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MOTEL ON THE WORLD FAMOUS LAS VEGAS BLVD!!!
VERY GREAT BUY & HOLD INVESTMENT PROPERTY
FOR FUTURE MEGA CASINO DEVELOPMENT!!
PROPERTY FEATURESLocated on the World Famous Las Vegas Strip. Existing Cash Flow from 116 Unit Motel Frontage on Las Vegas Blvd, Casino Center, and Utah Special Provisions / Incentives for Future Developments Minutes from Billion Dollar Developments on LV Blvd. 5 Assembled Parcels Totaling 1.28 Acres Alleyways have been Vacated by the City of Las Vegas Boutique Motel Recently Renovated. Located in the City of Las Vegas Redevelopment Area Close Proximity to Future Downtown Projects
GENERAL PROPERTY INFORMATIONAsking Price $11,200,00 Land SF 55,756.80 Sq Ft Land Acres 1.28 Building SF 34,182 Bldg SF/$ Per App. $200 # of Buildings 4 # of Units 116 # of Stories 3 Year Built 1962 Property Use Any Building Class - Zoning C2 (Mixed Use, Downtown Redevelopment District) Parcel Number 162-03-210-053, 054, 055, 056 & 063 Parking Description - Broadband N/A Or Unknown Gaming N/A Or Unknown Gas Yes Water Yes Electric Yes
This property consists of 5 parcels totaling 1.28Acres w/ approx. 115 +/- ft of frontage on Las Vegas Blvd, 310 +/- ft of frontage on Casino Center, and 160 +/- ft on Utah. While this property provides a great redevelopment opportunity for the future buyer, The Tod Motor Motel is currently operating on the site providing income from its 116 units. The motel has been recently renovated and there is also an opportunity to sell the individual units as long term leases (model units are available to view at the site). The alleyways running through the property have been vacated by the City of Las Vegas adding additional acreage and security for the property (additional acreage not included in acreage total). This prime piece of property is located in the City of Las Vegas, Downtown Redevelopment Area, more specifically falling into the boundaries of the Downtown Overlay District, Live/Work Overlay District, and the Las Vegas Blvd. Scenic Byway Overlay District, which would enable future developments on the property to potentially benefit from redevelopment incentives such as visual improvement facade enhancement rebates, tax increment financing rebate incentives, and expedited project approval. Special provisions for this area also include exemptions for height restrictions, required building setbacks, standard parking requirements, maximum lot coverage, residential adjacency, and landscaping requirements.
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