Las Vegas, NV - Conoco (Blue Diamond)

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, newly-constructed 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 annual 3% rental increases throughout the initial term, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities, making this 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 22 for details). Seller financing available (see Page 20).

The subject property is strategically located along Blue Diamond Road/State Highway 160, which averages 62,500 vehicles passing by daily. The site benefits from excellent visibility and significant street frontage. Furthermore, the asset is ideally situated in a dense retail corridor, with numerous national/credit tenants nearby including Target, Ross Dress for Less, Walgreens, Albertsons, Petco, and many more. The property is surrounded by several proposed developments including a Goodwill store, a medical office building, and multiple QSR properties. Strong tenant synergy increases consumer draw to the immediate trade area and supports crossover store exposure to the site. In addition, the site benefits from quick and easy access to the world-famous Las Vegas strip, as well as Harry Reid International Airport. The 5-mile trade area is supported by 326,491 residents and 132,887 employees, providing a direct consumer base from which to draw. Residents within 1 mile of the subject property boast an affluent average household income of $130,972. The 1-mile trade area experienced a 6.51% increase in population between 2010 and 2020.