Conceptually Designed for MESA RIDGE OFFERING MEMORANDUM 74 Luxury Units For Sale SITE ±.8 Acres R-4 Zoning High Density Residential Site On Russell Road & Mountain Vista, Las Vegas, Nevada 8920
Disclaimer SUN COMMERCIAL REAL ESTATE, INC. (the Broker ) has been retained on an exclusive basis to market the property described herein (the Property ). Broker has been authorized by the Seller of the Property (the Seller ) to prepare and distribute the enclosed information (the Material ) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information. Cathy Jones, CPA, SIOR, CCIM CEO cathyj@suncommercialre.com 2
For Sale ±.8 Gross Acres Contact Team Michael T. Brazill Senior Associate 702-968-76 MikeB@suncommercialre.com Jennifer Lehr Senior Associate 702-968-729 JenniferL@suncommercialre.com Jessica Cegavske Vice President 702-968-72 JessicaC@suncommercialre.com Table of Contents Property Overview Section Roy Fritz Senior Vice President 702-968-722 RoyF@suncommercialre.com Executive Summary Conceptual Plans Location Overview Aerial Photos Ground Level Photos 4 5-6 7 8 9 Cathy Jones, CPA, SIOR, CCIM CEO 702-968-720 CathyJ@suncommercialre.com Location Overview Section 2 Las Vegas Valley Location Map Assessor Parcel Map 0 Market Overview Section Sun Commercial Real Estate, Inc. 6 Brent Thurman Way, Suite Las Vegas, Nevada 8948 702 968 70 Ph 702 968 7 Fax Area Demographics 2-4
Executive Summary The subject property offers developers and investors a one-of-a-kind opportunity to acquire a ±.8 acre parcel that is located on the Whitney Mesa. The topography of this site provides 60 panoramic views of the entire Las Vegas Valley. The night time views of The World Famous Las Vegas strip are Absolutely Spectacular! The current plan is to develop 74 units on the site. The property consists of ±.8 gross acres, ±. acres of which is buildable. The land is currently zoned R-4 (Multiple Family Residential High Density) The property was previously envisioned for a multifamily development project however it may also be suitable for high end single family residential, restaurant, wedding or entertainment venues. The property is in rough grade condition, curb and gutter work is completed on the access road leading to the top. The East Las Vegas submarket in which the property is located, is benefiting economically from the development of Union Village: A $.2 billion dollar Integrated Health Village offering a complete continuum of care to the valley residents. Sale Price: Assessor Parcel Number: Zoning: $,,000.00 6-29-80-007 R-4 (Multiple Family Residential - High Density) Demographics Mile 5 Mile Population: 58,58,776 Avg. HH Income: $62,990 $62,564 Site Size: ±.8 Gross Acres ±. Acres of Buildable Area Traffic Counts Russell Road: ±22,000 CPD Municipality: Clark County U.S. 95: ±25,000 CPD 208 Taxes: $,977.2 Mountain Vista Street: ±2,000 CPD 4
Conceptual Rendering Plans- 74 Units Conceptual Apartment Development Plan - Total Project: 78,584 SF Unit Mix: Studio 487 SF 9 9,25 SF Parking ( Required): Covered 74 Bedroom 664 SF 44 29,26 SF Uncovered 4 2 Bedroom,026 SF,286 SF Total 7 Total 74 49,755 SF 4 Story Construction on top of podium parking level 5
Conceptual Podium Parking Level 6
Location Overview Union Village is an integrated healthcare village where providers have merged to establish a complete continuum of care. The 245,000-square-foot Hospital is located at Galleria and Gibson, and will be part of a large medical complex, Union Village. Union Village will include residential properties, retail stores, entertainment, and cultural arts center. Las Vegas Athletic Club plans to build its eighth fitness center at Union Village, the new facility will be 85,000 SF. The residential community dubbed Franklin Park will feature units for independent living, 75 units for assisted living, and units for seniors suffering from memory-related problems. Union Village - 70 Acre Healthcare Complex Cowabunga Bay Water Park is one of the best places to cool off in Southern Nevada, especially when the temperature reaches triple digits. The park is 4 acres and provides the local community with a selection of fun water rides to enjoy. The rides include Beach Blanket Banzi, Point Panic, Rock-A-Hoola, Surf-A-Go-Go, Surfin USA, Wild Surf, and Zuma Zooma. The water park features full service restaurants such as Boris Bora Bora Bar, and Bullwinkle s Boardwalk Grille. Frozen treats are available at Cowabunga Chill and Dippin Dots. Cowabunga Bay - 4 Acre Water Park in Henderson Galleria at Sunset (informally referred to as Galleria Mall) is the only enclosed shopping mall in Henderson, Nevada and one of the largest malls in the entire state of Nevada. The layout is a two-story Y shape and includes a total,05,000 square feet of space. The mall offers its shoppers stores and boutiques, including 5 anchors, an indoor car dealership, the community relations office of the Henderson Police Department, and two full service restaurants. The $7 million renovation project includes upgrades to the mall s food court and main spaces, as well as adding extra amenities including free wi-fi throughout the mall. Galleria at Sunset - $7 Million Dollar Renovation 7
Aerial Photos 8
Ground Level Photos DRIVEWAY LEADING TO SITE LOOKING UP AT THE WHITNEY MESA FROM SITE LOOKING AT LAS VEGAS STRIP SITE LOOKING EAST 9
Las Vegas Valley Location Map SUBJECT 0
65.94 8. 8 8.8 65.77 66.02 65.77 66.02 25.65 25.65 72.0 72.0 85.6 85.6 6.22 84. 6.22 84. 8 8 72.0 72.0 9 26.6 9 26.6 9.02 9.02 25 24 25 24 2 22 2 2 22 2 42 58 8 86 42 58 8 86 2.5 94.45 2.5 94.45 Assessor Parcel Map 8 NOTES NOTES 20 9 75 20 84.5 75 75 9.5 5 9.9 49.9 00 A 96-009 0 96-02 96-004 005 00 0.29 A 96-009 0 96-02 96-004 005 0.58 0.29 5 C.A. PT 2 0.58 5 C.A. 96-00 52 49.8 294.02 5 004 00 002 96-00 52 49.8 006 294.02 5 004 00 002 9.65 006 54 005 54 005 95-00 2 9.65 80 55 007 006 95-00 80 80 55 007 006 56 008 00 002 56 008 00 002 57 008 97-00 57 008 97-00 0.46.6 58 009 58 009 PT 2 4 59 00 00 2 59 00 00 00 49 294.02 9.5 60 0 49 2 20.99 9.5 60 0 002 002 48.5 6 48 802 48.4 02 48 6 02 PM 8-82 97-002 62 0 00 97-002 00 802 00 00 62 0 47 47 00 004 6 04 004 7.99 6 04 004 7.99 46 0 0 05 0.46 46 0.5 64 05 64 05 005 005 0.46 VAC 65 06 45 2 0 04 2 VAC 65 06 45 2 0 04 54.46 54.46 20024 AMBER 69.92 66 07 006 69.92 4 66 07 006 44 09 0 :024 22.4 97-007 67 DUST AVE 4 4 00 09 08 44 09 0 005 :024 007 22.4 HILLS 97-007 67 08 04 GOLD DUST AVE 4 00 8 09 08 007 08 4 68 68 008 05 008 05 020 020 42 07 07 009 See 42 009 SeeCondo List List Page Page 009 5 5 4 009 06 7 06 7 46 6 026 026 "A" 00 00 00 82 005 9 9 82 72 05 72 7 04 PB 09-94 7 04 0.7 0.7 PB 09-94 AMD 002 AMD 002 0 0 04 8 2 002 20 00 PB 9-4 9 04 8 2002 20 00 02.25 02.25 9004 7 044 02.25 02.25 9 004 PB 9-4 7 9 7 044 8005 96-005 8 7 8005 96-005 00 02 8 74 00 020 74 0 6 045 R=5 8 9 045 004 R=5 97-00 8 6 9 0 75 004 0 97-00 02 5 046 009 00575 0 02 5 046 7 009 005 4 7 20 047 76 04 76 04 20 4 047 006 0 048 00 6 06 006 0 048 00 6 2 06 80 77 05 2 80 8 22 05 07 77 05 0 049 0 22 05 07 07 78 5 2 049 80 4 5 R=20 007 07 78 5 22 2 80 4 5 R=20 007 22 0 08 006 GREENRIDGE 2 0 08 006 GREENRIDGE PB 2-26 2 02 06 7 4 029 0 45 79 7 PB 2-26 02 06 79 4 2 029 0 C.A. 020 07 028 05 02 2 C.A. 020 022 07 02 24 028 05 042 PM 05-5 84 00.88 80 022 08 042 24 PM 05-5 84 A 00.88 80 2 GREENRIDGE 96-006 02 027 08 A PM 9-62 2 GREENRIDGE 96-006 8 02 09 25 027 026 PM 9-62 25 ERCIAL 8 26 09 PB 2-25 022 020 09 007 024 020 026 26 PB 2-25 022 6 007 020 09 82 024 02 025 020 6 ON 82 29 27 025 6 9 2 04 025 02 02 29 27 6 9 2 26 024 005 8 04 025 02 08 026 022 024 97-006 7.7 005 8 PB 6-5 28 08 84 026 022 97-005 027 02 97-006 007 7.7 PB 6-5 008 05 02 84 28 97-005 027 02 007 5 008 0.9 05 0.79 02 97-004 5 PB 78-4 0.9 0.79 96-007 028 02 007 0 0 02 00 85 97-004 96-007 028 0 02.8 8 007 2 7 0 02 00 PT R=54 PB 78-4 2 85.8 7 84 009 22.64 0 2 09 R=54 05 2 MESA RIDGE VILLAGE 4 009 22.64 00 0 05 MESA RIDGE VILLAGE 00 5 7.7 R= 04 4 05.88 05.88 This map is for assessment use only and does NOT represent a survey. No Thisliability map is isfor assumed assessment for the useaccuracy only and of does thenot datarepresent deliniateda herein. survey. Information on roads and other non-assessed parcels may be obtained from No liability the Road is assumed Document for the Listing accuracy in theof Assessor's the data deliniated Office. herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office. This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the This map is compiled from official records, including surveys and deeds, recorded but only contains documents the information for more detailed required legal for assessment. information. See the recorded USEdocuments THIS SCALE(FEET) for more WHEN detailed MAP REDUCED legal information. FROM X7 ORIGINAL BOBBYE AVE 0 00USE THIS200 SCALE(FEET) WHEN MAP0 REDUCED FROM X7 600 ORIGINAL 800 75 55 7.44 PM 6-8 M 9-49 2 8.5 298.52 65.94 65 5 R= 9.5 68.5 68.5 60 60 SSELL COMMERCIAL SUBDIVISION.7 7.7.7 42.5 280 04 0 00 200 0 600 800 R=54 MOUNTAIN VISTA ST 0 MOUNTAIN VISTA ST 20 > R =5 5 R =5 5 200 200 95.6 95.6 PM 59-72 PM 59-72 5.79 5.79 49.76 200.42 200.42 49.76 0.68 0.68 4 0.2 4 0.2 64.9 64.9 200.68 200.68 9.2 9.2 28. 5.96 28. 96-00 96-00 207.82 70.06 207.82 5.96 70.06 RAWHIDE FLOOD CHANNEL RAWHIDE FLOOD CHANNEL 55.27 96.48 25.8.09.0 55.27 49 96.48 77.55 25.8 79.08 89.49 497.8.09.0 49.5 77.46 49 77.55 79.08 89.49 497.8 662.9.06 49.5 77.46 662.9.06 46.2 MAP LEGEND MAP LEGEND 4 82.44 46.2 4 82.44 8 4 8 4 PARCEL BOUNDARY ROAD PARCEL NUMBER 6 5 4 2 Michele W. Shafe CONDOMINIUM - Assessor UNIT 00 8 9 4 SUB BOUNDARY 5 5 AIR SPACE PCL 00 PARCEL NUMER 7 8 9 0 2 8 4 8 4 PARCEL PM/LD BOUNDARY BOUNDARY CONDOMINIUM UNIT 6 5 4 2 00 ROAD PARCEL NUMBER.00 ACREAGE 8 9 8 7 6 5 4 RIGHT OF WAY PCL 6 62 4 6 6059 SUB BOUNDARY 5 6 5 2 6 2 ROAD EASEMENT AIR SPACE PCL 00 PARCEL NUMER 7 8 9 0 2 9 20 2 22 2 24 PM/LD BOUNDARY MATCH / LEADER LINE SUB-SURFACE PCL 202 PARCEL SUB/SEQ NUMBER 76 79 80 7 6 5 4 RIGHT OF WAY PCL.00 ACREAGE 6 62 6 6059 77 78 6 2 29 28 27 26 25 7 6 2 ROAD EASEMENT 7 HISTORIC LOT LINE PB 24-45 PLAT RECORDING NUMBER 9 20 2 22 2 24 MATCH / LEADER LINE SUB-SURFACE PCL 202 PARCEL SUB/SEQ NUMBER 2 4 5 6 HISTORIC SUB BOUNDARY 76 77 78 79 BLOCK NUMBER 92 9 90 89 5 80 88 29 28 27 26 25 7 8 7 4 HISTORIC LOT LINE PB 24-45 PLAT RECORDING NUMBER 8 4 HISTORIC PM/LD BOUNDARY 2 4 5 6 HISTORIC SUB BOUNDARY 5 LOT NUMBER SECTION LINE BLOCK NUMBER 92 9 90 89 5 4 Scale: 88 8 " = 200 ' 02/09/20 5 8 4 5 HISTORIC PM/LD BOUNDARY GL5 GOV. 2 LOT NUMBER Rev: 22 5 LOT NUMBER SECTION LINE 2 4Scale: " = 200 ' 02/09/20 5 GL5 GOV. LOT NUMBER Rev: 5 06 20 9 DUCK CREEK CHANNEL 70 4 5 062 9 8 96-002 74.5 06 5 8 7 062 6 96-002 704 74.5 006 7 A 6 704 006 009 96-00 009 96-00 444.2 002 444.2 0 002 00 0 96-00 00 96-008 96-00 004 96-008 PB -84 004 PB -84 DUCK CREEK CHANNEL PB 2-26 ASSESSOR'S PARCELS - CLARK CO., NV. ASSESSOR'S Michele PARCELS W. Shafe - CLARK - Assessor CO., NV. 589.26 PRIVATE HOBBLE CREEK DR 0 80 HOBBLE CREEK DR 4 74.74 DR 254.25 DUCK CREEK CHANNEL PB 2-26 589.26 0 80 4 74.74 PRIVATE ROADRUNNER DR ROADRUNNER PRIVATE PRIVATE L=7.76 7.0 PRIVATE WHEATFIELD DR 42.5 PRIVATE WHEATFIELD DR 76.6 254.25 L=7.76 7.0 42.5 76.6 4 6.02 4 6.02 4 42.47 79.8 4 7. 80 77.95 42.47 79.8 52.06 70 7. ORINDA AVE 80 57.28 65.6 77.95 52.06 70 ORINDA AVE 57.28 65.6.62.62 RUSSELL RD RUSSELL RD 60.7 60 67.7 67.45 74.69 265.8 265.8 00 04.8 R=000 8.75 48 20.4 BOOK 48 T2S R62E 29 S 2 SE 4 6-29-8 T2S R62E 29 S 2 SE 4 6-29-8 67.45 74.69 48.77 R=000 7.44 547.9 8.75 48 BOOK 7.44 547.9 " 8.9 48 48.7 57.72 70.8 646.6 L=59.92 48 " 06.7 8. 57.72 70.8 646.6 L=59.92 ELAINA AVE.5 00.58 66.85 67.88 L=57.9 29.67 892.2 66.85 67.88 L=57.9 29.67 SEC. 00 892.2 7.08 60 8.58 5.5 SEC. 94.92 08.52 7.08 4.75 8.58 5.5 94.92 08.52 4.75 MAP MAP 479.49 U S 95 FWY 479.49 U S 95 FWY 9.78 224.42 R=54 9.78 02.22.25 57.6 NELLIS BLVD 224.42 0.67 79.82 94.44 R=54 02.22.25.44 9.82 82.5 NELLIS BLVD 0.67 79.82 94.44.44 TAX DIST 470 TAX DIST 9.82 47.82 82.5 PT 206.08 52.89 470
Area Demographics ( Mile Radius) KEY FACTS INCOME 4,424 4.6 2.7 Population $45,029 $45,029 $2,204 $2,926 Average Household Size Median Household Income Median Household Income Per Capita Income Median Net Worth KEY FACTS 200000+ 4,424 5,48 Households 4.6 Median Age $8,628 Median Disposable Income 000-99999 00000-49999 700-99999 000-74999 EDUCATION 00-49999 4% 200-4999 00-24999 No High School Diploma % High School Graduate % Some College 22% Bachelor's/Grad/Prof Degree 0-4999 0 0 800 HOUSEHOLD INCOME,200 2
Area Demographics ( Mile Radius) KEY FACTS INCOME 58,58 8.6 2.6 Population $47,476 $47,476 $24,76 $44,648 Average Household Size Median Household Income Median Household Income Per Capita Income Median Net Worth KEY FACTS 200000+ 58,58 60,89 Households 8.6 Median Age $,467 Median Disposable Income 000-99999 00000-49999 700-99999 000-74999 EDUCATION 00-49999 4% 200-4999 00-24999 No High School Diploma % High School Graduate 4% Some College 22% Bachelor's/Grad/Prof Degree 0-4999 0 4,000 8,000 HOUSEHOLD INCOME 2,000
Area Demographics (5 Mile Radius) KEY FACTS INCOME,776 7.7 2.6 Population $46,76 $46,76 $24,4 $9,706 Average Household Size Median Household Income Median Household Income Per Capita Income Median Net Worth KEY FACTS 200000+,776 52,92 Households 7.7 Median Age $9,642 Median Disposable Income 000-99999 00000-49999 700-99999 000-74999 EDUCATION 00-49999 5% 200-4999 00-24999 No High School Diploma % High School Graduate % Some College 22% Bachelor's/Grad/Prof Degree 0-4999 0 0,000 20,000 HOUSEHOLD INCOME,000 4
Exclusively listed by: Sun Commercial Real Estate, Inc. Michael T. Brazill Senior Associate 702-968-76 MikeB@suncommercialre.com Jessica Cegavske Vice President 702-968-72 JessicaC@suncommercialre.com Jennifer Lehr Senior Associate 702-968-729 JenniferL@suncommercialre.com Roy Fritz Senior Vice President 702-968-722 RoyF@suncommercialre.com Cathy Jones, CPA, SIOR, CCIM CEO 702-968-720 CathyJ@suncommercialre.com The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice. 6 Brent Thurman Way, Suite, Las Vegas, Nevada 8948 702 968 70 Ph 702 968 7 Fax www.suncommercialre.com