Fourplex with Central
For Sale
Under Contract
$660,000
1656 Stevens Street, Las Vegas, NV 89115
MULTI_FAMILY - Other - Las Vegas, NV
Property Size3,196 SF
Lot Size0.21 Acres
Price / SF$206.51
Days on Market53
Property Features for 1656 Stevens Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Exhaust Fan, Oven, Range, Range Hood
Subdivision
Melchionne Park
Elementary school
,
Directions
Head E on E Owens Ave coming from N Pecos RD & N Owens Ave, Turn left onto N Sandy Ln, Turn right onto N Stevens ST, subject property to the left.
Standard status
Active Under Contract
APN
140-19-411-005
Size
3,196 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
1465
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
storage rooms
onsite laundry room
central courtyard
Building Details
Year built
1983
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Tile
Building materials
Stucco, Wood Frame
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
eXp Realty
(702) 727-1050
Listed By:
Daniel Stewart · License #S.0191360
(702) 540-3453
Added: Jun 15
Changed: Aug 3
Last Checked: Aug 6 at 1:06PM
MLS# 2791373
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 fourplex investment property features four separate 2-bedroom, 1-bath units, each with approximately 799 square feet of living space for a total of 3,196 square feet. The property is currently 100% occupied. Heating is natural gas with central heating and central air cooling. Interior updates include semi-renovated units, with bathrooms and kitchens updated, along with updated flooring selections such as vinyl and tile.
The building includes four separate storage rooms, an onsite laundry room, a central courtyard, and five parking spaces to support tenant convenience. The exterior includes stucco and wood frame construction, with a newer roof installed in 2022 and newer exterior paint. Appliances referenced include an exhaust fan, oven, range, and range hood. Public water and public sewer services are provided.
Built in 1983, the property is located at 1656 Stevens Street in Las Vegas, Nevada 89115.
The building includes four separate storage rooms, an onsite laundry room, a central courtyard, and five parking spaces to support tenant convenience. The exterior includes stucco and wood frame construction, with a newer roof installed in 2022 and newer exterior paint. Appliances referenced include an exhaust fan, oven, range, and range hood. Public water and public sewer services are provided.
Built in 1983, the property is located at 1656 Stevens Street in Las Vegas, Nevada 89115.
Key Highlights
- 0.21‑acre fourplex with 3,196 SF total living space
- Four units, each 2 bed/1 bath with approximately 799 SF per unit
- 100% occupied fourplex with onsite laundry and central courtyard
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
$34,358
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
5.21%
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%
$687,160
$687.2K
Cap Rate 7%
$490,829
$490.8K
Cap Rate 9%
$381,756
$381.8K
Market Conditions
NOI Build-Up for 3,196 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
$51.8K $16.20/SF
− Vacancy
−$2.7K −$0.84/SF
EGI
$49.1K $15.36/SF
− OpEx
−$14.7K −$4.61/SF
NOI
$34.4K $10.75/SF
Area
ZIP 89115
Vacancy
5.20%
Lease Rate
$16.20 /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%
$687,160
Cap Rate 7%
$490,829
Cap Rate 9%
$381,756
Alternative Uses
Best Use
Multifamily LT 5
$490.8K
$429.5K – $572.6K
NOI $34,358 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$453.3K
$396.6K – $528.8K
NOI $31,728 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$955.5K
$836.1K – $1.11M
NOI $66,886 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 89115, NV
67,043
Population
21,670
Households
3.1
Avg Household Size
29
Median Age
9%
College-Educated
70%
High-School Grad
24.9 sq mi
ZIP Area
2,692
Density / Sq Mi
$49,648
Median Household Income
$32,198
Median Earnings
$1,294
Median Rent
$258,900
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?
Quadplex - Fully occupied fourplex with an onsite laundry room, central courtyard, and five parking spaces plus updated kitchens and baths.
Where is this quadplex located?
The property is located at 1656 Stevens Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: 0.21‑acre fourplex with 3,196 SF total living space; Four units, each 2 bed/1 bath with approximately 799 SF per unit; 100% occupied fourplex with onsite laundry and central courtyard
