Restaurant Feasibility Study in the Las Vegas-Henderson-North Las Vegas, NV Metro Area

One county, and gaps in the yearly file

All 236 loans in this Las Vegas cell sit in Clark County, NV, making the metro and the county one trade area. The file totals $139.7 million. The market ranks 30 of 821 nationally for the class, which comes first among 39 locally, and the location quotient of 0.96x is almost the national share. Because only one county is involved, a study can name specific corridors, such as the Strip, Henderson or North Las Vegas, instead of averaging across places.

Tickets are heavier than the nation's. The median is $350,000, 1.27x the national class median, while $100,000 and $776,425 are the quartile edges. SBA 7(a) took 218 loans and SBA 504 took 18. Franchised units are 8.9%, so independent concepts dominate, and each borrower must carry its own concept risk instead of leaning on a brand's record. Cancellation is at least 11.1% for the FY2017 to FY2024 approvals. Withholding hides both the ceiling and the charge-off rate here, so no numbers appear for them and neither is read as nil.

Lenders

U.S. Bank, National Association holds 36 SBA 7(a) loans but only $1.7 million, a very small average. Newtek Bank, National Association has 13 loans and $4.9 million, JPMorgan Chase Bank, National Association 10, and Readycap Lending, LLC and Newtek Small Business Finance, LLC 8 each. Nevada State Development Corporation holds 8 SBA 504 loans and $7.6 million. Treat these as SBA's holder records rather than a view of lending practice.

Two years are withheld from the yearly table, FY2018 and FY2020, because those counts are too small to publish or could be backed out by subtraction. The years shown run from 20 loans and $11.1 million in FY2017 to 18 in FY2019, 12 in FY2021, then 31 in FY2023 and 37 loans in FY2025 and again in FY2026 ($25.4 million). The Las Vegas total comes from fitting each loan's county into the 2023 delineation.

Testing a Las Vegas restaurant

The first test is demand that does not depend on one visitor stream. A study must separate casino-corridor traffic from residential neighborhoods in Henderson and North Las Vegas, price the build-out against $350,000, and prove coverage on realistic covers and prime cost. The appraisal covers the leasehold or the property. A lender reading the Las Vegas package sees our work; signed by Daniel Smith, MAI, and the 236 approvals above promise nothing about yours.