Mesquite Nevada Commercial Real Estate Developments
Asking price has little or NO relationship to real market value or cap rate numbers, lots of dreamy sellers out there!
Did you invest in Mesquite to get here in front of the Desert Falls project? Remember the Mayor publically said "she had seen the financials, but did not keep a copy"???? The City Council approved it with very little due diligence. Economics develpment manager Dangerfield continued touting it at the Southern Utah development annual event, basically as a done deal, even at the time many believed it clearly a dead deal. If you got caught in this mess, that is a very SAD story. How about the population numbers touted by the City of Mesquite and the growth projections, oh another sad story. I guess they were just spoofing us, or maybe we can let it off as puffery, not really out right lying? Here are some facts for you to consider. This long time pattern of "HYPE" from Mesquite City Officials and Mesquite City Hall Staff has sent many quality investors running from Mesquite, Nevada as fast as they can run, and they won't be back!
Investors like National Restaurant Chains, Light Manufacturers, Large National Retail Chains, and other real job and opportunity creators! It seems to me our City of Mesquite Leaders and City Hall Employed Promoters thought they could pull the wool over the eyes of these professionals, and it backfired!
City of Mesquite general information, population projections
Census Shows Mesquite At 15,276, Nearly 6,000 Less Than City Estimates This Mesquite Local News article,"According to the numbers, Mesquite has 8,911 housing units. However, 2,533 of those housing units are vacant. That means Mesquite has a vacancy rate of 28.4%, which is the fourth-highest in the state and the highest among incorporated Nevada cities."
The impending collapse in commercial real estate prices and rents seems all to clear. The City of Mesquite Economic Development Department seems to me to be completely clueless, yet very expensive to the tax payers.
The commercial property value crash which is looming may make the residential mess in Mesquite look like a walk in the park! There are at least four vacant restaurant properties including Denny's, The Chalet, Burger King, and Buffalos. Two lumber yard stores have closed and many, many small business have failed and are gone. The Oasis Casino is gone. The City of Mesquite's Theme, "Mesquite Means Business", I ask really and what business is that, baseball fields? How about a MULTI- MILLION dollar Golf driving range that the public has virtually no access to?
So Where is the Future of Mesquite? Read Forum Here or Blog
Not a single home builder in Mesquite offers a solar application of any kind in a standard package. Subdivisions platted and being replatted and approved by The City of Mesquite meet many requirements, but no consideration is given to solar orientation.
Could We Be Missing an Oppportunity?
Mesquite Nevada Commercial Blog The only real way to value this property is to use a capitalization rate since there are no sold comps. Few are actual triple net leases so the ROI becomes more compilicated and needs to be evaluated on a case by case basis. Many building owners with vacant space (which is virtually every commercial building complex in Mesquite) are beginning to offer tenant improvements free, some months free, CAMs paid, taxes paid, insurance paid, etc. With competitive rents falling actual nets may be as low as .50 cents a square foot for many owners. At that rate the average asking price for the current listings, using an 8% cap rate is at least double, even triple the real value.
Mesquite Nevada Commercial Listings Many more properties are available, but not listed. I can help fill in the picture for you. Vacancy rates for office/retail/light industrial warehouse space have sky rocketed, currently it appears there is as much as 300,000 square feet of vacant space. The prices for all are headed south at an unprecedented pace. Mesquite MLSrecorded two commercial land closed transactions in 2009, one sold to the City of Mesquite and the other was a quarter acre that sold for $8 per square foot,(it had three older homes on it).
Irrigated Land in Nevada with Water Rights Blog
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Chris W. Miller
· Vegas Grand Realty & Property Management
· 8275 S. Eastern Ave. #111
· Las Vegas, Nevada 89123
· 702-525-0585 Office
· 435-862-5951 Cell
· 702-361-2547 Fax
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