Sunset Place

3720 - 3740 E. Sunset Rd. Las Vegas, NV 89120

— For Sale —

List Price$5.55MM

Size +/- 25,600 SF

Occupancy 79%

Property Information

Property Overview

The Berg Advisory Group at LOGIC Commercial Real Estate is pleased to present the opportunity to purchase the shop space inside Sunset Place (the “Property”), which consists of +/- 25,600 SF of retail space. The Property is currently 79% occupied, giving the new owner an opportunity to have immediate upside by leasing the current vanilla shell vacant spaces. The Property is being offered at $217 PSF, significantly below replacement cost, and consists of 13 units with most of them ranging between +/- 900 – 1,500 SF. All leases are structured as NNN, with the tenants reimbursing their shared expenses.

 

Sunset Place is anchored by Church LV, who occupies +/- 86,000 SF. In 2018, Church LV purchased the former K-Mart space, and recently completed their major renovation. They’ll utilize this location as a community center as well as hold service. Since 2014, the economic occupancy of Sunset Place has remained at a minimum of 70%, and once Church LV is fully operational, the shopping center is expected to see immediate spike in activity. The Property is located in the Southeast/Airport submarket, and per CoStar, the vacancy rate is currently at approximately 7%. The population within a 3 mile radius is 152,000 residents with the average household income at $78,000.

Investment Highlights

Secure Rent Roll | Internet Resistant Tenant Mix: 

  • There are zero Covid-19 Deferral Agreements in place, showing the strength of the current rent roll.
  • Leslie’s Pool Supply (20% of the Total Income) is the world’s largest pool supply company and has been a tenant at Sunset Place since 1992.
  • Miz Lola’s (21% of the Total Income) has been a tenant since 2010 and signed a lease extension pushing out their expiration date to 2026.

Upside Potential at 79% Occupancy | $217 PSF: 

  • The most recent lease was signed in September 2020, bringing the occupancy to 79%.
  • The Property consists of 13 rentable spaces with the majority of spaces being between +/- 900 – 1,500 SF, which have proven to be some of the easier spaces to lease.
  • The submarket vacancy rate, per CoStar, is 7%.

Shadow Space In Shopping Center | Signalized Intersection: 

  • Church LV purchased the former K Mart box in 2018, a +/- 86,000 SF building. They spent a significant amount of capital remodeling the facility.
  • Once fully operational, Church LV plans to have large gatherings as well as daily events, giving the shopping center an additional draw.
  • Located at a signalized intersection of Sunset Rd. and Sandhill Rd. (45,700 CPD).

NNN Leases | Annual Rental Increases | Strong Historical Occupancy :

  • 70% of the in-place income has been at the Property since 2014. 
  • Every tenant has annual increases structured throughout the lease, hedging against inflation.
  • All leases are structured as NNN with the tenants reimbursing their share of expenses.

Contact

Brokerage

Mica Berg

Senior Vice President
Las Vegas
License S.0076067.LLC
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O 702.954.4143
C 702.755.5559
More Info
Brokerage

Jeff Berg

Senior Vice President
Las Vegas
License S.0076009.LLC
linkedin-square
O 702.954.4144
C 702.755.5486
More Info