Las Vegas Multi-Family Redevelopment

Investment Highlights

• 35,900 SF Office Buildings Perfect for Owner-Users or Redevelopment with Additional Satellite Parking Lot Zoned R-4 (Separately Parceled)
• Located in Lawyer’s Row Within Walking Distance to Clark County (0.7 miles) and Federal Courthouses (0.5 miles), US Court of Appeals (0.5 miles), and US District Court of Nevada (0.5 miles)
• Multi-Family Residential Development Opportunity (R-4 Zoning) on Separately Parceled Off-Site 0.58-Acre Parking Lot
• Located in Downtown Las Vegas with 2023 Population over 207,000 within 3-Miles and Average Household Income over $53,000

 

Offering Summary

Marcus & Millichap and RI Marketplace are pleased to offer for auction, 1100 E Bridger Avenue (Office Buildings) and 200-213 S 11th Street (Off-Site Secured Parking) (the “Property”), an attractive owner-user or investment opportunity located in historic downtown Las Vegas. The Property sits at the corner of East Bridger and S 11th Street consisting of two adjacent office buildings: a three-story building totaling 21,900 square feet and another two-story building totaling 14,000 SF building. Both buildings sit on a 0.63-acre parcel zoned Professional Office (P-R).

Also being offered in this auction are three parcels less than a block away on S 11th Street totaling 0.58 acres that are currently being utilized as off-site parking for the office buildings (±90 secured spaces in lot and 27 spaces adjacent to building). Located at 200-213 S 11th Street, the off-site secured parking is currently zoned R-4, multiple-family residential district. The subject sites are zoned R-4 (High Density Residential) with a General Plan Designation of MXU (Mixed Use). According to the 2050 Master Plan, MXU is characterized as ‘Moderate intensity neighborhood-oriented mixed use and town centers (Variable density)’ – as such, there’s no density standards, however, development would need to meet the R-4 development standards.

Per CoStar, the downtown Las Vegas submarket office vacancy rate is 8.3%. Average submarket office rental rates are around $25.80/square foot gross, with year over year rent growth of 7.1%. With a growing population of over 207,000 residents within a three-mile radius, this Property presents an excellent long-term investment. 

The Property is located in the heart of downtown Las Vegas and is close to both the Clark County and Federal Courthouses; the US Court of Appeals, and the US District Court of Nevada. The Investment also benefits from an abundance of surrounding amenities with lots of restaurants/bars, the DTLV Event Center featuring concerts/music festivals, and the Fremont Street Experience, an incredible entertainment and gaming destination in the heart of the Entertainment Capital of the World, Las Vegas.