Renovated Furnished
New
For Sale
$895,000
1215 Rawhide Street, Las Vegas, NV 89119
Residential, Las Vegas, NV
Property Size4,000 SF
Lot Size0.22 Acres
Price / SF$223.75
Days on Market2
Property Features for 1215 Rawhide Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
6
Parking features
Assigned
Window features
Blinds
Interior features
Storage, Window Treatments
Exterior features
Private Yard
Appliances
Dryer, Dishwasher, Exhaust Fan, Electric Water Heater, Disposal, Microwave, Oven, Range, Refrigerator, Range Hood, Water Heater, Washer
Subdivision
Airport
Elementary school
,
Directions
From Tropicana and Maryland, head S on Maryland. Turn L on Rawhide (last street before Russell Rd). Or head E on Russell from Airport, turn L on Maryland and immediate R.
Standard status
Active
APN
162-26-401-001
Size
4,000 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
2870
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
dedicated laundry closet
individual storage space
fully fenced secure yard
Building Details
Year built
1984
Floors in Building
2
Number of units
1
Flooring type
Vinyl, Carpet, Wood
Building materials
Stucco, Wood Frame
Roof type
Flat, Tile
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Executive Realty Services
Listed By:
Chao Cong · License #S.0180161
(702) 278-8871
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 13 at 5:06AM
MLS# 2818185
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 4,000-square-foot quadplex contains four furnished apartments, each arranged with 2 bedrooms and 2 bathrooms. The units were renovated in 2017 and include updated flooring, remodeled bathrooms, modernized kitchens, newer double-pane windows, dedicated laundry closets with washer and dryer, and individual exterior storage. The property also features a tile roof, block-wall fencing, a secure yard, assigned parking, central heating and cooling, and public water and sewer. Built in 1984, the building includes a 0.22-acre lot and has stucco and wood-frame construction.
Three apartments are occupied by long-term tenants with staggered lease expirations, while one unit is available for owner occupancy or lease-up. The property carries a reported 6.45% cap rate and is offered furnished across all four units. It is positioned on a corner lot adjacent to Siegfried & Roy Park, near Russell Rd. and Maryland Pkwy, with select units offering Las Vegas Strip views. The location provides access to the Strip, airport, major freeways, UNLV, shopping, dining, and schools.
Three apartments are occupied by long-term tenants with staggered lease expirations, while one unit is available for owner occupancy or lease-up. The property carries a reported 6.45% cap rate and is offered furnished across all four units. It is positioned on a corner lot adjacent to Siegfried & Roy Park, near Russell Rd. and Maryland Pkwy, with select units offering Las Vegas Strip views. The location provides access to the Strip, airport, major freeways, UNLV, shopping, dining, and schools.
Key Highlights
- Four furnished apartments, each with 2 bedrooms and 2 bathrooms
- 4,000 square feet on a 0.22‑acre lot
- Renovated in 2017; built in 1984
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
$46,040
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
5.14%
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%
$920,800
$920.8K
Cap Rate 7%
$657,714
$657.7K
Cap Rate 9%
$511,556
$511.6K
Market Conditions
NOI Build-Up for 4,000 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
$69.6K $17.40/SF
− Vacancy
−$3.8K −$0.96/SF
EGI
$65.8K $16.44/SF
− OpEx
−$19.7K −$4.93/SF
NOI
$46.0K $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%
$920,800
Cap Rate 7%
$657,714
Cap Rate 9%
$511,556
Alternative Uses
Best Use
Multifamily LT 5
$657.7K
$575.5K – $767.3K
NOI $46,040 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$607.8K
$531.8K – $709.1K
NOI $42,546 @ 7.0% cap · market cap 4.75%
Theoretical Best
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,752 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Explore this area
Business Placement
Demographics for 89119, NV
48,895
Population
24,756
Households
2
Avg Household Size
36
Median Age
20%
College-Educated
84%
High-School Grad
12.9 sq mi
ZIP Area
3,790
Density / Sq Mi
$46,472
Median Household Income
$32,590
Median Earnings
$1,184
Median Rent
$301,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four updated apartments offer furnished layouts, dedicated laundry, private storage, and flexible occupancy options.
Where is this quadplex located?
The property is located at 1215 Rawhide Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Four furnished apartments, each with 2 bedrooms and 2 bathrooms; 4,000 square feet on a 0.22‑acre lot; Renovated in 2017; built in 1984
