SRS Real Estate Partners Closes $6.2 Million Las Vegas Ross Dress for Less Sale
SRS Real Estate Partners has completed the $6.2 million sale of a Ross Dress for Less property at 2420 E. Desert Inn Road in Las Vegas, the firm announced Aug. 17. The all-cash transaction closed at a 6.59% cap rate, pricing the asset in line with the national single-tenant retail average for mid-2026.
Deal Details and Parties
Patrick Luther, Managing Principal of SRS Capital Markets, represented the seller, a West Coast private seller. The buyer was a private investor from California. The 31,086-square-foot building sits on 2.56 acres and is part of Francisco Center, a neighborhood shopping center at Desert Inn Road and Eastern Avenue that draws more than three million annual visitors, according to SRS.
At the $6.2 million sale price, the implied price per square foot is approximately $199. The property was marketed at an asking price of $6,814,000 with a 6.00% cap rate and a listed net operating income of $408,867. At the reported 6.59% closing cap rate, the implied NOI is approximately $409,000, consistent with the marketed figure.
"This was a rare Las Vegas retail opportunity for an investor to own commercial real estate near both downtown Las Vegas and Las Vegas Boulevard," Luther said. "In addition to the major tourism industry, Las Vegas is home to more than 2.4 million residents — both of these factors are a strong draw for Ross as exemplified in its decades-long tenancy at the site."
Property and Tenant Profile
The single-story, Class B building was constructed in 1970 and renovated in 2005. It is zoned C-2 Commercial General and includes 125 surface parking spaces, a ratio of approximately 4.0 spaces per 1,000 square feet. Ross Dress for Less has occupied the location for more than 40 years.
The property is structured as a double-net lease, with Ross carrying approximately three years remaining on the base lease term and three five-year renewal options, each carrying a 10% rent increase. Co-tenants at Francisco Center have included La Bonita Supermarket, dd's DISCOUNTS, Starbucks, and wireless carriers, positioning the center as a daily-needs retail destination.
The site is located less than two miles from the Las Vegas Convention Center and roughly 2.5 miles from Las Vegas Boulevard. Sunrise Hospital and surrounding medical offices are also in proximity, contributing weekday traffic to the corridor.
Cap Rate Context and Market Pricing
The 6.59% closing cap rate sits essentially at the national single-tenant retail average. Single-tenant net-lease retail cap rates held at 6.55% through the first quarter of 2026 before ticking up to approximately 6.60% in the second quarter, reflecting mild pressure from interest rates alongside continued investor demand for necessity-based retail assets.
The pricing reflects a balance of factors specific to this asset: Ross carries solid but non-investment-grade credit, and the near-term lease expiration introduces rollover risk. Those considerations are offset by the tenant's 40-year occupancy history at the site and the built-in rent escalations embedded in the renewal options.
SRS Capital Markets Activity
SRS Capital Markets has completed more than $1.6 billion in deal volume across more than 400 transactions nationally so far in 2026. The firm currently has more than 900 properties actively on the market with a combined market value exceeding $4.3 billion.
Founded in 1986 and headquartered in Dallas, SRS Real Estate Partners operates 30 offices nationwide and provides commercial real estate services across retail, industrial, and capital markets.