$5M NNN Acquisition Las Vegas | Commercial Lending Solutions 
Loan Size Example

$5 Million NNN Acquisition in Las Vegas

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $5 million single-tenant net lease acquisition in Las Vegas targets stabilized, credit-quality tenants in growing submarkets across the valley, from the southwest corridor near Summerlin to the east side near Henderson. Leverage typically runs 65 to 75 percent LTV depending on tenant credit rating, lease remaining term, and property type. Rates in the current environment hover around 6.75 percent for investment-grade tenants with seven-plus years remaining on the lease. These deals attract a broad lender base including national banks with dedicated STNL programs, life insurance companies seeking steady cash flow, and CMBS conduits looking to season portfolios.

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Capital Stack

What a $5M NNN Acquisition Capital Stack Looks Like

National banks dominate the $5 million STNL space in Las Vegas, particularly those with established single-tenant platforms and CMT-indexed rate structures. Life insurance companies compete aggressively at this size when lease term and tenant credit align with their long-duration mandate. Debt fund participation remains secondary unless the deal offers unique risk-adjusted returns or off-market pricing.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL platform 6.50 to 6.85 percent, CMT-based with 150 to 200 basis point spread $3.25M to $3.75M at 65 to 70 percent LTV Primary lender for investment-grade tenants; 5 to 10 year fixed terms; recourse typical; 30 to 45 day close
Life insurance company 6.65 to 7.10 percent, fixed rate preferred $2.5M to $3.75M at 70 to 75 percent LTV Favors longer remaining lease terms (10+ years); non-recourse available at lower LTV; 45 to 60 day close; strong appetite for essential-use retail and QSR
Credit union with CRE division 6.45 to 6.95 percent, relationship pricing available $2M to $3M at 60 to 70 percent LTV Secondary option for borrowers with existing relationship; faster underwriting for strong credits; local presence in Nevada advantage
Regional bank or CMBS conduit 6.75 to 7.25 percent, fixed or adjustable structures $1.5M to $2.5M as B piece or secondary tranche Participates when primary lender syndicates; more flexible on tenant credit bands; longer close timeline due to securitization process

Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.

Sponsor Profile

Who Closes a $5M NNN Acquisition Deal

The typical sponsor acquiring a $5 million STNL property in Las Vegas is an experienced investor with $10 million to $50 million net worth, often building a portfolio of 5 to 15 single-tenant assets across the Southwest. Many are 1031 exchange buyers replacing appreciated casino, hospitality, or retail holdings from previous sales and seeking passive, long-term cash flow. These sponsors typically have existing banking relationships and an established track record of owning or managing CRE assets.

From the CLS CRE Pipeline

A Real $5M Example

CLS CRE closed a $4.8 million financing on a fast-casual restaurant property in the northwest Las Vegas submarket for a repeat borrower with a seven-year triple-net lease to a national operator. The lender was a regional bank with a dedicated STNL program that priced the deal at 6.68 percent fixed over ten years at 68 percent LTV, with full recourse. The sponsor was a 1031 exchange buyer seeking to redeploy capital into a larger, more diversified portfolio across three properties in Nevada. Close occurred in 38 days, and the borrower achieved full stabilization within 30 days of funding.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$5M NNN Acquisition Las Vegas FAQ

Most banks target investment-grade tenants (S&P BBB- or better) or national credit companies with strong systemwide cash flow metrics. Some banks will go down to BB-rated or unrated nationals if the lease term is seven years or longer and the property is in a strong demographic area. Submarkets like Summerlin, Henderson, and northwest Las Vegas see looser tenant credit requirements due to higher traffic and demographics.
Non-recourse is available but typically only at lower LTV levels, usually 60 to 65 percent, and primarily from life insurance companies or large debt funds. National banks almost always require full recourse at this loan size. If non-recourse is a priority, expect rates to increase by 25 to 50 basis points and the lender universe to shrink considerably.
Bank closings typically run 30 to 45 days from application to funding, assuming clean title, strong tenant financials, and no environmental red flags. Life insurance companies move at 45 to 75 days due to more thorough due diligence protocols. CMBS conduits can extend to 90 to 120 days if the deal is being structured into a larger pool.
Las Vegas single-tenant net lease cap rates typically trade 25 to 75 basis points higher than comparable assets in Southern California, reflecting lower land costs and higher vacancy risk in certain submarkets. Prime locations like Summerlin compress toward California levels; secondary areas east of the valley command wider spreads. This spread directly influences lender appetite and pricing.
Unrated or sub-investment-grade tenants require significantly shorter remaining lease terms (three to five years minimum), much lower LTV (55 to 62 percent), and higher rates (7.25 to 8.00 percent). Some national banks will not touch unrated credits at any size; you would need to target smaller life insurance companies, credit unions, or private debt funds. Portfolio diversification and real estate quality become even more critical to offset tenant risk.


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