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Kingsbam Realty Capital Sells Retail Property In Las Vegas For $7.1M

Property Image
SOLD
$7,100,000
Patrick Luther
Jeff Pori

Nevada

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Retail3,500 SF
Sold 01/26/2024
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Property Image
SOLD

Kingsbam Realty Capital Sells Retail Property In Las Vegas For $7.1M

8880 South Rainbow Boulevard

See Similar Deals
Retail3,500 SF
Sold 01/26/2024
Patrick Luther
Jeff Pori
the dealplayerscompscontact
Contact now

Summary

NEVADA
Asset Type:Retail
Price Per Square Foot:$2,028
Total Square Footage:3,500 SF
Transaction Type:Sale

An investor based in Las Vegas has acquired a retail property located at 8880 S. Rainbow Blvd. in Las Vegas, NV. The property, occupying an area of 3,500 square feet, was sold for a price of $7.1 million. The asset, which is currently leased by Conoco under a 20-year absolute triple-net lease with LV Petroleum LLC, offers a potential annual income for the new owner.

Summary of transation details

  • Property Type: Retail
  • Sale Price: $7,100,000
  • Square Footage: 3,500
  • Price per Square Foot: $2,029

Patrick Luther from SRS Real Estate Partners represented the seller, Jeff Pori of Kingsbam Realty Capital, in this transaction. The deal was facilitated by SRS Real Estate Partners, a renowned real estate agency. The sale of this property provides insights into the active real estate market in Las Vegas and highlights the expertise of the involved parties.

Players

Patrick Luther
SRS Real Estate Partners
Patrick Luther
61 deals$938.1M volume
BROKER
Jeff Pori
Jeff Pori
7 deals$432.6M volume
SELLER
Jeff Pori
Jeff Pori
7 deals$432.6M volume
SELLER

Details

SOLD
IMAGE: Jeff Pori & Patrick Luther DATE: 01/26/2024 ADDRESS: 8880 South Rainbow Boulevard MARKET: Las Vegas, NV ASSET TYPE: Retail SELLER: Jeff Pori - Kingsbam Realty Capital BROKER: Patrick Luther (@Luther_Companies) - SRS Real Estate Partners SALE PRICE: $7,100,000 SF: 3,500 ~ PPSF: $2,029 NOTE: SRS Real Estate Partners facilitated the sale of a retail property at 8880 S. Rainbow Blvd. in Las Vegas. The 3,500-square-foot property, occupied by Conoco under a 20-year absolute triple-net lease with LV Petroleum LLC, was sold by Kingsbam Realty Capital to a private investor based in Las Vegas for $7.1 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$378,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$25,224.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,657.62
Annual Debt Service$403,891.47