How much is Las Vegas land worth these days? The market will get a new test when a 1.36-acre property with 236 feet of frontage on Las Vegas Boulevard goes up for sale through J. P. King Auction Company. The property is located just north of the famous "Welcome to Fabulous Las Vegas" sign and is offered through a sealed-bid auction. The property is currently home to the 48-room Diamond Inn Hotel which was constructed in 1940. The site is the first hotel/casino seen from I-15 and has been approved by the FFA for buildable heights of 406 feet to 505 feet. The only question is whether or not anyone is interested in building in Las Vegas right now. Of course you could just keep the existing property as is.
"One of the great things about this site is that not only is it an excellent development site, but it is also already producing income," said Sam Aldabbagh, the property's owner. Aldabbagh purchased the hotel in 1978 and it is marked by a large pink elephant facing the strip. Sealed bids for the property must be submitted by 5 p.m. on Monday, December 13.
Gallery: Las Vegas Strip Land For Sale