The Offering
CBRE is pleased to present an exceptional opportunity for an investor to acquire Coronado Point, 2821 W. Horizon Ridge Parkway, a ±27,978 square foot two-story high-image professional office and medical property located just west of Eastern Avenue fronting Horizon Ridge Parkway.
The property is 90% leased to a variety of professional and medical users. There is currently only one vacant suite (±2,727 square feet) which is second generation and actively being marketed for lease. Ownership is in the process of building out the space so it’s in “move-in” condition and easily leasable to an office tenant.
The property enjoys attractive, meticulously maintained landscaping and is in great condition. Tenants enjoy the benefits of nearby retail amenities as well as referral volume potential from adjacent medical facilities. The first and second floor common areas feature attractive upscale finishes. To the south of the property, with a 20 foot elevation change, is Coronado High School, recognized by Newsweek magazine as being among the top high schools in the nation, with more than 3,000 students. 80% of students graduating from Coronado go directly to a four year college or two year community college. Access to the school is on Coronado Center Drive and the school represents one of the finest schools in Southern Nevada.
| Purchase Price | $6,450,000 |
| Price/SF | $231 |
| In-Place NOI | $436,911 |
| Actual Cap Rate | 6.77% |
| Square Footage | ±27,978 |
| Occupancy | 90% |
| Acreage | ±1.96 |
| Zoning | CN (Neighborhood Commercial), Henderson |
| Year Built | 2004 |
Investment Highlights
- Opportunity
- Rare opportunity to acquire a stabilized professional office asset within the Seven Hills area of Henderson, arguably one of the most desirable locations for medical users in the Las Vegas valley.
- Stable Tenant Roster
- With 64% of current tenancy in place since initial construction demonstrating commitment to this asset and location and no leases expiring in 2018.
- Location, Location, Location
- The property’s location between Eastern Avenue, St. Rose Parkway & Seven Hills corridors make it attractive for office and medical tenants, given its immediate proximity to St. Rose Dominican Hospital-Siena Campus, the primary hospital serving the Henderson area which consists of a population of 257,729.
- Strong Demographics
- The population within a one mile ring is 9,603, three mile ring is 91,031 and five mile ring is 243,911. Estimated 2015 average household income is $82,424, $80,767, & $78,745, respectively, as compared to $58,432 in the Las Vegas MSA.
- Condition
- Meticulously maintained property, excellent curb appeal; recently upgraded common area restrooms and attractive building and monument signage.
- New Debt Opportunity
- Providing a buyer with the opportunity to obtain new debt at low interest rates providing 17.9%+ leveraged returns.
- Medical Corridor
- Two blocks from St. Rose Dominican Hospital – Siena Campus (230 beds existing, increasing to 326 beds) after the 220,000 square foot expansion which is nearing completion. Doubled-insize emergency room including 56 emergency bays began operation in August) and adjacent to the Medical Corridor.
Contact Information
Charles Moore, CSM
Senior Vice President
+1 702 369 4820
charles.moore@cbre.com
Marlene Fujita, CCIM
First Vice President
+1 702 369 4862
marlene.fujita@cbre.com
Michelle Carpenter
Client Services Coordinator
+1 702 369 4845
michelle.carpenter@cbre.com
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