DOCSLIB.ORG

Decatur Rents Apartments APARTMENTS 36 Units | Las Vegas, NV Vegas Sauter Multifamily Advisors

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Decatur Rents Apartments APARTMENTS 36 Units | Las Vegas, NV Vegas Sauter Multifamily Advisors EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS Decatur Rents Apartments APARTMENTS 36 Units | Las Vegas, NV Vegas Sauter Multifamily Advisors Member of the NAI Global Worldwide Commercial Real Estate Network Decatur Rents 321 N Decatur Blvd Las Vegas, NV 89107 table of CONTENTS 04 11 The Opportunity Financial Analysis 05 15 Property Details Location Details 09 The Location Multifamily Investment Advisors Patrick Sauter Steve Nosrat T +1 702 534 1700 T +1 310 421 8483 Vegas [email protected] [email protected] Sauter Multifamily Advisors LIC#B.0045077 LIC#S.0176849 the OPPORTUNITY DECATUR RENTS NAI Vegas, as exclusive advisor, is pleased to present Decatur Rents (the “Property”), a 36-unit multi-housing investment opportunity. Located at 321 N Decatur Blvd., the property offers two floorplans that feature updated interiors with the opportunity for new ownership to capitalize on units that are below market rents. details 05PROPERTY DECATUR RENTS APARTMENTS PROPERTY DETAILS THE OFFERING ADDRESS YEAR BUILT # OF UNITS LAND SIZE NET AVG UNIT AVERAGE PHYSICAL 321 N Decatur Blvd 1961 36 ±1.49 AC RENTABLE SF SIZE MARKET RENT OCCUPANCY 29,025 806 SF $856 95% DECATUR RENTS Vegas APARTMENTS Sauter Multifamily Advisors BUILDING & SITE DESCRIPTION ITEM DESCRIPTION Property Address 321 N Decatur Blvd, Las Vegas 89107 1398-25-812-207 through 214 Parcel Numbers & 162-15-103-003 Year Completed 1961 # of Buildings 9 # of Apartment Homes 36 Net Rentable Square Footage 29,025 SF Total Land Area 1.49 AC Building Style Garden # of Floors 2 Exterior Materials Stucco Windows Aluminum Framing Wood Roof Construction Repaved 2019 Roof Age N/A Foundation Concrete Slabs DECATUR RENTS Vegas APARTMENTS Sauter Multifamily Advisors KITCHEN SPECIFICATIONS MECHANICAL |ELECTRICAL PLUMBING ITEM DESCRIPTION ITEM DESCRIPTION Range Electric Heating Individual - Electric Dishwasher Not Available Air Conditioning Individual - Electric Cabinet Materials Wood Water Heater Individual - Electric Countertop Materials Refinished Laminate Electrical Copper Wire Flooring Materials Carpet/Vinyl Plumbing Supply Copper Disposal Not Available Plumbing Outlet ABS Refrigerator Top Freezer Water Meter Master Metered Washer/Dryer Laundry Facility Fire Extinguishers Wall Mounted - Common Areas UTILITIES UTILITIES/SERVICE PROVIDER PROPERTY PAYS RESIDENTS REIMBURSE PROPERTY RESIDENTS PAY DIRECTLY COMMENTS Electricity NV Energy X Gas No Gas On Property Water/Sewer Las Vegas Valley Water District X X RUBS Cable Cox X Telephone Century Link X Trash Republic Services X X RUBS DECATUR RENTS Vegas APARTMENTS Sauter Multifamily Advisors the 09LOCATION DECATUR RENTS APARTMENTS LOCATION HIGHLIGHTS Hoover Manor provides an investor the rare opportunity to purchase an asset in a core location, readily accessible to major highways, connecting the property to all of the nearby amenities and attractions of the surrounding area. 11 10 13 2 HOOVER 3 MANOR Points of Interest 9 1. McCarran Airport - 8 miles 2. Fiesta Rancho -1 miles 3. Texas Station - 1 miles 09 6 4. Las Vegas Strip - 3.5 miles 5. Raiders Stadium - 8.5 miles 6. Downtown Las Vegas - 1.5 miles 7. UNLV - 8 miles 8. Knights Hockey Arena - 7.5 miles 12 4 9. Cashman Baseball Stadium - 2 miles 10. Mountain View Hospital - 3 miles 11. Santa Fe Station - 4 miles 12. Ed Fountain Park - 0.5 miles 7 8 13. North Las Vegas Airport - 2 miles 1 5 DECATUR RENTS Vegas APARTMENTS Sauter Multifamily Advisors financial 11ANALYSIS DECATUR RENTS APARTMENTS UNIT MIX UNIT TYPE # OF UNITS UNIT SIZE MARKET RENT PER SF 2x2 A 27 800 SF $850 $1.06 2x2 B 9 825 SF $875 $1.06 TOTAL/AVG 36 806 SF $856 $1.06 FINANCIAL ANALYSIS Operating Income Year 1 ProForma Per Unit Market Rent $369,900 $6,165 Vacancy Loss $(18,495) $(574) Concessions $0 $0 Bad Debt/Other $(7,398) $(123) Net Rental Income $344,007 $5,733 RUBS $8,338 $139 Other Income $35,044 $584 Effective Gross Income (EGI) $387,388 $723 Forecasted Expenses Per Unit Payroll $41,400 $1,150 Administration $4,500 $125 Repairs & Maintenance $20,400 $650 Utilities $31,673 $528 Insurance $6,660 $185 Property Tax (Actual) $19,226 $320 Total Expenses $126,859 $3,524 Net Operating Income $260,530 $7,237 NOTES TO FINANCIAL UNDERWRITING Assumptions for the proforma are based on the Property’s characteristics, as well as market-driven revenue and expense trends. PRO FORMA • Gross Potential Income is generated using the current Market Rent schedule • Economic Vacancy is currently 8%, Pro Forma is 7% • RUBS is estimated at 3% increase over actual income • Other income is estimated at $584 per unit per annually FORECASTED EXPENSES • Payroll is forecasted at the equivalent of $1,150 per unit per year reflecting market expense for staffing requirements of a manger, leasing agents, maintenance supervisor, maintenance techs and porters • Administration is forecasted at $125 per unit per year reflecting market averages for similar properties • Repairs & Maintenance expenses are forecasted at $650 per unit per year, consistent with market averages for similar age and construction quality • Utilities are forecasted to be the actual utility amount with a 3% increase • Property Tax are calculated on the next fiscal years maximum increase amount of 8% • Property Insurance is forecasted to be $185 per unit per year DECATUR RENTS Vegas APARTMENTS Sauter Multifamily Advisors DECATUR RENTS Vegas APARTMENTS Sauter Multifamily Advisors las vegas 15DEMOGRAPHICS DECATUR RENTS APARTMENTS LAS VEGAS MSA DEMOGRAPHICS TOTAL MEDIAN AVERAGE HOME POPULATION TOTAL BUSINESSES EMPLOYEES MEDIAN AGE HOUSEHOLD VALUE 2,007,885 64,678 888,036 36.5 INCOME $293,320 $55,011 las vegas PROJECTS GOOGLE DATA CENTER MARRIOTT, THE DREW • Henderson is slated to be home to a new Google data center • 4000+ Mega Hotel Resort TOTAL MEDIAN AVERAGE HOME in December 2020. • Marriott, the American multinational hospitality company, is now POPULATION TOTAL BUSINESSES EMPLOYEES MEDIAN AGE HOUSEHOLD VALUE INCOME • The Governor’s Office of Economic Development approved opening a new resort and casino in Las Vegas, set for 2020. 2,007,885 64,678 888,036 $293,320 36.5 $25.2 million in tax abatements Thursday for Design LLC, a • Known as The Drew Las Vegas, the unfinished resort by the former $55,011 wholly-owned subsidiary of Google. The company plans to name Fontainebleau, started with constructions in 2007, will now be build the data center on 64 acres of land on Warm Springs turned into a complex combined like hotel and casino and may Road west of Boulder Highway. The subsidiary plans to build have a walkway to the adjacent luxury Turnberry Place high rises. and own the facility, while Google would handle operations • The mega hotel will house 4,000 guest rooms, as well as 500,000 and hiring. sq feet of a space for events, convention center, and meetings. • Google projects that it would bring in more than $94.3 million Currently, Marriott manages about 20 hotels in the Las Vegas area in tax revenue to Nevada over the next 20 years, and hire 50 under their brands, however, as Tony Capuano– the global chief employees within the next five years at an average salary of development officer for Marriott said: “The Drew Las Vegas will $65,000. The company expects to invest at least $600 million become a landmark property for Marriott International.” over the next 20 years. RAIDERS STADIUM RENDERING NFL RAIDERS STADIUM • $1.8 Billion • Las Vegas will proudly welcome the Raiders in the National Football League (NFL) Stadium which is under construction now and expected to open in 2020. The future 65,000 seat home of the Oakland Raiders is under steady progress and is expected to be the host of some huge major events which will make Las Vegas the sought after entertainment destination. There is no doubt that the relocation of the Oakland Raiders to Las Vegas and the opening of the new Las Vegas Stadium will be an enormous success for Las Vegas. UNION VILLAGE • In what’s dubbed the first integrated health care village in the world and largest health care project in the nation at $1.2 billion, Union Village in Henderson is starting to take shape. • Union Village is a 130-acre integrated health village located in Henderson, NV (Las Vegas, MSA). Union Village includes Henderson Hospital, multi-family and generational housing, medical office, gym, restaurants and retail. • Approximately 355,000 square feet have been completed and $300 million in work is done. There are 476,000 square feet under construction worth $64 million and another $277 million that will be under construction by the end of the year. UNION VILLAGE RENDERING MADISON SQUARE GARDEN RENDERING MADISON SQUARE GARDEN LAS VEGAS • $75 Million • The concert experiences happening in Las Vegas will be soon taken to another level with the development of a futuristic Madison Square Garden music arena expected to open its doors in 2020. Developed in partnership with Las Vegas Sands, the new arena is planned to have 18,000 seats and is expected to become a massive, high-tech, sphere-shaped venue will describe a new form of entertainment and will definitely bring unforgettably, revolutionized experiences for both performers and the audience. LAS VEGAS CONVENTION CENTER EXPANSION • The Las Vegas Convention and Visitors Authority is underway on a 1.8 million SF expansion of the LVCC. • It will include a World Trade Center building and multi-modal transportation center. • The 1.4 billion project will be completed in 3 phases in 8 years. • It will provide 14,000 construction jobs and 7,800 permanent jobs upon completion. • It is expected to draw 600,000 annual visitors. • Currently Phase 1 is complete, Phase 2 is underway which includes 1.4 million SF of new exhibit and meeting space, to be completed in 2020. LVCC EXPANSION RENDERING RESORTS WORLD RENDERING RESORTS WORLD • Developed by Genting Group, an asian themed resort with a 150,000 SF casino on 87 acres of land.
Load more

Recommended publications
  • Las Vegas | Hotel Q2 2020
    Research & Forecast Report LAS VEGAS | HOTEL Q2 2020 The Great Pause Economic Indicators R CONVENTION ReR Passengers Attendance > Las Vegas resorts, hotels and motels suspended operations for most of the second quarter +1.6 +1.4% > Re-openings began in June, with more properties Feb opening than was initially predicted +6.5% 2020 > No sales occurred in the second quarter of 2020 With data from May 2020 available from the Las Vegas Market Indicators Convention & Visitors Authority, we can see clearly the impact Relative to prior period Q2 2019 Q3 2020* an industry shut down has on those industry’s statistics. Room Room Inventory occupancy, average daily rate (ADR) and revenue per available Room Occupancy room (RevPAR) collapsed in April and May 2020, reaching levels possibly not seen in Southern Nevada’s history. After significant Average Daily Rate investment sales over the past two quarters, no hospitality Revenue Per Available Room properties sold in the second quarter of 2020. *Data Not Available Year-to-date visitor volume in May 2020 was 8.7 million visitors, representing negative 38.5 percent year-over-year growth. Room occupancy growth in May 2020 was negative 45.8 percent Summary Statistics citywide, negative 46.8 percent on the Las Vegas “Strip” and Las Vegas Market Q2, 2019 Q1, 2020 Q2, 2020 Room Inventory 143,251 141,934 142,225 Revenue Per Available Room (RevPAR) Room Occupancy 91.2% 70.8% 1.7% $140.00 Average Daily Rate $130.45 $142.97 $60.50 $120.00 $100.00 Revenue Per Available Room $118.89 $101.19 $1.03 $80.00 $60.00 $40.00 $20.00 $0.00 3 Q 2018 4 Q 2018 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020 negative 43.2 percent in Downtown.
    [Show full text]
  • Research & Forecast Report
    Research & Forecast Report Q1 2019 Las Vegas Economic Review Glossary Industrial Definitions Incubator: Multi-tenant buildings without dock-high loading doors that have a parking ratio lower than 3.5/1,000 square feet and bay sizes lower than 3,500 square feet. Light Distribution: Multi- or single-tenant buildings that include dock-high loading doors and have bay sizes of less than 15,000 square feet. Light Industrial: Multi- or single-tenant buildings without dock-high loading doors that have a parking ratio lower than 3.5/1,000 square feet and, in the case of multi-tenant buildings, bay sizes of at least 3,500 square feet. Multi- or single-tenant buildings without dock-high loading doors with parking ratios in excess of 3.5/1,000 Flex: square feet. Multi- or single-tenant buildings that include dock-high loading doors and have bay sizes of at least 15,000 Warehouse/Distribution: square feet. Office Definitions Class A Office: Buildings with steel frame construction, high end exterior finish, distinctive lobbies featuring upgraded finishes, amenities including on-site security, state-of-the-art communications and data infrastructure and covered parking. Class A buildings are usually multi-story. Class B Office: Buildings with steel frame, reinforced concrete or concrete tilt-up construction. Class B buildings contain common bathrooms and hallways, and their lobbies may have granite and hardwood detailing. Class B buildings are often multi-story. Class C Office: Buildings of wood frame construction. Class C buildings are often garden-style and are built around courtyards. Retail Definitions Community Center: Retail centers anchored by supermarkets, drug stores and discount department stores.
    [Show full text]
  • Reduced Asking Price: $300,000,000
    FOR SALE 38.50 ACRES ON THE WORLD-FAMOUS LAS VEGAS STRIP HACIENDA AVENUE LAS VEGAS BOULEVARD RUSSELL ROAD Michael Stuart Mike Mixer, Executive Vice President Executive Managing Director REDUCED ASKING PRICE: $300,000,000 +1 702 836 3739 +1 702 836 3777 [email protected] [email protected] PROPERTY IS LOCATED IN A QUALIFIED OPPORTUNITY ZONE License # NV-S.0028088 License # NV-B.0021557.LLC CONFIDENTIALITY AGREEMENT © 2019 Colliers International This Confidential Offering Memorandum (the “Memorandum”) is being delivered exclusively by Colliers International (the “Agent”) to a party who may be interested in the acquisition of the 38.5 Acres (the “Property”), described in this Memorandum. This is a private offering, made only by delivery of a copy of the Memorandum to the recipient (the “Recipient”). By accepting this Memorandum, the Recipient agrees to comply strictly with the terms and conditions of the Confidentiality Agreement previously executed and delivered to the Agent by the Recipient with respect to this Memorandum and all information contained herein, and to use this Memorandum only for the purpose of evaluating the offering made hereby. The material contained in this Memorandum is provided solely to assist the Recipient in determining whether it is interested in making an investigation or evaluation concerning a potential purchase of the Property. Neither the Agent nor any affiliates or client of the Agent which term includes related entities, the owners of any equity interest in the Property, (“Owner”), the manager of the Property (“Manager”), and any officers, employees and agents of any such parties make any representations or warranties with regard to the accuracy or completeness of the information contained herein.
    [Show full text]
  • Construction Projects
    LAS VEGAS TOURISM CONSTRUCTION BULLETIN Resort & Other Destination Amenities* Condensed Summary (As of: June 13, 2018) Convention Add'l Hotel Est. Year-End Construction Cost Space Timeshare Rooms Room Count (Millions) (Sq Ft) Units Las Vegas Room Inventory 148,896 (as of Dec 31, 2017) Projects scheduled to open in 2018 $1,420 553,600 120 741 149,637 Projects scheduled to open in 2019 $963 126,000 - 1,052 150,689 Projects scheduled to open in 2020 $10,326 2,601,351 - 8,427 159,116 Projects scheduled to open in 2021 and Beyond $4,166 517,000 - 5,188 164,304 Combined Total (2018 and Beyond) $16,875 3,797,951 120 15,408 *NOTE: The above recap reflects significant projects, room closures, expansions and additions to the room inventory, but is not a comprehensive list of development. Page 1 of 4 LAS VEGAS TOURISM CONSTRUCTION BULLETIN Resort & Other Destination Amenities* Current & Future Projects (As of: June 13, 2018) 2018 Convention Time- Completion Cost Changes and/or Space Share Hotel Name of Property Location Date (Millions) New Amenities (Sq Ft) Units Rooms The Palazzo Resort - Hotel - Casino 3325 Las Vegas Blvd S Jan 2018 N/A Room Renovations Park MGM 3770 Las Vegas Blvd S Jan 2018 N/A Phase I - New Convention Space 77,000 (rebrand Monte Carlo Resort and Casino) The Westin Las Vegas Hotel & Spa 160 E Flamingo Rd Jan 2018 N/A Property-Wide Renovations Transformed into Non-Gaming/Non-Smoking ARIA Resort & Casino 3730 Las Vegas Blvd S Feb 2018 $170 Add'l 200,000 sf of Meeting Space/ 200,000 4-stories Hilton Garden Inn Las Vegas City Center
    [Show full text]
  • Crossroads Apartments
    crossroads apartments MULTIFAMILY INVESTMENT OPPORTUNITY THE OPPORTUNITY • crossroads apartments • 32 Units HIGHLIGHTS CROSSROADS APARTMENTS 1110 Redwood Street, Las Vegas, NV 89146 Units 32 PROPERTY OVERVIEW The Crossroads Apartments consist of large one and two-bedroom floorplans. This community was built in 1992 and sits on 1.66 acres Avg SF 883 SF of land. The community has endless amenities for its residents, including covered parking, fully securitized gates, swimming pool/ jacuzzi, mature landscaping, and much more. Units come fully equipped with washer/dryer, private patio, roman tubs, and fireplaces. Proforma $945 Avg Rent Crossroads is located in the highly desirable west side of Las Vegas. This quiet and secure location provides a desirable family-oriented atmosphere for its residents. Ideally located, Crossroads is within walking distance of the College of Southern Nevada, as well as NRA 28,240 SF many dining, shopping and entertainment options. The location is conveniently situated near the US-95 Freeway, which provides access to all arterials of the Las Vegas valley. YR Built 1992 AMENITIES Acreage 1.66 • Premium West-Side Location • Fireplaces • Fully Gated • Covered Parking Zoning R - 3 • Swimming Pool/Jacuzzi • Below Market Rents • Washer/Dryer In-Unit • Lush Landscaping • Private Patios • Walking Distance to CSN APN 163 - 02 - 104 - 002 Proforma 95% UNIT MIX Occupancy Proforma PROFORMA PROFORMA $350,542 UNITS UNIT TYPE SIZE Gross Income RENT RENT / SF 16 1x1 745 $895 $1.20 Proforma NOI $216,308 16 2x2 1020 $995 $0.98 MULTIFAMILY INVESTMENT • • 2 EXTERIOR PICTURES • crossroads apartments • 32 Units MULTIFAMILY INVESTMENT • • 3 EXTERIOR PICTURES • crossroads apartments • 32 Units MULTIFAMILY INVESTMENT • • 4 AERIAL PICTURES • crossroads apartments • 32 Units MULTIFAMILY INVESTMENT • • 5 location overview • crossroads apartments • 32 Units las vegas strip downtown las vegas college of southern nevada bonanza high school crossroads apartments charleston blvd.
    [Show full text]
  • Marriott Properties in Las Vegas Strip
    Marriott Properties In Las Vegas Strip slackensFormational his Oliverexclusion lecturing inflammably that caducity and humorously. flick parcel and glued amiss. Swinging Christy lushes his roods trip rapturously. Promotive Seth limings: he Grazie rewards club and restaurants and nice to find at all our highest calling rates including a private or people were not. Las Vegas Strip resorts. The Waldorf Astoria Las Vegas. Popular for businessmen who may be attending trade shows at Mandalay Bay but are seeking a more exclusive retreat at the end of the day. During your marriott properties to las vegas strip using points for you free internet access to get around in. Everyone knows that marriott property will provide either strip for vegas and fountain shows instead of. The Bellagio offers deluxe guest rooms and suites featuring sweeping vistas of summer lake, surrounding mountains and Las Vegas skyline. Good location, a short walk to the strip. What is a good credit score? The strip and not have a great revenue from the accommodations are they all properties. Not in las vegas strip sidewalk, with balconies or waffles were in ownership plan. JW Marriott hotel on the Las Vegas Strip. We want everyone to feel comfortable here in Clark County and Southern Nevada. Or parking fees for that matter. The bellagio is on our free access, and olive green grass, every inch of cai investments out on. The crown jewel of the southwest valley in Henderson. Add properties in las vegas? The Las Vegas resort is accessible to Las Vegas Speedway, TPC Las Vegas and a number of other golf courses.
    [Show full text]
  • Largest Taxpayers in Clark County 2020-2021 Secured & 2019-2020
    LARGEST TAXPAYERS IN CLARK COUNTY 2020-2021 SECURED & 2019-2020 UNSECURED TAX ROLLS BASED ON ASSESSED VALUES 10/31/2020 ASSESSED APPRAISED 1. MGM RESORTS INTERNATIONAL 3,341,076,734 9,545,933,525 Major holdings include but are not limited to the following properties: Aria Resort & Casino MGM Grand Hotel, Casino, Special Events Arena & Skylofts Casino & Grand Slam Canyon New York-New York Hotel & Casino Delano Las Vegas Park MGM Hotel &Casino Excalibur Hotel & Casino Shadow Creek Golf Course Luxor Hotel & Casino Slots-A-Fun Casino Mandalay Bay Hotel, Casino & Convention Center The Signature at MGM Grand Mandarin Oriental Las Vegas Vdara Hotel & Spa Mirage Hotel & Casino Veer Towers 2. CAESARS ENTERTAINMENT CORPORATION 1,871,780,926 5,347,945,504 Major holdings include but are not limited to the following properties: Bally's Grand Hotel, Casino & Convention Center Linq Hotel & Casino Caesar's Palace Hotel & Casino Paris Hotel, Casino, & Convention Center Cascata Golf Course Planet Hollywood Hotel & Casino Flamingo Hotel & Casino Rio All-Suite Hotel & Casino Harrah's Hotel & Casino Rio Secco Golf Course, Club & School Harrah's Laughlin Hotel & Casino The Cromwell Hotel & Casino 3. NV ENERGY 1,797,492,697 5,135,693,420 4. LAS VEGAS SANDS CORPORATION 1,122,130,007 3,206,085,734 Major holdings include but are not limited to the following properties: Palazzo Resort Hotel, Casino & Condos Sands Expo & Convention Center Venetian Resort, Hotel & Casino 1 of 6 LARGEST TAXPAYERS IN CLARK COUNTY 2020-2021 SECURED & 2019-2020 UNSECURED TAX ROLLS BASED ON ASSESSED VALUES 10/31/2020 ASSESSED APPRAISED 5.
    [Show full text]
  • Symphony Park Apartments
    wells park apartments MULTIFAMILY INVESTMENT OPPORTUNITY THE OPPORTUNITY • wells park apartments • 8 Units HIGHLIGHTS WELLS PARK APARTMENTS 401 E. Merlayne Drive, Henderson, NV 89011 Sale Price $695,000 PROPERTY OVERVIEW Price/Unit $86,875 The Wells Park Apartments were built in 1955 and sit on 0.34 acres of land. This community offers its residents spacious two- bedroom/one-bathroom floor plans, averaging 650sqft. The property is equipped with on-site laundry facilities, spacious parking, and Units 8 high-speed internet. This Boutique property is located in a quiet, residential neighborhood across the street from Wells Park, Hinman Elementary School, Boys & Girls Club, and a community pool. For commuters, this location provides easy access the the US-95 and Avg SF 650 SF I-215 freeway, the Galleria Mall, Sunset Station Hotel and Casino and an abundance of employment along Boulder Hwy. Net Rentable Area 5,200 SF UNIT MIX APN 178 - 01 - 604 - 008 UNIT TYPE UNITS SIZE PROFORMA PROFORMA Acreage 0.34 RENT RENT / SF 2x1 8 650 $650 $1.00 Year Built 1955 Avg Rent $650 Zoning RH - 36 Proforma Gross $59,773 Proforma NOI $39,934 Current OCC 100% MULTIFAMILY INVESTMENT • • 2 EXTERIOR PICTURES • wells park apartments • 8 Units MULTIFAMILY INVESTMENT • • 3 interior PICTURES • wells park apartments • 8 Units MULTIFAMILY INVESTMENT • • 4 LOCATION OVERVIEW • wells park apartments • 8 Units sam boyd stadium Boulder Hwy. HENDERSON NORTH WALMART POLICE DIVISION SUPERCENTER COWABUNGA BAY GALLERIA MALL SKYLINE CASINO 95 SUNSET STATION CASINO Jefferson Blvd. community Haren Dr. baptist church Dr. Moser lowes home OCEAN SPRAY improvement carmax E.
    [Show full text]
  • Las Vegas Casino and Hotel Market Outlook 2021
    Superior Results Through Unrivaled Hospitality Intelligence. Everywhere. FEBRUARY 2021 LAS VEGAS CASINO AND HOTEL MARKET OUTLOOK 2021 Shannon S. Okada, MAI Managing Director, Gaming HVS Gaming 8545 W. Warm Springs Road, A-4 #336 Las Vegas, Nevada 89113 HVS Gaming Division www.hvs.com HVS.com 8445 W. Warm Springs Road, A-4 #336, Las Vegas, NV 89117 USA The impact of the COVID-19 pandemic on the Las Vegas economy has been extremely harsh given the market’s reliance on visitation and conventions. Following five consecutive years of accommodating more than 42 million visitors, Las Vegas hosted just over 19 million people in 2020 (the lowest number of visitors since 18.1 million in 1989). While vaccination rollouts have begun in Nevada, measures to curb the spread of the COVID-19 virus remain in place. Continued weak performance is anticipated through the first half of 2021. Thereafter, the recovery of travel and general economic performance is expected to accelerate as vaccines, medical therapies, and public confidence support the beginning of the return to pre-pandemic levels. Fortunately, construction is classified as an essential business in Nevada and has continued throughout the pandemic. New developments will contribute to the eventual recovery of the market. COVID-19 PANDEMIC On March 17, 2020, Nevada’s Governor Steve Sisolak ordered the closure of Nevada’s nonessential businesses and urged residents to implement social‐distancing measures to reduce spreading the COVID‐19 virus. The Las Vegas economy was devastated in April and May 2020 due to the shutdown of businesses. Governor Sisolak authorized certain businesses, including restaurants, barbershops, hair salons, and most retail businesses, to reopen with limitations beginning May 9, 2020, and Nevada began its emergence from the pandemic shutdown.
    [Show full text]
  • A Whole New Level of Wow! Planners Are ‘Pushing the Envelope’ for Memorable Experiences PAGE 30
    Sixth Annual All-Inclusive Negotiating Ground Working With Hosts Global Forum Resorts Hotel Contracts Transportation CVBs and DMCs PAGE 10 PAGE 18 PAGE 24 PAGE 36 PAGE 48 A COASTAL COMMUNICATIONS CORPORATION PUBLICATION JULY 2018 VOL. 36 NO. 7 $12.00 A Whole New Level of Wow! Planners Are ‘Pushing the Envelope’ for Memorable Experiences PAGE 30 Emerging Destinations Credit: Miami Culinary Tour Miami CulinaryCredit: Why These Newly Discovered Meetings Group dining in Wynwood — one of the largest open-air street art collections in the world — Miami Beach, Florida. Cities Deserve a Second Thought PAGE 42 Universal elements and all related indicia TM & © 2017 Universal Studios. All rights reserved. 17-26872 ISSN 0739-1587 USPS 716-450 In This Issue VOLUME 36 NO. 7 JULY 2018 FEATURES Sixth Annual Hosts Global Forum Belfast Proves to be a “Titanic” Destination 10 for Hospitality Leaders All-Inclusive Resorts Premier Properties That Cater to Groups — and ROI 18 By Patrick Simms Negotiating Hotel Contracts & Resorts Hotels Playa Credit: Mediating Force Majeure, Cancellation Aerial view of the Hyatt Ziva Rose Hall, Cancun. PAGE 18 24 Clauses and Attrition with Authority By Derek Reveron A Whole New Level of Wow! Planners Are ‘Pushing the Envelope’ for 30 Memorable Experiences By John Buchanan Ground Transportation Do’s & Don’ts Don’t Let Drive-Time Snafus Kick Your Meeting to the Curb 36 By Derek Reveron Emerging Destinations Why These Newly Discovered Meetings 42 Cities Deserve a Second Thought By Ron Bernthal Working With CVBs and DMCs How to Leverage the Relationship for 48 Better Meeting Outcomes By Derek Reveron DESTINATIONS The iconic Golden Gate Bridge, San Francisco.
    [Show full text]
  • Condensed Summary (As Of: March 1, 2019) Construction Cost Convention Space Add'l Hotel Est
    LAS VEGAS TOURISM CONSTRUCTION BULLETIN Resort & Other Destination Amenities* Condensed Summary (As of: March 1, 2019) Construction Cost Convention Space Add'l Hotel Est. Year-End (Millions) (Sq Ft) Rooms Room Count Las Vegas Room Inventory 149,158 (as of December 31, 2018) Projects scheduled to open in 2019 $1,321 380,500 1,074 150,232 Projects scheduled to open in 2020 $3,397 1,936,300 1,969 152,201 Projects scheduled to open in 2021 $4,308 50,000 3,859 156,060 Projects scheduled to open in 2022 and Beyond $568 700,000 4,980 161,040 Combined Total (2019 and Beyond) $9,593 3,066,800 11,882 Other Announced and Proposed Projects $2,718 248,500 4,040 *NOTE: The above recap reflects significant projects, room closures, expansions and additions to the room inventory, but is not a comprehensive list of development. ConstructionBulletin-030119 LAS VEGAS TOURISM CONSTRUCTION BULLETIN Resort & Other Destination Amenities* 2018 Recap (As of: March 1, 2019) 2018 Completion Cost Convention Name of Property Location Date (Millions) Project Details Space (Sq Ft) Hotel Rooms The Palazzo Resort - Hotel - Casino 3325 Las Vegas Blvd S Jan 2018 N/A Room renovations Park MGM (Phase 1) 3770 Las Vegas Blvd S Jan 2018 N/A New convention space 77,000 (rebrand of Monte Carlo) The Westin Las Vegas Hotel & Spa 160 E Flamingo Rd Jan 2018 N/A Renovations, transformed into non-gaming & non-smoking property ARIA Resort & Casino 3730 Las Vegas Blvd S Feb 2018 $165 Add'l 200,000 sf of meeting space 200,000 Hilton Garden Inn Las Vegas City Center 4655 Dean Martin Dr
    [Show full text]
  • Las Vegas Casino & Hotel Market Outlook 2019
    JULY 2019|PRICE $500 LAS VEGAS CASINO & HOTEL MARKET OUTLOOK 2019 Author: Shannon S. Okada, MAI Managing Director, Gaming www.hvs.com HVS Gaming Division 8445 W. Warm Springs Road, A-4 #336, Las Vegas, NV 89117 USA The primary drivers of the Las Vegas economy are tourism, gaming, and conventions. The annual number of visitors to Las Vegas exceeded 42 million for the fourth consecutive year in 2018. Total gaming revenue for Clark County properties exceeded $10.2 billion in 2018, surpassing the $10-billion mark for the first time since 2007. Market-wide occupancy, average daily rate (ADR), and revenue per available room (RevPAR) declined slightly in 2018, compared to 2017; however, in the year-to-date period through May 2019, occupied rooms, ADR, and RevPAR increased when compared to the same period in 2018. Continuing development of numerous gaming, lodging, and entertainment venues will enable the market to retain its status as a premier destination. This article examines trends and market developments affecting the Las Vegas hospitality market. VISITATION The tourism, gaming, and convention industries are dependent upon the volume of visitors to the region. Las Vegas continues to be recognized as a top U.S. destination and is fourth on TripAdvisor’s 2019 list of Travelers' Choice “Top 25 U.S. Destinations,” dropping from third in 2018. Over 42 million people visited Las Vegas for the fourth consecutive year in 2018. However, 2018 was the second consecutive year that the total number of visitors to Las Vegas declined year-over-year since the record-setting 42.9 million visitors in 2016.
    [Show full text]