DIMENSIONS
AND AREA:
The subject property is somewhat L shaped, having a usable frontage
along Las Vegas Boulevard South of approximately 705 ft. The total
land area contained in the subject is approximately 2,117,887 sq.
ft. For the shape and dimensions of. the subject property, please
refer to the reduced plans contained in the Addenda of this report.
TOPOGRAPHY
AND SOIL CONDITIONS:
The parcel is near level to gently undulating. There is a wash area
running through the northwestern portion of the subject. Street frontage of the subject is near street grade.
With
the exception of the above wash area, visual observation does not
indicate any adverse surface or subsurface soil conditions to the
construction of future improvements. However, no soils tests were
conducted by this appraiser or made available to this appraiser
so that soils conditions are assumed only by visual observation.
UTILITIES
AND STREET IMPROVEMENTS:
All normal utilities are available to the subject including water,
sewer, gas, electricity and telephone. Las Vegas Boulevard South (The “Strip”), is a 6 lane, 2-way,
asphalt surfaced street with a center divider. Tropicana Avenue
is a 4 lane, 2-way, asphalt surfaced street with a center divider. Streets have concrete curbs and gutters installed.
ZONING:
H-1 (Hotel) For zoning specification's please refer to the H-1 zoning
specifications contained in the Addenda of this report.
PRESENT
USE:
The subject property is currently vacant.
HIGHEST
AND BEST USE:
As described earlier in this report, there is an acute shortage
of vacant land available for development to tourist oriented commercial
use along Las Vegas Boulevard South. The demand for such land is
increasing at a rapid rate as indicated by the increasing revenues
to existing facilities and the increasing revenues per unit along
with expaisrsion of facilities. This is further demonstrated by
the rapidly declining vacancy rate over the past few years. Current,
vacancy rates are minimal and expansion of facilities is occurring
where land is available. Expansion of facilities has had no drastic
affect upon vacancy rates. The volume of air traffic in and out
of McCarran International Airport has increased substantially from
1970 through June of 1975 and ground vehicular traffic has increased
through June of 1975 with the exception of 1973. While ground vehicular
traffic declined slightly in 1974, room occupancy has declined only
slightly and the time per stay of the average visitor has increased.
The slight decline in occupancy is considered a result of a decline
in ground vehicular traffic but in the large number of recently
opened rooms along the Las Vegas “Strip”.
With
consideration given to the subject location, its size, competing
facilities along the Las Vegas “Strip” and the income flow,.of the
competing facilities, and other pertinent physical and economic
characteristics of the subject with relationship to the “Strip”
and the Greater Las Vegas area, the highest and best use of the
subject is estimated to be for development to a tourist commercial
oriented type facility such as a hotel/casino project. The subject's
current zoning of H-1 allows such a development.
LEGAL
DESCRIPTION:
The subject property may legally be described as a portion of the
North Half (N½) of the Northeast Quarter (NE¼) of Section 29, Township
21 South, Range 61 East, M. D. B.& M., being further described
as Assessor’s Parcel No. 14-63-7 and 8 and as shown in the reduced
plans contained in the Addenda of this report.
TAX
DATA:
Since this appraisal and feasibility consists of an estimate of
value for buildings not yet constructed, including land, and since
the land could possibly be revalued for tax purposes after the construction
of the new improvements, and since no tax data is available on the
new improvements, no further tax data is included in this report.
SURROUNDING
IMPROVEMENTS:
South of the subject property is vacant land, motels and a hotel.
West is the Interstate 15 Freeway, industrial lands and vacant lands.
North are service stations, motels and hotels. The Dunes Golf Course
also lies north of the subject, across Tropicana Avenue. West are
hotels, motels, and public service commercial-type facilities. Northwest
of the subject is the Tropicana Golf Course.
ACCESS:
Access to the subject property is from Tropicana Avenue and Las
Vegas Boulevard South. Tropicana Avenue, immediately west of the
subject, has a complete interchange with Interstate 15 which is
the freeway to Los Angeles.
IMPROVEMENTS
:
Sq. ft. sizes of the improvements and improvement design and floor
plans are included in the reduced preliminary plans contained in
the Addenda of this report, drawn by Martin Stern, Jr., AIA, Architect
and Associates. The job number is 02700 with a date of October 27,
1975. The preliminary plans include a sketch of the proposed improvements,
a first floor layout, a first floor room layout, a plot plan, a
third floor and recreation deck plan, and a cross section of the
facilities.
Construction
is considered to be Class A with each room having an outside balcony
as well as an inside balcony or corridor looking down into the atrium
area.
The
reader is referred to the Addenda of this report for a visual observation
of the proposed improvements in the form of reduced preliminary
plans. This report assumes that the casino and public area will
be well decorated and that the individual rooms within the hotel
will be decorated in a competitive manner with existing facilities
along the “Strip” similar in size to the subject.
back to Las Vegas 1975 |
