Renovated
For Sale
$799,999
4851 E Craig Road, Las Vegas, NV 89115
Residential, Las Vegas, NV
Property Size3,944 SF
Lot Size0.22 Acres
Price / SF$202.84
Days on Market47
Property Features for 4851 E Craig Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Dryer, Refrigerator, Washer
Subdivision
Westgate Palms
Elementary school
,
Directions
From Craig Rd and Lamb Blvd, head East on Craig Rd, property is on the Right.
Standard status
Active
APN
140-05-711-010
Size
3,944 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
1803
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit washer/dryer
outdoor storage rooms
Building Details
Year built
1984
Floors in Building
2
Number of units
4
Flooring type
Tile, Vinyl
Building materials
Wood Frame
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
Keller Williams MarketPlace · Keller Williams Realty
(702) 877-2500
Listed By:
Blake Leavitt · License #BS.0145665
(702) 809-8387
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 8 at 11:06PM
MLS# 2803075
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.
Located at 4851 E Craig Road in Las Vegas, this fourplex contains 3,944 square feet and was constructed in 1984. The property offers four two-bedroom, two-bath residences, each equipped with a refrigerator, washer, dryer, and full appliance package. Interior and exterior renovations have been completed, with tile and vinyl flooring, central heating, and central air conditioning throughout the property.
The 0.22-acre site includes four outdoor storage rooms and ample parking. Public water and public sewer serve the property, while wood-frame construction and a composition shingle roof complete the primary building systems. The property is fully occupied and located in Clark County, within ZIP code 89115.
The 0.22-acre site includes four outdoor storage rooms and ample parking. Public water and public sewer serve the property, while wood-frame construction and a composition shingle roof complete the primary building systems. The property is fully occupied and located in Clark County, within ZIP code 89115.
Key Highlights
- Fully occupied fourplex at 4851 E Craig Road, Las Vegas
- Four 2‑bed/2‑bath units totaling 3,944 square feet
- Built in 1984 with completed interior and exterior renovations
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
$42,399
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
5.30%
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%
$847,980
$848.0K
Cap Rate 7%
$605,700
$605.7K
Cap Rate 9%
$471,100
$471.1K
Market Conditions
NOI Build-Up for 3,944 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
$63.9K $16.20/SF
− Vacancy
−$3.3K −$0.84/SF
EGI
$60.6K $15.36/SF
− OpEx
−$18.2K −$4.61/SF
NOI
$42.4K $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%
$847,980
Cap Rate 7%
$605,700
Cap Rate 9%
$471,100
Alternative Uses
Best Use
Multifamily LT 5
$605.7K
$530.0K – $706.7K
NOI $42,399 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$559.3K
$489.4K – $652.6K
NOI $39,154 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,540 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
433
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied fourplex with renovated interiors, complete appliance packages, and outdoor storage rooms.
Where is this quadplex located?
The property is located at 4851 E Craig Road Las Vegas, NV.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Fully occupied fourplex at 4851 E Craig Road, Las Vegas; Four 2‑bed/2‑bath units totaling 3,944 square feet; Built in 1984 with completed interior and exterior renovations
