4511 W Cheyenne Ave, North Las Vegas, NV 89032

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Building Details:

• Year Built: 1998

4511 W Cheyenne Ave is located in North Las Vegas, NV.

This building is a private 16,250 sf airport hangar (2,500 sf office and 13,750 sf hangar). The hangar building is valued at $2m, but the additional value is in the existing long term lease with Remote Imagery Technologies Incorporated (RITI). RITI is a subcontractor with the Department of Defense (DOD). There are 13 year remaining in the initial term which expires on December 12, 2027. The tenant has the right to extend to the end of the land lease in 2036. There are twenty-two (22) years remaining on the land lease with Clark County Department of Aviation. The current annual rental income is $317,454, less CAM charges of $46,461 for an NOI of $270,990. Tenant is responsible for all expenses except CAM charges. Beginning in 2019 rents increase 3% annually brining 2027 rents to $414,205.