Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
If you have been looking at industrial land in Apex you have been staring at a lot of $ 80,000 an acre asking prices and a few with highway frontage that have asking prices around $ 100,000 an acre. That’s cheap industrial dirt if you compare it to say North Las Vegas (NLV) or Las Vegas where industrial land is being sold at or above $ 320,000 an acre. Yes , that puts most Apex Industrial Park area land prices at around 25% of metropolitan industrial land. So what is that all about?
Most industrial users don’t need high traffic or visibility, all they need is accessibility. The problem in the past has been the lack of water in Apex. If you have driven up to Apex recently you have seen the trenches for the new NLV water lines and the pipes are in place ready to go in them. Apex is about to solve one of its most important drawbacks.
It’s my opinion that Apex land values will spike once the water lines are in place. Sure you have to drive farther to get there, but it’s not that far. It doesn’t justify the differential that’s out there now, especially if you are looking at larger sites like 10 acres or more. You have to ask yourself if Apex is so bad that you would rather spend an extra $ 2,400,000 on that 10 acre site. Some will say no, I would rather be in Apex.
Apex has had its fits and starts and its Opportunity Zone status wasn't enough to draw firms in without the water. With the water the Opportunity Zone may actually draw some big investors in. The loss of Faraday Futures was a set-back, it would likely have lauched the acceptance of the area. It is possible that Apex Industrial Park will take off from the ground up with smaller industrial users being first and the large-scale companies coming in afterward.
I have no stake in the industrial park but I would like to see it become successful. There are so many who have tried to keep it down, its about time for it to take its place as a great alternative to the existing industrial areas that are already developed in north Las Vegas and southwest Las Vegas.
For more appraisal information contact Glenn J. Rigdon MA, MRICS, IFAS, ASA who is a Las Vegas / Henderson Nevada based broker and appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/
Please input letters you see on the image.
Click on image to redraw.