Two-Unit Downtown
For Sale
$400,000
203 N 13th Street, Las Vegas, NV 89101
Residential, Las Vegas, NV
Property Size1,247 SF
Lot Size0.16 Acres
Price / SF$320.77
Days on Market123
Property Features for 203 N 13th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Window features
Blinds
Interior features
Ceiling Fan(s), Window Treatments
Appliances
Oven, Range, Refrigerator
Subdivision
Fairview Tr
Elementary school
,
Directions
From LVB, East on Stewart, South on Maryland Pkwy, East on Ogden, North on 13th St, Duplex is on the left.
Standard status
Active
APN
139-35-211-085
Size
1,247 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
816
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Wall Furnace
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1944
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Block
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
eXp Realty
(702) 310-6683
Listed By:
Aaron Taylor · License #S.0038886
(702) 310-6683
Added: Apr 24
Changed: Aug 20
Last Checked: Aug 24 at 6:06PM
MLS# 2776043
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 1944 duplex contains two one-bedroom, one-bath residences within 1,247 square feet. The property features block construction, vinyl flooring, ceiling fans, window treatments, and individual window-unit cooling. Heating is provided by electric wall furnaces, while each unit includes an oven, range, and refrigerator.
Located at 203 N 13th Street in downtown Las Vegas, the property is served by public water and public sewer. The 0.16-acre site has a composition and shingle roof and is designated T-5.
Located at 203 N 13th Street in downtown Las Vegas, the property is served by public water and public sewer. The 0.16-acre site has a composition and shingle roof and is designated T-5.
Key Highlights
- Two‑unit duplex with both residences configured as 1 bedroom/1 bath
- 1,247 square feet on a 0.16‑acre lot
- T‑5 zoning at 203 N 13th Street, Las Vegas, NV 89101
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
$14,353
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
3.59%
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%
$287,060
$287.1K
Cap Rate 7%
$205,043
$205.0K
Cap Rate 9%
$159,478
$159.5K
Market Conditions
NOI Build-Up for 1,247 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
$21.7K $17.40/SF
− Vacancy
−$1.2K −$0.96/SF
EGI
$20.5K $16.44/SF
− OpEx
−$6.2K −$4.93/SF
NOI
$14.4K $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%
$287,060
Cap Rate 7%
$205,043
Cap Rate 9%
$159,478
Alternative Uses
Best Use
Multifamily LT 5
$205.0K
$179.4K – $239.2K
NOI $14,353 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$189.5K
$165.8K – $221.1K
NOI $13,264 @ 7.0% cap · market cap 3.32%
Theoretical Best
Specialty Retail
$430.9K
$377.0K – $502.7K
NOI $30,162 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,375
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - T-5-zoned duplex with separate one-bedroom residences and public utilities in downtown Las Vegas.
Where is this duplex located?
The property is located at 203 N 13th Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences configured as 1 bedroom/1 bath; 1,247 square feet on a 0.16‑acre lot; T‑5 zoning at 203 N 13th Street, Las Vegas, NV 89101
