Three-Unit Gated Residential
For Sale
$349,000
1109 Cunningham Drive, Las Vegas, NV 89106
MULTI_FAMILY - Other - Las Vegas, NV
Property Size2,095 SF
Lot Size0.16 Acres
Price / SF$166.59
Days on Market49
Property Features for 1109 Cunningham Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Window features
Blinds
Interior features
Ceiling Fan(s), Window Treatments
Exterior features
Private Yard
Appliances
Disposal, Oven, Range, Refrigerator
Subdivision
B M Jones Sub
Elementary school
,
Directions
Washington and MLK go North 1 street to Adams then west to first street which is Cunningham street.
Standard status
Active
APN
139-28-612-019
Size
2,095 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
1088
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
gated
block fence
concrete landscaping
Building Details
Year built
1957
Floors in Building
1
Number of units
3
Building materials
Block
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Bold Step Realty LLC
(702) 498-2289
Listed By:
Sheila Adiele · License #B.0019543
(702) 498-2289
Added: Jun 24
Changed: Jul 27
Last Checked: Aug 11 at 10:06PM
MLS# 2794329
Copyright © 2026 Las Vegas REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit (3-plex) residential income property includes three separate 2-bedroom, 2-bath units, for a total of 6 bedrooms and 6 bathrooms. The exterior features a newer roof and concrete front and side landscaping. The gated entry is enhanced with a block fence for added privacy.
The property is located at 1109 Cunningham Drive in Las Vegas, NV 89106, in Clark County.
Buyers should note the listing remarks reference interior renovation, which may allow the next owner to personalize the units’ finishes while preparing the property for long-term occupancy.
The property is located at 1109 Cunningham Drive in Las Vegas, NV 89106, in Clark County.
Buyers should note the listing remarks reference interior renovation, which may allow the next owner to personalize the units’ finishes while preparing the property for long-term occupancy.
Key Highlights
- 1957‑built block construction 3‑plex with 2 bed / 2 bath units
- Total layout: 6 bedrooms and 6 bathrooms across the 3 units
- Central air cooling with central electric heating
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,114
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$482,280
$482.3K
Cap Rate 7%
$344,486
$344.5K
Cap Rate 9%
$267,933
$267.9K
Market Conditions
NOI Build-Up for 2,095 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.5K $17.40/SF
− Vacancy
−$2.0K −$0.96/SF
EGI
$34.4K $16.44/SF
− OpEx
−$10.3K −$4.93/SF
NOI
$24.1K $11.51/SF
Area
Las Vegas, NV
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$482,280
Cap Rate 7%
$344,486
Cap Rate 9%
$267,933
Alternative Uses
Best Use
Multifamily LT 5
$344.5K
$301.4K – $401.9K
NOI $24,114 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$318.3K
$278.6K – $371.4K
NOI $22,284 @ 7.0% cap · market cap 6.39%
Theoretical Best
Specialty Retail
$723.9K
$633.4K – $844.6K
NOI $50,674 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Explore this area
Business Placement
Demographics for 89106, NV
27,695
Population
10,906
Households
2.5
Avg Household Size
33
Median Age
11%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
5,430
Density / Sq Mi
$38,848
Median Household Income
$31,265
Median Earnings
$1,169
Median Rent
$263,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit 2 bed/2 bath configuration with newer roof and gated block-fenced privacy.
Where is this triplex located?
The property is located at 1109 Cunningham Drive Las Vegas, NV.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1957‑built block construction 3‑plex with 2 bed / 2 bath units; Total layout: 6 bedrooms and 6 bathrooms across the 3 units; Central air cooling with central electric heating
