Las Vegas, NV - Conoco (Lake Mead)

Description:

SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased Conoco investment property located in Las Vegas, Nevada. The tenant, LV Petroleum, LLC, recently signed a brand new 20-year lease with 4 (20-year) options to extend, demonstrating their commitment to the site. The lease features 3% annual rental increases throughout the initial term and each option period, steadily growing NOI and hedging against inflation. At the beginning of each option period, the rental amount is calculated by Fair Market Value. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Conoco is an established gas station chain with over 6,100 locations. LV Petroleum, LLC is an experienced developer and operator of convenience stores and gas stations in Nevada and Arizona (see page 20 for details). The property will feature a full-service Rally’s with a drive-thru.

The Conoco is located near the signalized, hard corner intersection of E Lake Mead Blvd and N Lamar Blvd, averaging to combine over 64,400 vehicles passing by daily. E Lake Mead Blvd is a major retail thoroughfare serving the city of Las Vegas. The Conoco is just 10 miles northeast of the World Famous Las Vegas Strip, one
of the largest tourism attractions in the world, with over 150,000 hotel rooms. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Lowe’s Home Improvement, McDonald’s, Walgreens, Circle K, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 464,400 with an average household income of $69,138. This new construction building will feature an elevated design, while utilizing high-quality materials.