Four-Unit Quadplex with Onsite
For Sale
$850,000
3228 Arlene Way, Las Vegas, NV 89108
Residential, Las Vegas, NV
Property Size3,966 SF
Lot Size0.17 Acres
Price / SF$214.32
Days on Market13
Property Features for 3228 Arlene Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Exhaust Fan, Disposal, Microwave, Oven, Range, Refrigerator, Range Hood
Subdivision
Mountain View Park
Elementary school
,
Directions
From Rancho and Cheyenne, Head West on Cheyenne, North on Arlene.
Standard status
Active
APN
138-12-812-004
Size
3,966 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
2166
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
onsite laundry
separated storage space
breakfast bars
sitting area
Building Details
Year built
1964
Floors in Building
2
Number of units
4
Flooring type
Carpet, Tile
Building materials
Stucco, Wood Frame
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Realty ONE Group, Inc
(702) 898-1010
Listed By:
Alan F. Wheelock · License #S.0062633
(702) 378-1339
Added: Sep 15
Changed: Sep 24
Last Checked: Sep 27 at 2:06PM
MLS# 2819065
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 residential property contains 3,966 square feet with eight bedrooms and five full bathrooms across the building. Unit interiors include laminate, wood, hardwood, tile, and ceramic tile flooring, along with kitchens that feature breakfast bars and sitting areas. On-site laundry and separate storage for each unit support day-to-day operations, while central heating and central air provide building-wide climate control.
Built in 1964 on a 0.17-acre corner lot, the property includes substantial parking, sidewalks, palm landscaping, stucco and wood-frame construction, and a shingle and composition roof. Public water and public sewer serve the property. The address is 3228 Arlene Way in Las Vegas, with shopping, public transportation, and restaurants located nearby.
Built in 1964 on a 0.17-acre corner lot, the property includes substantial parking, sidewalks, palm landscaping, stucco and wood-frame construction, and a shingle and composition roof. Public water and public sewer serve the property. The address is 3228 Arlene Way in Las Vegas, with shopping, public transportation, and restaurants located nearby.
Key Highlights
- 3,966‑square‑foot four‑unit property with eight bedrooms and five full bathrooms
- 0.17‑acre corner lot with substantial parking and sidewalks
- Separate storage space designated for each unit
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
$52,110
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
6.13%
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%
$1,042,200
$1.0M
Cap Rate 7%
$744,429
$744.4K
Cap Rate 9%
$579,000
$579.0K
Market Conditions
NOI Build-Up for 3,966 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
$78.5K $19.80/SF
− Vacancy
−$4.1K −$1.03/SF
EGI
$74.4K $18.77/SF
− OpEx
−$22.3K −$5.63/SF
NOI
$52.1K $13.14/SF
Area
ZIP 89108
Vacancy
5.20%
Lease Rate
$19.80 /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%
$1,042,200
Cap Rate 7%
$744,429
Cap Rate 9%
$579,000
Alternative Uses
Best Use
Multifamily LT 5
$744.4K
$651.4K – $868.5K
NOI $52,110 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$667.9K
$584.4K – $779.2K
NOI $46,750 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,957 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
702
Businesses Nearby
Explore this area
Business Placement
Demographics for 89108, NV
73,637
Population
28,377
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
80%
High-School Grad
8.9 sq mi
ZIP Area
8,274
Density / Sq Mi
$57,403
Median Household Income
$36,383
Median Earnings
$1,431
Median Rent
$304,400
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer shared parking, private storage, breakfast bars, and on-site laundry in a corner-lot setting.
Where is this quadplex located?
The property is located at 3228 Arlene Way Las Vegas, NV.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,966‑square‑foot four‑unit property with eight bedrooms and five full bathrooms; 0.17‑acre corner lot with substantial parking and sidewalks; Separate storage space designated for each unit
