Updated Four-Unit
New
For Sale
$657,500
2609 Cedar Avenue, Las Vegas, NV 89101
Residential, Las Vegas, NV
Property Size2,870 SF
Lot Size0.14 Acres
Price / SF$229.09
Days on Market3
Property Features for 2609 Cedar Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Alley
Appliances
Exhaust Fan, Electric Water Heater, Oven, Range, Refrigerator, Range Hood
Subdivision
Artesian Acres
Elementary school
,
Directions
From 95 & Eastern Ave, go north on Eastern Ave, right on Cedar Ave, building 2609 will be on the left. You have arrived at 2609 Cedar Avenue, Las Vegas, NV 89101.
Standard status
Active
APN
139-36-114-015
Size
2,870 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
1660
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1962
Floors in Building
1
Number of units
4
Flooring type
Tile - Ceramic
Building materials
Stucco, Wood Frame
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Keller Williams MarketPlace · Keller Williams Realty
(702) 939-0000
Listed By:
Joshua Segal · License #BS.0144443
(805) 440-7757
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 16 at 3:06AM
MLS# 2808652
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 2,870-square-foot quadplex contains four residential units, each configured with two bedrooms and one bathroom. The property was built in 1962 on a 0.14-acre parcel and features stucco and wood-frame construction, ceramic tile flooring, composition and shingle roofing, and alley parking. Recent improvements include exterior paint, extensive roof work, upgraded windows, and plumbing enhancements.
Central electric heating and central air conditioning serve the building. Each unit includes an oven, range, refrigerator, range hood, exhaust fan, and electric water heater. Public water and public sewer are in place, and the property is located in Las Vegas, Nevada.
Central electric heating and central air conditioning serve the building. Each unit includes an oven, range, refrigerator, range hood, exhaust fan, and electric water heater. Public water and public sewer are in place, and the property is located in Las Vegas, Nevada.
Key Highlights
- Four‑unit quadplex with four 2‑bedroom, 1‑bath units
- 2,870 square feet on a 0.14‑acre parcel
- Exterior paint, extensive roof work, upgraded windows, and plumbing improvements
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
$33,034
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
5.02%
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%
$660,680
$660.7K
Cap Rate 7%
$471,914
$471.9K
Cap Rate 9%
$367,044
$367.0K
Market Conditions
NOI Build-Up for 2,870 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
$49.9K $17.40/SF
− Vacancy
−$2.7K −$0.96/SF
EGI
$47.2K $16.44/SF
− OpEx
−$14.2K −$4.93/SF
NOI
$33.0K $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%
$660,680
Cap Rate 7%
$471,914
Cap Rate 9%
$367,044
Alternative Uses
Best Use
Multifamily LT 5
$471.9K
$412.9K – $550.6K
NOI $33,034 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$436.1K
$381.6K – $508.8K
NOI $30,527 @ 7.0% cap · market cap 4.64%
Theoretical Best
Specialty Retail
$991.7K
$867.7K – $1.16M
NOI $69,419 @ 7.0% cap · market cap 10.56%
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
1,021
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Roof work, upgraded windows, and plumbing improvements support this maintained residential income property.
Where is this quadplex located?
The property is located at 2609 Cedar Avenue Las Vegas, NV.
What is the asking price?
The asking price for this property is $657,500.
What are key features of this property?
This property features: Four‑unit quadplex with four 2‑bedroom, 1‑bath units; 2,870 square feet on a 0.14‑acre parcel; Exterior paint, extensive roof work, upgraded windows, and plumbing improvements
