Four-Unit Apartment
New
For Sale
$615,000
1317 N 23rd Street, Las Vegas, NV 89101
Residential, Las Vegas, NV
Property Size3,540 SF
Lot Size0.17 Acres
Price / SF$173.73
Days on Market4
Property Features for 1317 N 23rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Assigned
Appliances
Refrigerator
Subdivision
Park North Villa Apts
Elementary school
,
Directions
From Eastern and Washington, North on Eastern, West on Searles, Right on 23rd Street.
Standard status
Active
APN
139-26-513-012
Size
3,540 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
1201
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
2
Number of units
4
Flooring type
Carpet
Building materials
Wood Frame
Roof type
Flat
Architectural style
Other
Listing Agency:
Keller Williams MarketPlace · Keller Williams Realty
(702) 877-2500
Listed By:
Michael McNamara · License #S.0169544
(585) 820-6627
Added: Sep 7
Changed: Sep 8
Last Checked: Sep 10 at 12:06PM
MLS# 2816456
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 four-unit apartment property at 1317 N 23rd Street includes 3,540 square feet across four similarly configured residences. Each apartment offers two bedrooms and one bathroom, with approximately 885 square feet per unit. Built in 1963, the wood-frame property has central air conditioning, central natural-gas heating, carpeted interiors, assigned parking, and a flat roof. One residence has been remodeled, and the roof membrane across the property has been replaced.
The 0.17-acre site is served by public water and public sewer and sits in Las Vegas, Nevada 89101. In-place tenants occupy the units, while the existing layout provides a consistent four-apartment configuration for multifamily ownership.
The 0.17-acre site is served by public water and public sewer and sits in Las Vegas, Nevada 89101. In-place tenants occupy the units, while the existing layout provides a consistent four-apartment configuration for multifamily ownership.
Key Highlights
- Four apartments totaling 3,540 square feet
- Four similarly sized 2‑bedroom, 1‑bath units of approximately 885 square feet each
- Built in 1963 on a 0.17‑acre lot
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
$40,746
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
6.63%
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%
$814,920
$814.9K
Cap Rate 7%
$582,086
$582.1K
Cap Rate 9%
$452,733
$452.7K
Market Conditions
NOI Build-Up for 3,540 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
$61.6K $17.40/SF
− Vacancy
−$3.4K −$0.96/SF
EGI
$58.2K $16.44/SF
− OpEx
−$17.5K −$4.93/SF
NOI
$40.7K $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%
$814,920
Cap Rate 7%
$582,086
Cap Rate 9%
$452,733
Alternative Uses
Best Use
Multifamily LT 5
$582.1K
$509.3K – $679.1K
NOI $40,746 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$537.9K
$470.7K – $627.6K
NOI $37,653 @ 7.0% cap · market cap 6.12%
Theoretical Best
Specialty Retail
$1.22M
$1.07M – $1.43M
NOI $85,625 @ 7.0% cap · market cap 13.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 89101, NV
42,465
Population
18,258
Households
2.3
Avg Household Size
35
Median Age
11%
College-Educated
66%
High-School Grad
5.4 sq mi
ZIP Area
7,864
Density / Sq Mi
$38,653
Median Household Income
$29,471
Median Earnings
$1,008
Median Rent
$258,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Central Las Vegas multifamily property with assigned parking, public water, and public sewer.
Where is this quadplex located?
The property is located at 1317 N 23rd Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Four apartments totaling 3,540 square feet; Four similarly sized 2‑bedroom, 1‑bath units of approximately 885 square feet each; Built in 1963 on a 0.17‑acre lot
