Land Investment in Las Vegas
Land plays in Vegas right now come down to three things: what's left near the Strip, what's buildable in Henderson and Summerlin, and industrial sites along the I-15 corridor. Prices hit $250K to $400K per acre for entitled parcels in decent locations. Raw land's tougher - you're looking at 18-36 months for entitlements if everything goes right.
Market Context
Cap Rate Range
Not applicable - unimproved land deals priced on development basis
Current Vacancy
Limited supply - 2,800 acres available for development valley-wide
Rent Trend
Development-ready sites see 8-12% annual appreciation
Absorption
1,200 acres absorbed annually for residential/commercial development
Price Per Unit Trend
Entitled multifamily land: $18K-$28K per unit depending on density
Transaction Volume
$850M in land sales year-to-date, up 15% from 2025
Submarket Analysis
Strip Adjacent
Development basis only capVacancy
Virtually no supply
Avg Rent (1BR)
N/A
Premium pricing for any available parcels. Gaming commission approval required.
OM Tip
Must address gaming licensing requirements and proximity restrictions
Summerlin
Development basis only capVacancy
Limited master-planned parcels
Avg Rent (1BR)
N/A
Howard Hughes Corp controls most supply. Strict design standards.
OM Tip
Include design review process timeline and architectural requirements
Henderson
Development basis only capVacancy
Moderate supply in outer areas
Avg Rent (1BR)
N/A
Strong for multifamily and retail. City planning department moves fast.
OM Tip
Henderson fast-track entitlement process reduces timeline risk
I-15 Industrial Corridor
Development basis only capVacancy
Good supply south of airport
Avg Rent (1BR)
N/A
Amazon and logistics driving demand. Infrastructure costs manageable.
OM Tip
Utility capacity letters essential - power grid at capacity in some areas
North Las Vegas
Development basis only capVacancy
Best availability valley-wide
Avg Rent (1BR)
N/A
Value play but longer development timeline. City improving infrastructure.
OM Tip
Environmental Phase II often required - former industrial uses
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What Your OM Needs to Address
Entitlement Status and Timeline
Clark County processing takes 12-18 months for major projects. City of Henderson moves faster at 8-12 months.
Data to Include
Current permit applications, staff reports, planning commission dates, estimated approval timeline with contingency buffer
Water and Sewer Capacity
SNWA allocation letters required. Some areas hit capacity limits during peak development periods.
Data to Include
Water rights documentation, sewer capacity letters from local utility, connection fee estimates, infrastructure extension costs
Environmental Conditions
Desert tortoise habitat and contamination from former mining/industrial uses are common issues.
Data to Include
Phase I and Phase II environmental reports, biological surveys, mitigation requirements, estimated remediation costs if applicable
Traffic Impact and Infrastructure
RTC requires traffic studies for projects over 100 units. Road improvements often required.
Data to Include
Traffic impact analysis, required road improvements, cost estimates for infrastructure contributions, timing with project phases
Utility Availability and Costs
NV Energy at capacity in some submarkets. Telecom infrastructure varies significantly by location.
Data to Include
Utility capacity letters, extension costs, transformer/substation requirements, fiber availability
Gaming Proximity Restrictions
Properties within certain distances of gaming facilities face additional regulatory requirements.
Data to Include
Gaming commission consultation letters, proximity analysis to existing gaming properties, licensing requirements if applicable
Investment Outlook
Short Term
Tight supply keeps pricing strong through 2026. Focus on entitled parcels - raw land entitlement risk too high with interest rates above 6%. Industrial land near I-15 sees strongest demand from logistics users.
Medium Term
2027-2028 should see more supply as master developers release phases. F1 and Raiders continue driving Strip-adjacent premium. Henderson and Summerlin remain safe bets for multifamily development.
Long Term
Water allocation becomes the limiting factor by 2030. Climate considerations may impact development patterns. Smart money's banking entitled land now for the next cycle.
Buyer Profile
Homebuilders dominating acquisition activity - Toll Brothers, KB Home, Richmond American all active. Private equity backing smaller developers for industrial projects. Family offices buying trophy Strip-adjacent parcels as long-term holds.
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