3520 Spring Mountain Rd - Chinatown Vegas Gateway - 3.2 Acre Assemblage
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3520 Spring Mountain Rd - Chinatown Vegas Gateway - 3.2 Acre Assemblage
3.2 Acres of Commercial Land Offered at $10,240,000 in Las Vegas, NV 89102
Investment Highlights
- Four Parcel Portfolio with +/- 3.2 Acres for Development
- Located Across the Highway from the Center of the World-Famous Las Vegas “Strip”
- Projected Net Rentable Building Square Feet of +/- 72,600 SF Across a Five-Building Two-Story Retail & Parking Development
- 600 Linear Feet of Spring Mountain Frontage
- Immediate Proximity to Interstate 15 on West Spring Mountain Road at the Entrance to Chinatown
- Proposed Las Vegas Loop Station Has Been Approved by the County at the NWC of Spring Mountain & Procyon
Executive Summary
Rare opportunity to acquire this recently entitled 3.2 acres adjacent to the Las Vegas Resort Corridor in the rapidly growing Chinatown District. This 4 parcel assemblage with Planned Land Use of (E-M) Entertainment Mixed Use and zoned General Commercial (CG).
PROPERTY SUMMARY
Marcus & Millichap is pleased to present this exciting opportunity to purchase a rare assemblage of four parcels totaling +/-3.2 acres of General Commercial (CG) land between West Spring Mountain Road with Procyon Street on the west and Polaris Avenue on the east.
LOCATION AND ACCESSIBILITY
The portfolio is centrally located in Las Vegas just west of Interstate 15 (I-15) with the Las Vegas Strip to the east side of the highway. Spring Mountain Road is a major east/west thoroughfare that is amongst the most heavily trafficked Las Vegas roadways and connects with the Strip and I-15. It has also recently been announced that the future Vegas Loop has received County approval to add a station at the corner of West Spring Mountain Road - included in this land assemblage.
FULLY ENTITLED COMMERCIAL DEVELOPMENT
Current ownership recently received entitlement approvals for a stunning commercial development. Designs have been provided by EV&A Architecture for a dramatic multiple building, two-story commercial development to include a large parking facility providing 600 spaces of desperately needed parking, as well as potential additional income.
SURROUNDING AMENITIES & ECONOMIC DRIVERS
The immediate surrounding area is complemented by casino & resort destinations including Wynn, Encore, Venetian, Palazzo, Resorts World Las Vegas as well as the Fashion Show Mall which boasts 243 stores including Neiman Marcus, Nordstrom, Saks Fifth Avenue and Dick’s Sporting Goods, and many more amenities.
Las Vegas has a strong economy, a growing population, and a limited supply of available centrally located commercial land. These factors have contributed to a steady increase in the demand for commercial space. Additionally, Nevada offers a number of tax advantages to commercial real estate owners.
DEVELOPMENT POTENTIAL
The Las Vegas Chinatown district is located on Spring Mountain Road, west of the Las Vegas Strip. It is a thriving commercial district that spans several blocks and includes a wide variety of businesses from restaurants and shops to hotels and medical clinics. The area is known for its authentic Chinese cuisine, as well as other pan-Asian influences.
INFRASTRUCTURE AND TRANSPORTATION (VEGAS LOOP)
Clark County and the City of Las Vegas have approved a total of 68 miles of underground tunnel including 93 stations for the Vegas Loop, including one station at 3520 Spring Mountain Road.
The Vegas Loop will provide fast and convenient transportation to and from the Strip and to Las Vegas communities, its visitors and beyond. The Vegas Loop includes the LVCC Loop and any future service extensions including those to casinos along the Strip, Harry Reid International Airport, Allegiant Stadium, and Downtown Las Vegas. Once complete, the Vegas Loop will transport more than 90,000 passengers per hour.
Las Vegas Works To Reposition Its Pioneering Chinatown: Developers, Government Team To Revamp What's Considered the Nation's First Master-Planned District of Its Kind - CoStar News by Tony Wilbert
https://www.costar.com/article/580548308/las-vegas-works-to-reposition-its-pioneering-chinatown
PROPERTY SUMMARY
Marcus & Millichap is pleased to present this exciting opportunity to purchase a rare assemblage of four parcels totaling +/-3.2 acres of General Commercial (CG) land between West Spring Mountain Road with Procyon Street on the west and Polaris Avenue on the east.
LOCATION AND ACCESSIBILITY
The portfolio is centrally located in Las Vegas just west of Interstate 15 (I-15) with the Las Vegas Strip to the east side of the highway. Spring Mountain Road is a major east/west thoroughfare that is amongst the most heavily trafficked Las Vegas roadways and connects with the Strip and I-15. It has also recently been announced that the future Vegas Loop has received County approval to add a station at the corner of West Spring Mountain Road - included in this land assemblage.
FULLY ENTITLED COMMERCIAL DEVELOPMENT
Current ownership recently received entitlement approvals for a stunning commercial development. Designs have been provided by EV&A Architecture for a dramatic multiple building, two-story commercial development to include a large parking facility providing 600 spaces of desperately needed parking, as well as potential additional income.
SURROUNDING AMENITIES & ECONOMIC DRIVERS
The immediate surrounding area is complemented by casino & resort destinations including Wynn, Encore, Venetian, Palazzo, Resorts World Las Vegas as well as the Fashion Show Mall which boasts 243 stores including Neiman Marcus, Nordstrom, Saks Fifth Avenue and Dick’s Sporting Goods, and many more amenities.
Las Vegas has a strong economy, a growing population, and a limited supply of available centrally located commercial land. These factors have contributed to a steady increase in the demand for commercial space. Additionally, Nevada offers a number of tax advantages to commercial real estate owners.
DEVELOPMENT POTENTIAL
The Las Vegas Chinatown district is located on Spring Mountain Road, west of the Las Vegas Strip. It is a thriving commercial district that spans several blocks and includes a wide variety of businesses from restaurants and shops to hotels and medical clinics. The area is known for its authentic Chinese cuisine, as well as other pan-Asian influences.
INFRASTRUCTURE AND TRANSPORTATION (VEGAS LOOP)
Clark County and the City of Las Vegas have approved a total of 68 miles of underground tunnel including 93 stations for the Vegas Loop, including one station at 3520 Spring Mountain Road.
The Vegas Loop will provide fast and convenient transportation to and from the Strip and to Las Vegas communities, its visitors and beyond. The Vegas Loop includes the LVCC Loop and any future service extensions including those to casinos along the Strip, Harry Reid International Airport, Allegiant Stadium, and Downtown Las Vegas. Once complete, the Vegas Loop will transport more than 90,000 passengers per hour.
Las Vegas Works To Reposition Its Pioneering Chinatown: Developers, Government Team To Revamp What's Considered the Nation's First Master-Planned District of Its Kind - CoStar News by Tony Wilbert
https://www.costar.com/article/580548308/las-vegas-works-to-reposition-its-pioneering-chinatown
Property Facts
| Price | $10,240,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Conditions | Redevelopment Project | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 3.20 AC |
| Price | $10,240,000 |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 3.20 AC |
1 Lot Available
Lot 4
| Price | $10,240,000 | Lot Size | 3.20 AC |
| Price Per AC | $3,200,000 |
| Price | $10,240,000 |
| Price Per AC | $3,200,000 |
| Lot Size | 3.20 AC |
Four parcel land-only assemblage.
Description
Marcus & Millichap is pleased to present the opportunity to purchase a rare assemblage of four parcels totaling +/-3.2 acres of Commercial General (CG) land between West Spring Mountain Road with Procyon Street on the west and Polaris Avenue on the east. Rare opportunity to acquire recently entitled 3.2 acres of land adjacent to the Las Vegas Resort Corridor in the bustling Chinatown district. Assemblage features a Planned Land Use of (E-M) Entertainment Mixed Use and Commercial General (CG). Recently dedicated with Opportunity Zone status! Las Vegas Works To Reposition Its Pioneering Chinatown: Developers, Government Team To Revamp What's Considered the Nation's First Master-Planned District of Its Kind - CoStar News by Tony Wilbert https://www.costar.com/article/580548308/las-vegas-works-to-reposition-its-pioneering-chinatown
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $362,513 | |
| Land Assessment | $1,110,070 | Total Assessment | $1,472,583 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,110,070
Improvements Assessment
$362,513
Total Assessment
$1,472,583
zoning
| Zoning Code | CG (Recently Entitled Commercial General (CG) - Current Land Use Entertainment Mixed-Use (EM)) |
| CG (Recently Entitled Commercial General (CG) - Current Land Use Entertainment Mixed-Use (EM)) |
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3520 Spring Mountain Rd - Chinatown Vegas Gateway - 3.2 Acre Assemblage
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