Kingsbam Realty Capital Sells Retail Property In Las Vegas For $7.1M
8880 South Rainbow Boulevard
$7,100,000
$2,028/SF
Building Size
3,500 SF
Asset Type
Retail
Closing
Jan 26, 2024
AI
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
Las Vegas Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.23%
Cash-on-Cash
-0.64%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93