INVESTMENT OFFERING
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OFFICES THROUGHOUT THE U.S. AND CANADA www.marcusmillichap.com CANDACE BARE Senior Associate Direct: (702) 215-7125 [email protected] License: NV S.0171556
6 Downtown Las Vegas (DTLV) is the central business district and historic center of Las Vegas, Nevada. It is the original townsite and was the gambling district of Las Vegas prior to the emergence of the Las Vegas Strip.
The area is again becoming a vibrant and active destination. As the urban core of the Las Vegas Valley, it features a variety of hotel and business highrises, cultural centers, historical buildings and government institutions, as well as residential and retail developments.
Downtown is located in the heart of Las Vegas at the convergence of both the I-15 and US 95 Highways, and just north of the Las Vegas Strip.
7 The Arts District, or 18b, is a vibrant cultural hub packed with indie art galleries and performance spaces in converted warehouses. Major venues include the Arts Factory, with galleries, shops and a bistro, and sprawling Art Square, as well as numerous antique shops and bars with a bohemian vibe. 8 The Las Vegas Arts District gives people a glimpse of the real Las Vegas — where there is occasion for glitz and glamour, yet also embraces people living their day to day lives, meeting casually at hip restaurants and bars, shopping at vintage antique shops and taking in the arts. 9
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Treehouse Nightclub (Under Construction) Boutique Hotel Concept (In Planning)
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Professional/OceThe Charleston Building - Retail/Office (Coming Soon) (Under Construction) Las VegasCO OL RD Healing GardenID EVA G UL E BO AV ER E NT NU CE E C O H IN A AS R C L E S T O The Love Store N (Newly Constructed) B O U L E V A R D ( 4 9 ,0 0 0 V P D ) C3 Lofts (Under Construction)
13 One East Charleston Boulevard, Las Vegas, Nevada 89104
OFFERING PRICE $4,500,000
OFFERING SUMMARY
Price $4,500,000
Price Per Square Foot $208.57
Gross Square Feet 21,575 SF
Occupancy Vacant
14 Outstanding location at the entrance to the Downtown Las Vegas Resort Corridor and gateway to the Las Vegas legal community. Prominently situated at the irreplaceable, hard corner of West Charleston Boulevard at South Main Street. 15 16 One East Charleston Boulevard, Las Vegas, Nevada 89104
DETAILS
Number of Floors Two
Gross Leasable Area (GLA) 21,575 SF
Lot Size 0.5 Acres
Zoning General Commercial (C-2)
APN: 139-33-811-016
Municipality City of Las Vegas
Year Built 1987
Occupancy Vacant
Type of Ownership Fee Simple
Loading Dock One
Elevator Freight Elevator Only
Restrooms Three
17 18 One East Charleston Boulevard Las Vegas, Nevada 89104
From a visionary standpoint, this building represents the key to unlocking the true potential of what is soon to be the heart and soul of the “next” Downtown Las Vegas. Captivating the allure of the Las Vegas Strip, yet beckoning the scenesters looking for something more unique, this emerging cultural hub awaits a true visionary to accomplish its goal of re-creating the dynamic locale to what it has long been in the past.
A collaboration between the City of Las Vegas, with both Mayors Oscar and Carolyn Goodman at the helm, and with prominent members of Downtown Project, the Fremont East Entertainment District and numerous other powerhouse industry leaders, has created an opportunity to revitalize Downtown Las Vegas. A revolution is emerging. And it whispers of hip authenticity...
Main and Main Location (Literally)
Anchor Corner at the Center of Arts District & Entrance to Resort Corridor
Positioned at Gateway to Downtown Las Vegas Legal Community & Government Buildings
Two-Story 21,575 Square Foot Building Situated Upon a Half Acre of Land Zoned C-2
Within DTLV Redevelopment Area for City of Las Vegas Incentive Programs
19 Former S2 Arts Building, located at the heart of the bustling 18b Arts District and adjacent to the popular “Art Square”. Truly a blank canvas for what can become something magnificent.
20 Interior buildout previously utilized as an arts collective and as a professional office, majority of two-story space currently in grey shell condition.
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22 CHARLESTON BOULEVARD 23 FLOOR PLAN - LEVEL 1
24 FLOOR PLAN - LEVEL 2
25 REGIONAL JUSTICE CENTER N
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DOWNTOWN GRAND HOTEL S
FREMONT HOTEL
THE MOLASKY CORPORATE CENTER BINIONS CASINO NEWPORT LOFTS LOU RUVO CENTER FOR BRAIN HEALTH SMITH CENTER FOR THE GOLDEN PERFORMING ARTS NUGGET CASINO THE JUHL
DISCOVERY CHILDREN’S LAS VEGAS WORLD MARKET MUSEUM CITY HALL CENTER LAS VEGAS PLAZA THE OGDEN CLARK COUNTY HOTEL & CASINO GOVERNMENT CENTER
Professional/OceThe Charleston Building - Retail/Office (Under Construction) (Coming Soon)
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Las Vegas Professional/OceThe Charleston Building - Healing Garden Retail/Office (Under Construction) (Coming Soon)
CH AR LE ST ON BO UL EV AR The Love Store D Newly Constructed ( 4 9, 00 0 V PD ) 27 E
N W Las Lloyd D Vegas Regional Justice George City Hall Center S Courthouse
Federal Soho Lofts Justice Clark County Tower Government Center Supreme Court of Nevada
INTE INTERSTATE RSTATE 15 ( 273,000 VPD ) 15
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) D P V 0 0 ,2 5 1 ( T E E R T S IN A M The City of Las Vegas recently completed an approximate $52 million “Main Street Improvement Project”, beautifying the South Main corridor from Las Vegas Boulevard to Commerce Street
31
www.treehouselasvegas.com
A first of its kind for Vegas, Treehouse encompasses various aspects of entertainment all in one venue including a 300-seat restaurant, Indoor & outdoor lounge areas, Sports Bar, Nightclub, Dayclub with pool, Rooftop Bar & Lounge, Private dining deck.
DETAILS
Size 22,000 sqft
Rooftop Lounge Spaces Pool Restaurant
1 minute from the Las Vegas Strip
2017 ESTIMATE 1 MILE 3 MILES 5 MILES
Population 16,978 187,305 545,169
Households 5,806 66,011 186,453
Average HH Income $40,031 $45,190 $48,436
Median HH Income $24,387 $29,368 $34,271
69,543 Daytime Population 1 MILE 3 MILES 5 MILES 40.86 Median Age
88.23% High School or Higher
12.47% Bachelor’s Degree or Higher
3.80% Graduate or Professional Degree
2.07 Average Household Size POPULATION PROFILE 1 MILE 3 MILES 5 MILES
Under 20 15.73% 25.71% 27.43%
20 to 34 Years 25.57% 22.52% 23.19%
35 to 39 Years 7.39% 6.81% 6.87%
40 to 49 Years 16.18% 13.78% 13.36%
50 to 64 Years 21.72% 18.37% 16.99%
Age 65+ 13.41% 12.83% 12.17%
HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES
$150,000 or More 3.46% 3.23% 3.04%
$100,000 - $149,000 3.39% 4.80% 5.62%
$75,000 - $99,999 5.17% 5.85% 7.61%%
$50,000 - $74,999 12.03% 13.82% 16.43%
$35,000 - $49,999 11.29% 14.19% 16.29%
Under $35,000 59.18% 53.6% 48.42%
POPULATION BY TRAVEL TIME TO WORK 1 MILE 3 MILES 5 MILES
Under 15 Minutes 26.93% 22.66% 21.08%
15 - 29 Minutes 40.81% 44.77% 45.03%
30 - 59 Minutes 17.47% 22.11% 24.03%
60 - 89 Minutes 7.34% 4.24% 3.99%
90 or More Minutes 2.41% 2.44% 2.02%
Worked at Home 2.00% 2.24% 1.93% Billed as the Entertainment Capital of the World, Las Vegas is one of the most recognizable city brands in the world, attracting over 42 million visitors every year to its world-class resorts, restaurants, shopping malls, and various entertainment options.
The Las Vegas metro is also one of the fastest-growing regions in the U.S. and boasts a current population of nearly 2.2 million people, ranking it as the 29th largest metro in the country.
The metro is situated at the southernmost tip of Nevada, bordering California and Arizona, and is home to more than 70 percent of Nevada’s total population.
Visitor volume reached an all-time high of 42.9 million in 2016, ranking Las Vegas among the top 10 of all U.S. cities in tourism.
A diversifying employment base will support job growth that will outpace the national growth rate over the next five years.
42 Like Nevada’s economy as a whole, the Clark County economy has grown steadily. Employment in the state grew 2.8% from June 2017 to June 2018, while the unemployment rate fell to 4.5%. The county’s economic progress is comparable to similar metropolitan areas’ progress, with a Year Over Year GDP Growth of 3.9%, which surpasses the nation as a whole.
From the fourth quarter of 2016 to the fourth quarter of 2017, average annual wages in Clark County rose 3.1%. As employment and wages grew over the past year, business activity benefited. In June 2018, gaming revenue widened 3.5% as the monthly total increased to $791 million. Furthermore, the cumulative revenue in the year- to-date value for 2018 (January to June) is 3.9% higher than in 2017. The Las Vegas Strip accounts for much of the gaming revenue, but Downtown casinos have seen steady increases, revenues accounting for roughly $535 million (a 1% increase from October 2017 to October 2018).
In June 2018, Las Vegas Strip revenue rose 5.4% from June 2017, reaching $524 million. This accounts for over 66% of total gaming revenue in Clark County.
Taxable sales have risen considerably in Clark County. From May 2017 to May 2018, they increased 8.2%, reaching $3.6 billion. Food Services and Drinking Places remains the largest subgroup for taxable sales, rising 3.9% from May 2017 to May 2018. 43 Lowest Corporate Travel Clark County 2017 Cost in Western US Visitors/Tourists in 2017 Gaming Revenue Convention Attendees #1 39M $11.1B 6.3M
2017 National 2016 Employment 2017 Las Vegas Convention Center Passenger Traffic Growth Strip Revenue Expansion Budget 9th 3.3% $17.8B $1.4B busiest
Total Passengers 2017 Hotel Occupancy 2017 Room Inventory Conventions Per Year 48.5M 91.3% 148,690 21,864
44 The population will expand by more than 253,000 residents over the next five years, resulting in the formation of nearly 117,000 households.
The homeownership rate of 52 percent is well below the national rate of 64 percent, providing a strong rental market.
Roughly 22 percent of the population age 25 and older have attained a bachelor’s degree, with 7 percent also holding a graduate or professional degree.
2017 Population 2017 Households 2017 Median Age 2.2M 786K 37
Growth Forecast Growth Forecast US Median 2017-2022 2017-2022 37.8 11.7% 14.9%
45 MAJOR AREA EMPLOYERS
Wynn Resorts Station Casinos MGM Resorts Las Vegas Sands With all 10 of the nation’s largest hotels located in Las Vegas, tourism and entertainment Caesars Entertainment are the most significant drivers of the Las Vegas economy; however, the economy is Boyd Gaming diversifying into distribution, back-office operations and manufacturing. The Valley Health System Cosmopolitan of Las Vegas The metro’s business-friendly environment, access to Western markets, large labor force, Dignity Health-St. Rose Dominican and availability of high-speed data attract companies such as Switch, Amazon, K2 United Healthcare of Nevada Energy, Scientific Games, Sunpreme, Tectonics, Virtual Guard, VadaTech and Zappos.
The 2.3 million-square-foot Las Vegas Convention Center is one of the largest in the world and draws more than six million attendees annually. SPORTS
Leisure and Hospitality Construction 29% 7% Coming Soon
EDUCATION Trade, Transportation Financial Activities and Utilities 17% 5%
Professional and Other Services Business Services 14% 3%
Government Manufacturing ARTS & ENTERTAINMENT 11% 2%
Education and Information Health Services 10% 1% 2.5% 410,000 110 0.1% Increase in Total Squared Feet Basis Point Decrease In Decrease In the Average Employment Y-O-Y Completed Y-O-Y Vacancy Y-O-Y Asking Rent Y-O-Y
Over the past year, Las Vegas Builders completed 410,000 Retailers absorbed more than The average asking rent firms added 24,300 workers, square feet of retail space over the 1.3 million square feet for the declined 0.1 percent to $17.52 expanding total payrolls by 2.5 past year, mostly in the South and second straight year, trimming per square foot over the past percent. The construction and Southwest Las Vegas submarkets. vacancy 110 basis points to 7.9 12 months, primarily driven by education and healthcare sectors percent over the past year. Two steep discounting in West Las led job creation, accounting for Construction will reaccelerate submarkets posted declines of Vegas and Henderson in order nearly half of new positions. through the remainder of 2018 150 basis points. to fill older vacant spaces. as roughly 715,000 square feet Broad hiring led the of retail space is expected to The Downtown Las Vegas Excellent performance was unemployment rate to remain come online. The Skye Canyon submarket posted the lowest recorded in South Las Vegas, steady near 5 percent, indicating Marketplace and Las Vegas vacancy in the metro at 3.5 where the average asking rent an expanding labor force. Athletic Club highlight deliveries. percent, led by little inventory surged 10.1 percent to $19.82 per and robust demand. square foot. A myriad of entertainment, employment and major housing projects across Clark County have been given the green light. Amazon is moving quickly to open a new fulfillment center in Nevada, with plans to add 1,000 full-time jobs. Amazon said Southern Nevada was chosen because of its proximity to customers and its abundance of talent. In an area concentrated in Leisure & Hospitality, this will help diversify the economy by adding more Professional & Business employees.
Several new professional league sporting teams are moving to the Valley following the historically successful Vegas Golden Knights NHL debut. The Raiders Stadium is being constructed to accommodate the Las Vegas Raiders and the University of Nevada, Las Vegas football teams. The $1.8-billion development is expected to ready for an inaugural 2020 season. The WNBA’s Las Vegas Aces are coming to Vegas from San Antonio. The Las Vegas Aviators have been officially announced as the City’s new Minor League Baseball team, with a new stadium currently under construction in Downtown Summerlin.
The University of Nevada, Las Vegas has completed plans to build the Harry Reid Research and Technology Park, which will accommodate innovators and entrepreneurs. The goal is to attract tech businesses and high-skilled workers to the area. This concept has also been recently engineered by the thoughtful insight and impactful expansion of Zappos.com, combined with The Downtown Projects’ efforts of revitalization to the Downtown Las Vegas corridor. Although these tech projects are unlikely to dramatically change the economic landscape of Las Vegas, they will be helpful in employing workers of various skill levels and could attract other such projects. Further, since not every region can become a major tech hub, like California’s Silicon Valley; the best way to build tech in areas like Las Vegas is to incorporate it into the existing business infrastructure. CANDACE BARE Senior Associate Direct: (702) 215-7125 [email protected] License: NV S.0171556