Las Vegas, NV - The Patio Hotel

Description:

SRS National Net Lease Group is pleased to offer for sale a 0.46-acre lot with a 14-unit, 10,400 SF building located just off the famous Las Vegas Strip in Las Vegas, Nevada. The property is zoned EM, Entertainment Mixed-Use, providing for a wide range of retail and business uses. This site is ideal for a chic mid-century modern boutique motel in the tourist corridor of Las Vegas. The offering presents an excellent redevelopment opportunity within a dense, infill tourist destination with extremely high barriers for new development.

The subject property is strategically located just 1 mile east of the historic Las Vegas Strip averaging 65,000 vehicles passing by daily. Lined with upscale casino hotels, the neon-soaked Strip is quintessential Las Vegas and the primary hub for tourism. The site also profits from nearby access to Interstate 15 (325,000 VPD), a heavily traveled highway connecting major markets throughout the Western U.S. Additionally, the property is within close proximity to multiple hotels/resorts including but not limited to the Virgin Hotel Las Vegas (1,502 rooms), MGM Grand Hotel (4,994 rooms), New York New York Hotel (2,024 rooms), Excalibur Hotel & Casino (3,981 rooms), and Paris Las Vegas (2,916 rooms). Moreover, is also within walking distance to the University of Nevada, Las Vegas (UNLV), a 358-acre campus that currently enrolls over 31,000 students, providing a direct consumer base to draw from. Additionally, the site is less than 1.5 miles north of the Harry Reid International Airport (LAS), which saw more than 22M passengers in 2020. The 5-mile trade area is supported by a dense population of nearly 400,000 residents and over 500,000 employees with an average house income of $63,221.

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