deal image
203 S Water StHenderson, NV 89015
203 S Water Street
Asset ClassMixed Use, Office, Retail
Rentable SF13,019
Located in the Heart of Downtown Henderson | Prime Owner User Opportunity | Extraordinary Value-Add Office Asset
overview of deal

Overview

Marcus & Millichap and Jones Lang LaSalle are pleased to present the opportunity to acquire a premier mixed use property located at 203 Water Street (“Asset” or “Property”) in the heart of downtown Henderson (Las Vegas MSA), Nevada. This historic high-quality, three-story mixed-use property features a gaming tenant occupying the first floor, with Class B office space on the second and third floors, offering a prime investment opportunity in one of the region’s most vibrant and rapidly growing urban corridors.

Access the Data Room

Investment Highlights

Highly Desirable Location:

• Prime Downtown Henderson Location- Situated in the heart of the Water Street District, a revitalized, walkable community featuring a dynamic mix of retail, dining, entertainment, and residential offerings

• Surrounded by Key Destinations: The area is home to high-traffic attractions such as the Rainbow Club & Casino, Emerald Island Casino, and the America First Center, official practice facility of the Henderson Silver Knights

• Ongoing Development: The district continues to grow with projects like The Watermark, a seven-story mixed-use development featuring office, residential, and retail space, slated for completion in mid-2025

• Excellent Regional Connectivity: Located less than half a mile from Highway 564 and just over 1.5 miles from Interstate 11, the property offers convenient access to major corridors linking Las Vegas to Phoenix and the greater Southwest region

 

Prime Owner User Opportunity:

• Outstanding owner-user opportunity, with the second and third floors currently occupied by month-to-month tenants, providing flexibility for an owner to occupy the space as needed

• +/-8,984 SF of space available on the second and third floor

• High-visibility location at a signalized corner and across from the street from the official practice facility of the Henderson Silver Knights

• Highly walkable location surrounded by a vibrant mix of attractions, including multiple casinos, the lively Water Street Plaza, and a diverse selection of popular restaurants, cafés, and trendy local eateries

 

Exceptional Value-Add

• Strong in-place income provides immediate cash flow, with significant upside potential through leasing the vacant second and replacing the month-to-month law firm on the third floor, which combined represents approximately 69% of the building’s total square footage

• The ground floor is currently leased to Stick Tavern, allowing for immediate in-place income

• Acquisition at a substantial discount to replacement cost positions future ownership to capitalize on market demand by offering attractive lease terms and maximizing long-term value

deal gallery image
deal gallery image
deal gallery image
203 S Water StHenderson, NV 89015
deal image

Inquire

Listing provided by Revere CRE