Sun WEDDING CHAPEL, LOUNGE/NIGHTCLUB, EVENT/BANQUET CENTER, HOTEL & RESTAURANT - Value-Add Mixed Use Property - Investment or Owner/User ...
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WEDDING CHAPEL, LOUNGE/NIGHTCLUB,
EVENT/BANQUET CENTER, HOTEL & RESTAURANT
Value-Add Mixed Use Property – Investment or Owner/User Opportunity
1205 Las Vegas Boulevard South, Las Vegas, Nevada 89104
Sun
Commercial Real Estate, Inc.
2 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
COntaCt teaM
Cathy Jones, CPA, SIOR, CCIM Anders Graciano
CEO Senior Associate
702-968-7320 702-968-7336
CathyJ@suncommercialre.com Anders@suncommercialre.com
Jessica Cegavske Taylor Vasquez Roy Fritz
Vice President Associate Senior Vice President
702-968-7321 702-968-7316 702-968-7322
JessicaC@suncommercialre.com TaylorV@suncommercialre.com RoyF@suncommercialre.com
Exclusively listed by: Sun Commercial Real Estate, Inc.
6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148
702 | 968 | 7300 Ph • 702 | 968 | 7301 Fax
www.SunCommercialRE.com
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.
3 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
COnfidentiaLity & disCLOsure
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, CCIM
CEO
cathyj@suncommercialre.com
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.
4 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
tabLe Of COntents
Property Overview Section 1
Investment Summary - Owner/User
Proposed Area Development
Surrounding Aerial Map
Investment Summary - Sale/Leaseback
Lease Abstract - Proposed
Tenant Overview
Property Summary
Property Photos
Location Overview Section 2
Assessor Parcel Map
Las Vegas Valley Location Map
Las Vegas Retail Market Review
Area Demographics
Las Vegas Highlights & Overview Section 3
5 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
inVestMent suMMary - OWner/user
THE OFFERING
The Investment Services Group at Sun Commercial Real Estate has been exclusively retained to offer qualified investors the opportunity
to acquire a mixed-use retail opportunity on Las Vegas Boulevard, consisting of a 16,000 SF 3 story Hotel, 3,000 SF Wedding Chapel, 6,500
SF Event Center and 5,500 SF Restaurant totaling ± 31,000 square foot. The Property is situated on 1.64 acres on Las Vegas Boulevard just
south of Charleston Boulevard having the civic address of 1205 Las Vegas Boulevard, Las Vegas, NV 89104. The offering is an Owner/User
opportunity.
INVESTMENT HIGHLIGHTS
• Prime Las Vegas Strip Location
• One of Las Vegas longest running and most famous Wedding Chapels that includes both indoor and outdoor venues.
• Stunning 6,500 SF Event & Banquet Center built in 2013 and seats 240 people. The facility comes with a full bar and kitchen, and has
a stage area big enough for shows and cabarets. The facility would be excellent for a nightclub and lounge as well.
• 16,000 square feet 27 room hotel that could again serve as a hotel to the event center, currently being used for the wedding
chapel, offices, call center and storage.
• 5,500 SF very popular newly renovated Thai Cuisine Restaurant. The restaurant has 3 years left on their current lease paying $1.12
PSF/month which is below market rent. The lease includes 3% yearly rent increases and one 5 year extension.
• Future Development Opportunity with Possible Entitlements for a High-Rise Gaming Hotel
SUMMARY
Asking Price: $6,495,000 APN: 162-03-106-001
Total Building Area: ± 31,000 SF Price per SF: $210
Total Land: ± 1.64 Acres Zoning: C-2 (General Commercial)
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.
6 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
prOpOsed area deVeLOpMent - OWner/user
2005 PLANS - VIVA LAS VEGAS 1141 S. LAS VEGAS BOULEVARD
204 room, 24 story hotel and wedding chapel New Retail Project
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.
7 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
prOpOsed area deVeLOpMent - OWner/user
1215 S. LAS VEGAS BOULEVARD
Proposed Apartment & Retail Project
In May 2017 the Las Vegas Planning Commission approved plans to develop a 15-story, 370-unit apartment building at the site adjacent
to the Subject Property. The tower, which would include 16,000 square feet of retail space, would be called Thunderbird Lofts.
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.
8 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
surrOunding aeriaL Map - OWner/user
MANDALAY BAY PALMS
RIO
TREASURE ISLAND
WYNN/ENCORE
LAS VEGAS HILTON PALACE STATION
CONVENTION CENTER GRAND CIRCUS CIRCUS
WESTGATE VACATIONS
HILTON GRAND SLS
VACATIONS
SAHARA AVEN
UE STRATOSPHERE
LA
SV
EG
AS
BO
U
LE
VA
RD
SUBJECT
PROPERTY
RD
EVA
OUL
ON B
RL E ST
CHA
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.
9 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
inVestMent suMMary - saLe/LeasebaCk
THE OFFERING
The Investment Services Group at Sun Commercial Real Estate has been exclusively retained to offer qualified investors the opportunity
to acquire a mixed-use retail opportunity on Las Vegas Boulevard, consisting of a 16,000 SF 3 story Hotel, 3,000 SF Wedding Chapel, 6,500
SF Event Center and 5,500 SF Restaurant totaling ± 31,000 square foot. The Property is situated on 1.64 acres on Las Vegas Boulevard just
south of Charleston Boulevard having the civic address of 1205 Las Vegas Boulevard, Las Vegas, NV 89104. The offering is an Investment
opportunity.
INVESTMENT HIGHLIGHTS
• Prime Las Vegas Strip Location
• Stable Income Producing Property with a 18 Year Operating history
• 10 Year Sale-Leaseback Term
• Two (2%) Percent Annual Rental Increases
• Below Market Rent Structure starting at only $0.92 PSF Provides Safety of Income
SUMMARY
Asking Price: $6,495,000 APN: 162-03-106-001
In-Place NOI: $342,000 Total Building Area: ± 31,000 SF
First Year Cap Rate: 5.26% Price per SF: $210
Firm Lease Term: 10 Years Total Land: ± 1.64 Acres
Annual Increases: 2% Zoning: C-2 (General Commercial)
10 | Offering MeMOranduM
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Lease abstraCt - prOpOsed - saLe/LeasebaCk
LEASE SUMMARY
Tenant Trade Name: Decar Enterprise LLC
Ownership: Private
Tenant: Decar Enterprise LLC
Guarantor: Personal
Lease Type: Absolute NNN
Landlord Responsibilities: None
Monthly Base Rent: $28,500
PSF Base Rent: $0.92 PSF
Square Footage: ± 31,000
Lease Term: 10 Years from COE
Lease Commencement: Close of Escrow
Annual Increases: 2%
Options: Two 5 year at FMV11 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
tenant OVerVieW - saLe/LeasebaCk
Decar Enterprises LLC consists of an event center and a wedding chapel. The
event center is a beautiful 6,000 square foot venue located right on the Las
Vegas Strip between the Stratosphere Hotel and the Fremont Street Experience,
making it the ideal spot for the convenience of your private party. They
specialize in exquisite wedding receptions but also welcome everything from
private parties to Sorority & Fraternity functions. With its versatile performance
space and state-of-the-art multi-media capability, The Event Center’s striking
banquet hall is both intimate and spacious, with elegant seating for groups up
to 300 people.
The Viva Las Vegas Wedding Chapel is an iconic Las Vegas land mark with
more than 20 years of experience in the industry. Their weddings are famous for
their attention to detail in an unprecedented atmosphere with a large variety
of accommodations and wedding packages to make certain the big day is an
experience that won’t be forgotten. In addition, the business has a commanding
online presence in part due to a large social media following but also through
ownership of the highly valuable domain www.vivalasvegas.com.
HEADQUARTERS
Las Vegas, Nevada
1205 Las Vegas Boulevard South
Las Vegas, Nevada, 89104
Phone: 702.384.1100
www.vivalasvegasweddings.info
Elvis Wedding
Halloween Wedding Egyptian Wedding 50’s Wedding
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.12 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
prOperty suMMary
Property Location: The Property is located at the southeast corner of S. Las Vegas Boulevard and Park Paseo, having the civic
address of 1205 Las Vegas Boulevard South. The property is less than a mile east of the I-15 on/off ramp at
Charleston Boulevard, providing easy access to McCarran International Airport, the Las Vegas Strip and the
215 Beltway.
Property Description: This Property consists of a 3 story multi-tenant mixed used property that includes; 16,000 SF 3 story Hotel, 3,000
SF Wedding Chapel, 6,500 SF Event and Banquet Center and 5,500 SF Restaurant built in 1950 and totals +/-
31,000 square feet on a 1.64 acre lot. The property has excellent street exposure on Las Vegas Boulevard
offering 278 feet of frontage and traffic count of over 26,000 cars per day.
Assessor Parcel Number: 162-03-106-001
Site Size: ± 1.64 Acres
Building Size: ± 31,000 SF
Zoning: C-2 (General Commercial - City of Las Vegas)
Parking Area: 74 Surface Parking Spaces - Ratio ± 2.39 / 1,000
Construction Year: 1950
Renovation: The Event and Banquet Center was fully renovated in 2013 including bar and kitchen
Traffic Counts: On S. Las Vegas Boulevard, S. of Charleston Boulevard: ±26,000 CPD
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.13 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
prOperty phOtOs
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.14 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
prOperty phOtOs (COn’t)
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.15 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
prOperty phOtOs (COn’t)
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.16 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
prOperty phOtOs (COn’t)
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.17 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
prOperty phOtOs (COn’t)
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.18 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
assessOr parCeL Map
ASSESSOR'S PARCELS - CLARK CO., NV.
BOOK
SEC.
This map is for assessment use only and does NOT represent a survey.
T21S R61E 3 N 2 NW 4 162-03-1
MAP
Michele W. Shafe - Assessor
No liability is assumed for the accuracy of the data deliniated herein. 8 4 8 4
PARCEL BOUNDARY CONDOMINIUM UNIT 001 ROAD PARCEL NUMBER 125 124 123 6 5 4 3 2 1
Information on roads and other non-assessed parcels may be obtained 5 1 5 1
SUB BOUNDARY
MAP LEGEND
from the Road Document Listing in the Assessor's Office. AIR SPACE PCL 001 PARCEL NUMER 138 139 140 7 8 9 10 11 12
NOTES
PM/LD BOUNDARY 1.00 ACREAGE 18 17 16 15 14 13
ROAD EASEMENT
RIGHT OF WAY PCL 6 2 6 2
This map is compiled from official records, including surveys and deeds, MATCH / LEADER LINE SUB-SURFACE PCL PARCEL SUB/SEQ NUMBER 202 19 20 21 22 23 24
but only contains the information required for assessment. See the 163 162 161 30 29 28 27 26 25 7 3 7 3
HISTORIC LOT LINE PB 24-45 PLAT RECORDING NUMBER
96
recorded documents for more detailed legal information. 31 32 33 34 35 36
:5 0
HISTORIC SUB BOUNDARY 176 177 178
BLOCK NUMBER
5 8 4 8 4
08
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL HISTORIC PM/LD BOUNDARY 5 LOT NUMBER
12
SECTION LINE Scale: 1" = 200' Rev: 5/9/2017 5 1 5 1
06
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110
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The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.19 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
Las Vegas VaLLey LOCatiOn Map
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.20 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
Las Vegas retaiL Market reVieW
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.21 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
area deMOgraphiCs (1 MiLe radius)
Summary Census 2010 2017 2022 Trends 2017-2022
Population 16,829 17,916 18,977
Households 5,993 6,374 6,828 2
Annual Rate (in percent)
Families 2,388 2,514 2,684 1.8
Average Household Size 2.15 2.17 2.18 1.6
Owner Occupied Housing Units 1,441 1,418 1,513 1.4
Renter Occupied Housing Units 4,552 4,956 5,315 1.2
Median Age 39.6 40.8 41.3 1
Trends: 2017 - 2022 Annual Rate Area State National 0.8
Population 1.16% 1.52% 0.83% 0.6
Households 1.39% 1.40% 0.79% Area
0.4 State
Families 1.32% 1.36% 0.71%
0.2 USA
Owner HHs 1.31% 1.39% 0.72%
0
Median Household Income 0.14% 1.45% 2.12% Population Households Families Owner HHs Median HH Income
2017 2022
Households by Income Number Percent Number Percent
Population by Age22 | Offering MeMOranduM
ViVa Las Vegas Wedding ChapeL
area deMOgraphiCs (3 MiLe radius)
Summary Census 2010 2017 2022 Trends 2017-2022
Population 169,640 179,010 189,821
Households 62,679 65,510 69,577 2
Annual Rate (in percent)
Families 32,887 33,768 35,504 1.8
Average Household Size 2.59 2.62 2.62 1.6
Owner Occupied Housing Units 20,506 19,457 20,391 1.4
Renter Occupied Housing Units 42,173 46,053 49,186 1.2
Median Age 35.7 36.9 37.5 1
Trends: 2017 - 2022 Annual Rate Area State National 0.8
Population 1.18% 1.52% 0.83% 0.6
Households 1.21% 1.40% 0.79% Area
0.4 State
Families 1.01% 1.36% 0.71%
0.2 USA
Owner HHs 0.94% 1.39% 0.72%
0
Median Household Income 0.44% 1.45% 2.12% Population Households Families Owner HHs Median HH Income
2017 2022
Households by Income Number Percent Number Percent
Population by Age23 | Offering MeMOranduM
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area deMOgraphiCs (5 MiLe radius)
Summary Census 2010 2017 2022 Trends 2017-2022
Population 496,972 531,776 566,133
Households 174,226 183,397 194,504 2
Annual Rate (in percent)
Families 103,300 107,557 113,496 1.8
Average Household Size 2.79 2.83 2.85 1.6
Owner Occupied Housing Units 67,699 64,917 68,097 1.4
Renter Occupied Housing Units 106,527 118,481 126,407 1.2
Median Age 33.4 34.3 34.8 1
Trends: 2017 - 2022 Annual Rate Area State National 0.8
Population 1.26% 1.52% 0.83% 0.6
Households 1.18% 1.40% 0.79% Area
0.4 State
Families 1.08% 1.36% 0.71%
0.2 USA
Owner HHs 0.96% 1.39% 0.72%
0
Median Household Income 0.40% 1.45% 2.12% Population Households Families Owner HHs Median HH Income
2017 2022
Households by Income Number Percent Number Percent
Population by Age24 | Offering MeMOranduM
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Las Vegas highLights
A Record 42.2 million people visited Las Vegas in 2017. Las Vegas hosts an average of 10,000 wedding
ceremonies each month, that’s over 300 Weddings a day. Source: www.drrsvcs.com/nevada-marriage-
records
The T-Mobile Arena opened its doors in April 2016. At the cost of $375 million, this area has a total square
footage of 650,00 and has a seating capacity of 20,000.
After a 31-1 approval vote to move to Las Vegas, the Oakland Raiders recently closed on a 62-acre
parcel adjacent to the Las Vegas Strip that will house the new $1.9 billion stadium set to open in 2020.
With the $70 million 350,000 square foot expansion of Mandalay Bay Convention Center completed, it
now has more than 2 million total square feet. This moved its ranking to fifth in total square footage in
North America.
The Las Vegas Convention Center is undergoing a $1.4 billion 600,000 square foot expansion/renovation
project to advance the tourism industry in Southern Nevada by providing a state-of-the-art facility.
University of Nevada, Las Vegas has increased their student enrollment numbers in 2017 to 30,471, up
2.6% from previous year.
Project Neon is Nevada’s largest and most expensive public works project holding a price tag of $1
billion. This 3.7 mile long widening of Interstate 15 from U.S. 95 interchange to Sahara Avenue project
will be completed in summer of 2019.
Las Vegas’ first NHL team will be known as the Vegas Golden Knights and begin play in the 2017-2018
season at the T-Mobile Arena.
Las Vegas has approved a United Soccer League team and it will be called the Las Vegas Lights Football
Club. They will begin play at Cashman Field during the 2018 season.
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Las Vegas OVerVieW (COn’t)
Las Vegas
Encircled by mountains in the Mojave Desert of Southern Nevada, Las
Vegas is a city of intriguing contrasts, from suburbs filled with green parks
and families to the vacation playground of The Strip. It is home. It is
escape. It is unique.
The Las Vegas–Paradise–Henderson Metropolitan Statistical Area (MSA),
stretches across the southern-most tip of the state, encompassing 8,091
square miles. As the county seat of Clark County (the 22nd largest
county in the nation), Las Vegas is widely known as the “entertainment
capital of the world” and a premier destination for gambling, fine dining,
entertainment, and shopping. This reputation has made Las Vegas a
popular setting for films and television programs, and 19,767 conventions
in 2017 alone. The city also functions as the leading financial and growing
cultural center for southern Nevada.
The famous Las Vegas Strip is a four mile long stretch of Las Vegas Boulevard famous for its dense concentration of casinos, resort hotels,
restaurants, and mega-clubs. Located south of downtown in the unincorporated towns of Paradise and Winchester, the Strip and the
immediate area hosted 42,208,200 million visitors in 2017. Las Vegas is the city that never sleeps, meaning round the clock opportunities
for business owners and investors.
2017 TOP
2017 TOPEMPLOYERS
EMPLOYERS Economy
EMPLOYEE NAME EMPLOYEES INDUSTRY
MGM Resorts Intl. 53,157 Hotel Casino With a population of approximately 2.2 million, the Las Vegas MSA is the
Caesars Entertainment Corp. 30,000 Hotel Casino 31st most populated CBSA (Core Based Statistical Area) in the U.S. The
Stations Casinos, LLC 14,000 Hotel Casino key economic driver in the MSA is the tourism industry generated by the
casinos, hotels, and the major attractions offered in the valley. Of the
Wynn Resorts 12,000 Hotel Casino
500 U.S. corporations with the largest revenues in 2016, listed by Fortune
Boyd Gaming Corp 11,700 Hotel Casino
magazine in 2017, four are headquartered in Las Vegas. All four are part
Las Vegas Sands Corp 8,600 Hotel Casino of the Leisure and Hospitality Sector: Caesars Entertainment, Las Vegas
Valley Health 7,463 Health Care Sands, MGM Resorts International, and Wynn Resorts.
McDonald's 5,250 Fast food
Cosmospolitan of Las Vegas 5,008 Hotel Casino
Southwest Medical Associates 4,808 Health Care
*Source: VegasInc.com
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Las Vegas OVerVieW (COn’t)
Business and travelers alike have shown a renewed interest in Las Vegas.
Most tourism numbers for 2017 exceeded recent years. Las Vegas Employment by Industry 28% Leisure & Hospitality
suffered during the recession and was perceived as the hardest hit by 19% Transportation/Utilities
the economic turndown. Now the city is making healthy strides toward Services 14% Professional & Business Services
expansion and is a symbol of the nation’s recovery. 13% Government
10% Educ. And Health Services
Since 2010, total employment in the Las Vegas area has grown at an
4% Construction
average annual rate of 2.2%, exceeding the U.S. employment average
5% Financial Activities
annual growth rate of 1.7%. Moreover, the Las Vegas retail sector
accounts for 12% of total employment. 3% Manufacturing
1% Information
Downtown Las Vegas is the recipient of substantial investment funds 2% Mining
and rebranding efforts led by the Downtown Project. A massive 4% Other
campaign to transform Downtown Las Vegas (north of the Strip) into a
community attractive to new businesses and young urban professionals
has occurred and is a continuing working community plan by local *Source: Bureau of Labor Statistics
government and business leaders. The neighborhood is filling with low
vacancy office and apartment buildings and a thriving arts-centered nightlife scene. All of these facets, including a quickly rebounding
housing market, foretell a continuation of the steady growth Las Vegas’ economy is experiencing.
Business and Individual “Friendly” Tax Structure
Due to gaming revenue income received by the state and local government,
Nevada does not impose personal income, estate, business, or gift tax. Las
Vegas is able to offer unmatched incentives that continue to facilitate job
and business growth and enable the local economy to rebound after the
recession. This local tax structure is very attractive to individuals, investors,
and businesses.
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Las Vegas OVerVieW (COn’t)
Demographic Analysis
The following is a demographic study of the region sourced by Site To Do Business (STDB Online), an on-line resource center that provides
information used to analyze and compare the past, present, and future trends of geographical areas. Demographic changes are often
highly correlated to changes in the underlying economic climate. Periods of economic uncertainty necessarily make demographic
projections somewhat less reliable than projections in more stable periods. These projections are used as a starting point, but we also
consider current and localized market knowledge in interpreting them within this analysis.
Population POPULATION
YEAR UNITED STATES NEVADA CLARK COUNTY, NV
2010 Total Population 308,745,538 2,700,551 1,951,269
According to Esri, a Geographic Information System (GIS) Company, the
2017 Total Population 327,514,334 2,994,047 2,192,887
Las Vegas-Paradise, NV metropolitan area has a 2017 total population 2022 Total Population 341,323,594 3,228,882 2,386,454
of 2,192,887 and has experienced an annual growth rate of 1.52% for 2010 2017 CAGR 0.82% 1.43% 1.62%
the past decade, which is higher than the Nevada annual growth rate 2017 2022 CAGR 0.83% 1.52% 1.71%
of 1.0% over this timeframe. The metropolitan area accounts for 73.2% of *SOURCE: (STDB) SITE TO BUSINESS
the total Nevada population (2,994,047). Within the metropolitan area the
population density is ±253 people per square mile compared to the lower MEDIAN AGE
Nevada population density of ±25 people per square mile and the lower YEAR UNITED STATES NEVADA CLARK COUNTY, NV
United States population density of ±89 people per square mile. 2017 38.2 37.4 36.7
2020 38.9 37.6 36.8
The 2017 median age for the metropolitan area is 36.7 which is younger than CAGR 0.36% 0.11% 0.05%
the United States median age of 38.2. The metropolitan area anticipates the *SOURCE: (STDB) SITE TO BUSINESS
median age to increase by 0.3% annually over the next five years, raising
the median age to 37.6 by 2022.
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.28 | Offering MeMOranduM
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Las Vegas OVerVieW (COn’t)
Education
There are two major providers of higher education in Las Vegas, the College of Southern Nevada (CSN)
and the University of Nevada-Las Vegas (UNLV). CSN has an enrollment of approximately 34,400 and
this two-year public college is the 3rd largest community college in the United States. It is part of the
Nevada System of Higher Education. UNLV has an enrollment of over 30,000, and offers 146 programs of
study in multiple fields resulting in bachelor’s, master’s, and doctorate degrees; also regarded to be a
‘research-intensive university’ with its science and techology, business management and law programs.
The University’s hospitality program consistently ranks among the top hospitality programs in the country
due to the school’s proxmimity to the Las Vegas Strip. In addition, UNLV houses the School of Dental
Medicine and the William S. Boyd School of Law, the only dental and law programs in the state.
Additionally, smaller specialized colleges draw students from around the country.
• Nevada State College • Regis University (satellite)
• University of Phoenix (satellite) • Embry-Riddle Aeronautical University (satellite)
• The Art Institute of Las Vegas
UNLV School of Medicine
The UNLV School of Medicine will be a full-scale, four-year medical school with a
mission to improce access to high -quality health care in Southern Nevada. The
accompanying academic health center will serve as the core infrastructure for
the entire medical community.
• $100 Million, 170,000 square foot building on 10 acres
• Newly Designed Learning Space
• Initial Class of 60 Students July 2017
www.unlv.edu/medicine
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Las Vegas OVerVieW (COn’t)
Professional Sports Comes To Las Vegas
NFL - LAS VEGAS RAIDERS NHL - LAS VEGAS GOLDEN KNIGHTS
The Oakland Raiders received the NFL’s approval to move The Las Vegas’ T-Mobile Arena is the
to Las Vegas for the 2020 NFL season. The construction of home to the first professional sports
the new $1.9 billion stadium just to the west of the Strip is franchise in the history of Las Vegas.
currently in progress. The venue’s horse-shoe shape, designed by Manica The Vegas Golden Knights are right now playing
Architecture, would accommodate an audience of 65,000 spectators, 8,000 their first season. The Golden Knights will pay at least
cars, tailgating amenities and mixed-use commercial facilities. Along with the 40 hockey games in the T-Mobile Arena per season.
economic benefits of in-season games, this venue would also allow Las Vegas
to host the annual Super Bowl – which would bring in hundreds of millions of
dollars in tourism and revenue.
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Las Vegas OVerVieW (COn’t)
McCarran International Airport
McCarran International Airport (LAS) represents the geographic and economic heart of the Las Vegas valley and serves as the initial visitor
gateway to one of the most exciting resort destinations in the world. LAS is the primary commercial airport serving the Las Vegas Valley, a major
metropolitan area in Nevada, and one of the busiest airports in the world and a centerpiece of southern Nevada’s tourism-based economy.
2017 McCarran International Airport welcomed 48.5 Million passengers, a 2.3 percent upturn from the year prior. Overall domestic passenger
volume grew by 2.4 percent, accounting for 1.05 million additional Las Vegas passengers in 2017.
Highlights
• Ranked eighth busiest airport in North America in terms of passenger traffic - 2017
• Ranked 26th busiest airport worldwide in terms of passenger traffic - 2017
• Nominated the last seven (7) years in World Travel Awards
• Airport customer service program initiated called MAYS: McCarran At Your Service
Vehicular Transportation
Interstate 15 is the main route North and South from San Diego, California, through Las Vegas, on to the US/Canada border. The majority of
visitors from Southern California arrive in Las Vegas by traveling Interstate 15.
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7
$13.6 Billion
in New 3
1 4
Capital 9
10
Investment
is Driving 2
Growth 8 5
6
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 • The Oakland Raiders will move to Las Vegas for the 2020 NFL
construction in 2017. season.
• Resorts World, developed by the Genting Group, is being • The groundbreaking ceremony took place in November 2017
built at the former site of the Stardust and Echelon. for a new $1.9 billion stadium just west of the Strip.
• Genting, which bought the site from Boyd in 2013 for $350 • The venue’s horse-shoe shape, designed by Manica
million, will be using the partially constructed Echelon Architecture, would accommodate 65,000 spectators, 8,000
structures for this property. cars, tailgating amenities and mixed-use commercial facilities.
• With a projected opening set for 2020, the initial phase will • The design shows a retractable natural turf field.
have 3,100 rooms, a 100,000-square-foot casino, shops and • This venue would also allow Las Vegas to host the annual
restaurants spread across its 88-acre site. Super Bowl.
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3. Wynn Paradise Park - $1.5 Billion 4. Convention Center Expansion - $1.4 Billion
• Wynn Resorts Ltd. is building its third hotel behind its two Las • Las Vegas Convention Center will be renovated and
Vegas casinos, an ambitious Carnivale themed project called expanded into a $1.4 billion Las Vegas Global Business District.
Wynn Paradise. • Planned in four phases, new facilities will replace the 26-acre
• The $1.5 billion resort will take the place of the golf course and Riviera Hotel site, adding ±1.4 million square-feet of exhibit and
feature 1,500 rooms around a 38-acre lagoon, a small casino, meeting space.
restaurants and nightclubs. • Phase Two of the project is projected to be completed in
• The lake will have a white sandy beach, a boardwalk, water 2020.
skiing, paddle boating, zip lines/gondola, and nightly fireworks. • Expected to draw an additional 600,000 visitors a year, drive
• Heavy duty construction should begin by spring 2018 with a $2.1 billion in economic activity during construction and have
2020 debut. an annual economic impact of $810 million when finished.
5. Union Village - $1.2 Billion 6. Switch - $1 Billion
• Union Village will be the first Integrated Health Village in the • Switch is a globally recognized leader in future-proof data
world, and is listed as the largest healthcare building project in center design, superscale cloud, unparalleled telecom
the United States. gateways and energy sustainability.
• The $1.2 billion dollar, 155-acre planned development not only • Its Southern Nevada expansion includes a $1 billion data
covers healthcare, but retail, entertainment, and senior living storage site on 200 acres near its two existing data storage
as well. facilities at South Jones Boulevard and the 215 Beltway.
• Approximately 355,000 square feet have been completed, • Idea to link 50 million people within 14 milliseconds of data
totaling $300 million in work, with another 476,000 square feet hosted at each of the company’s data hubs via a superloop
to be under construction soon. of fiber optic cable connecting its Reno and Las Vegas
supernaps sites, with a planned facilities in LA and SF.
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7. Project Neon - $1 Billion 8. Extreme Sports Park - $800 Million
• Project Neon is the largest public works project in Nevada • Josh Kearney’s $800M extreme sports park called The Edge
history. received county approval in 2017.
• $1 billion effort to redesign and widen Interstate 15 from the • 130-acre at the SEC of Las Vegas Boulevard and Sunset Road,
U.S. Highway 95 interchange to Sahara Avenue by July 2019. adjacent to Town Square Las Vegas, a 1.2M SF class A open
• Currently this road is the busiest stretch of highway in Nevada air shopping, dining, office and entertainment center.
with 300,000 vehicles daily. Traffic through the corridor is • The Park is expected to have surfing/wake boarding/rock
expected to double by 2035. 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.
9. Palms Renovation - $485 Million 10. Park MGM (Former Monte Carlo) - $450 Million
• Station Casinos will enhance nearly every feature of the resort • A transformation occurring in Las Vegas is the conversion of
by investing $485 million in improvements. the Monte Carlo into two hotels: a 2,700-room luxury resort
• Plans include redesigned/renovated hotel rooms, 60 new Park MGM and a 292-room hotel NoMad Las Vegas.
hotel rooms, 29,000 square foot nightclub, new 73,000 square • This $450 million makeover is projected to be completed by
foot pool club, several celebrity chef restaurants, new spa, the end of 2018.
meeting/convention space, new covered parking spaces, • The new resort will feature two hotels, redesigned rooms, an
refresh of the Pearl Theater, renovated casino floor, and a new Italian market Eataly with cafes, walk-up counters and dine-in
front desk registration area to name a few. restaurants.
• First phase underway and the second phase is expected to be • The properties will have amenities such as dining and casinos
completed by early 2019. as well as a 5,300-seat theater at the Park MGM.
The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness.Sun
Commercial Real Estate, Inc.
Cathy Jones, CPA, SIOR, CCIM Anders Graciano Roy Fritz Jessica Cegavske Taylor Vasquez
CEO Senior Associate Senior Vice President Vice President Associate
702-968-7320 702-968-7336 702-968-7322 702-968-7321 702-968-7316
CathyJ@suncommercialre.com Anders@suncommercialre.com RoyF@suncommercialre.com JessicaC@suncommercialre.com TaylorV@suncommercialre.comYou can also read
