Population
660,000
Growth (5Y)
+10.4%
Median Income
$61,000
Metro GDP
$128B
Market Overview
Las Vegas is a unique NNN market where tourism-driven economic cycles are increasingly balanced by a growing technology and distribution sector. Nevada's zero income and corporate tax environment has attracted major business relocations from California, creating a more diverse economy. The suburban residential corridors of Henderson, Summerlin, and North Las Vegas provide stable, non-gaming-dependent NNN demand from necessity retailers (pharmacies, dollar stores, auto parts). NNN cap rates of 5.25–7.0% offer above-average yields with improving market fundamentals.
Key Highlights
Nevada has no state income tax and no corporate income tax, attracting significant business relocation
42+ million annual visitors drive extraordinary retail sales volume for NNN tenants
Growing tech and data center industry (Amazon, Google, Switch) is diversifying the economy
Henderson and Summerlin suburban corridors have among the highest household incomes in the state
Why Invest in Las Vegas
- 1Zero Nevada income and corporate tax drives tech and logistics business relocations
- 2Suburban residential growth in Henderson and Summerlin provides stable non-gaming retail base
- 3Above-average cap rates compared to similar Sun Belt markets offer higher initial yields
- 4Amazon's massive logistics hub and data center presence anchor long-term economic growth
Recent NNN Activity
"Las Vegas NNN market posted $280M in transactions in 2024. Dollar General and AutoZone assets in suburban Henderson and Summerlin commanded the tightest cap rates. Tech-adjacent markets in North Las Vegas near the Switch data center campus showed strong new NNN development."
NNN Snapshot
Cap Rate Range
5.25% - 7%
Price Range
$1.3M - $4.5M
Avg Lease Term
11 Years
Unemployment Rate
4.9%
Active NNN Tenants
McDonald'sDollar General7-ElevenWalgreensAutoZoneCircle KStarbucks
Major Employers
MGM ResortsCaesars EntertainmentLas Vegas SandsAmazonSwitch (data centers)Zappos
Find NNN Properties in Las Vegas
Our advisors have exclusive, off-market NNN inventory in the Las Vegas market right now. Contact us to see what's available before it hits the public market.