The Offering
Call For Offers: June 24, 2016
CBRE is pleased to present for sale Milan Business Center, a ±76,140 square foot multi-tenant office park consisting of two (2) two-story buildings located on East Sahara Avenue between Maryland Parkway to the west and Eastern Avenue to the east.
The property is currently 39% leased to major tenants such as the State of Nevada Adult Mental Health and Nevada Board of Cosmetology as well as several other professional office tenants. All vacant suites are in second generation condition requiring minimal tenant improvements such as carpet and paint which is estimated to cost $5.00 to $7.00/sf.
Access to the property is provided via two (2) curb cuts on Sahara Avenue. There are 313 parking stalls contained within the property’s parcel including 56 covered parking stalls providing a parking ratio of 4.1/1,000 square feet.
This property offers value for our owner/occupier as well to any investor seeking upside in the vacant space absorption/lease-up.
| Purchase Price | $3,050,000 |
| Price/SF | $40 |
| Square Footage | ±76,140 |
| Occupancy | 39% |
| Acreage | ±5.04 |
| Zoning | General Commercial (C-2), Clark County |
| Year Built | 1979 |
Investment Highlights
Call For Offers: June 24, 2016
- Opportunity to purchase office space well below replacement cost at $40.00/SF.
- Population Growth – An estimated 8,113 households in a one mile radius which represents 2.6% growth over 2010.
- Credit Tenancy of more than 65% of current tenancy leased to State of Nevada tenancies.
- Central Location this asset is located less than 2.3 miles east of the Las Vegas Strip, 2.6 miles east of the Las Vegas Convention Center, 3.7 miles north of the UNLV campus and 7 miles north of McCarran International Airport
- Tenant Build-Out with all tenant suites in second generation condition, most requiring only carpet and paint for tenant improvements.
- Covered Parking of 56 stalls which is a tenant amenity and can add to the income stream.
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
Bart DeBuono
Client Services Specialist
+1 702 369 4874
bart.debuono@cbre.com
Michelle Carpenter
Client Services Coordinator
+1 702 369 4845
michelle.carpenter@cbre.com
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