Four-Unit Quadplex With Central
For Sale
$709,900
203 Bruce Way, Henderson, NV 89015
Residential, Henderson, NV
Property Size3,060 SF
Lot Size0.16 Acres
Price / SF$231.99
Days on Market44
Property Features for 203 Bruce Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Window features
Blinds
Interior features
Window Treatments
Appliances
Oven, Range, Refrigerator
Subdivision
Bulloch Sub #1
Elementary school
,
Directions
From Lake Mead Pkwy & Boulder Hwy, continue east on Lake Mead Pkwy. Right on Burkholder Blvd, left on Center St, right on Bruce Way to property.
Standard status
Active
APN
179-17-511-025
Size
3,060 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2331
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Amenities
separate electric meters
central heating and cooling
range/oven
refrigerator
blinds
laundry room
Building Details
Year built
1980
Floors in Building
2
Number of units
1
Flooring type
Wood, Tile, Vinyl
Building materials
Stucco
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
General Realty Group Inc
(702) 736-4664
Listed By:
Steven Aboulafia · License #S.0040153
(702) 497-8006
Added: Aug 14
Changed: Sep 21
Last Checked: Sep 26 at 1:06PM
MLS# 2809242
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 1980 quadplex contains four two-bedroom, one-bath residences within approximately 3,060 total square feet. The property includes central heating and cooling, separate electric meters, a shared laundry room, window treatments, and partial furnishings. Individual units are equipped with range, oven, and refrigerator appliances. Stucco construction, wood, tile, and vinyl flooring, plus a composition shingle roof, complete the primary building features.
The property is located in Henderson near shopping, dining, schools, and commuter routes. Public water and public sewer serve the site, which encompasses 0.16 acres. The four-unit configuration provides a clearly defined multifamily asset with separately metered electricity and residential amenities already in place.
The property is located in Henderson near shopping, dining, schools, and commuter routes. Public water and public sewer serve the site, which encompasses 0.16 acres. The four-unit configuration provides a clearly defined multifamily asset with separately metered electricity and residential amenities already in place.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- Approximately 3,060 total square feet
- Separate electric meters for the units
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
$35,430
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
4.99%
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%
$708,600
$708.6K
Cap Rate 7%
$506,143
$506.1K
Cap Rate 9%
$393,667
$393.7K
Market Conditions
NOI Build-Up for 3,060 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
$53.2K $17.40/SF
− Vacancy
−$2.6K −$0.86/SF
EGI
$50.6K $16.54/SF
− OpEx
−$15.2K −$4.96/SF
NOI
$35.4K $11.58/SF
Area
ZIP 89015
Vacancy
4.94%
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%
$708,600
Cap Rate 7%
$506,143
Cap Rate 9%
$393,667
Alternative Uses
Best Use
Multifamily LT 5
$506.1K
$442.9K – $590.5K
NOI $35,430 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$465.0K
$406.9K – $542.5K
NOI $32,548 @ 7.0% cap · market cap 4.58%
Theoretical Best
Specialty Retail
$1.07M
$937.9K – $1.25M
NOI $75,035 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
Explore this area
Business Placement
Demographics for 89015, NV
41,203
Population
16,812
Households
2.5
Avg Household Size
41
Median Age
20%
College-Educated
89%
High-School Grad
37.3 sq mi
ZIP Area
1,105
Density / Sq Mi
$71,300
Median Household Income
$41,509
Median Earnings
$1,324
Median Rent
$373,700
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Each residence offers two bedrooms, one bathroom, appliance packages, and access to a shared laundry room.
Where is this quadplex located?
The property is located at 203 Bruce Way Henderson, NV.
What is the asking price?
The asking price for this property is $709,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; Approximately 3,060 total square feet; Separate electric meters for the units
