Business District. • Planned in four phases, new facilities will replace the 26-acre Riviera Hotel site, adding ±1.4 million square-feet of exhibit and meeting space. • Phase Two of the project is projected to be completed in 2020.• Expected to draw an additional 600,000 visitors a year, drive $2.1 billion in economic activity during construction and have an annual economic impact of $810 million when finished.
• Switch is a globally recognized leader in future-proof data center design, superscale cloud, unparalleled telecom gateways and energy sustainability. • Its Southern Nevada expansion includes a $1 billion data storage site on 200 acres near its two existing data storage facilities at South Jones Boulevard and the 215 Beltway. • Idea to link 50 million people within 14 milliseconds of data hosted at each of the company’s data hubs via a superloop of fiber optic cable connecting its Reno and Las Vegas supernaps sites, with a planned facilities in LA and SF.
23 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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las Vegas Valley OVerVieW (cOn’t)
7. Project Neon - $1 Billion
9. Palms Renovation - $485 Million
8. Extreme Sports Park - $800 Million
10. Park MGM (Former Monte Carlo) - $450 Million
• Project Neon is the largest public works project in Nevada history. • $1 billion effort to redesign and widen Interstate 15 from the U.S. Highway 95 interchange to Sahara Avenue by July 2019. • Currently this road is the busiest stretch of highway in Nevada with 300,000 vehicles daily. Traffic through the corridor is expected to double by 2035.
• Station Casinos will enhance nearly every feature of the resort by investing $485 million in improvements. • Plans include redesigned/renovated hotel rooms, 60 new hotel rooms, 29,000 square foot nightclub, new 73,000 square foot pool club, several celebrity chef restaurants, new spa, meeting/convention space, new covered parking spaces, refresh of the Pearl Theater, renovated casino floor, and a new front desk registration area to name a few. • First phase underway and the second phase is expected to be completed by early 2019.
• Josh Kearney’s $800M extreme sports park called The Edge received county approval in 2017. • 130-acre at the SEC of Las Vegas Boulevard and Sunset Road, adjacent to Town Square Las Vegas, a 1.2M SF class A open air shopping, dining, office and entertainment center.• The Park is expected to have surfing/wake boarding/rock climbing/mountain biking/indoor skydiving/bungee jumping/zip lines and a 15-story, 640 room hotel with a casino, convention space, restaurants and two rooftop pools. • Project will take approximately 2.5 years to complete.
• A transformation occurring in Las Vegas is the conversion of the Monte Carlo into two hotels: a 2,700-room luxury resort Park MGM and a 292-room hotel NoMad Las Vegas. • This $450 million makeover is projected to be completed by the end of 2018. • The new resort will feature two hotels, redesigned rooms, an Italian market Eataly with cafes, walk-up counters and dine-in restaurants. • The properties will have amenities such as dining and casinos as well as a 5,300-seat theater at the Park MGM.
Cathy Jones, CPA, SIOR, CCIMCEO
Roy FritzSenior Vice President
Jessica CegavskeVice President702-968-7321
Paul MiachikaExecutive Vice President
Taylor VasquezAssociate
SunCommercial Real Estate, Inc.