Fourplex with Private
For Sale
Under Contract
$595,000
5235 Gray Lane, Las Vegas, NV 89119
Residential, Las Vegas, NV
Property Size3,748 SF
Lot Size0.10 Acres
Price / SF$158.75
Days on Market134
Property Features for 5235 Gray Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Garage
Window features
Blinds
Interior features
Ceiling Fan(s), Window Treatments
Appliances
Oven, Range, Refrigerator
Subdivision
Century Garden Sub Amd
Elementary school
,
Directions
From Maryland Pkwy & Russell Rd - North on Maryland Pkwy - Left on Century Garden Dr (Through Guard Gate) - Through Roundabout - Left on Gray Ln - Property on the Right.
Standard status
Active Under Contract
APN
162-27-611-320
Size
3,748 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
1940
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
pool
guard-gated community
in-unit washer/dryer
Building Details
Year built
1977
Floors in Building
2
Number of units
4
Flooring type
Wood, Tile
Building materials
Stucco, Wood Frame
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Win Win Real Estate
(702) 789-7172
Listed By:
Diana Day · License #S.0063796
(702) 505-3484
Added: Apr 17
Changed: Aug 22
Last Checked: Aug 28 at 10:06PM
MLS# 2774318
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 3,748-square-foot fourplex, built in 1977, contains one three-bedroom residence, one two-bedroom residence, and two one-bedroom residences. Every unit includes a private garage and in-unit washer and dryer. Interior features include ceiling fans and window treatments, with wood and tile flooring, central heating, and central air conditioning. The property is constructed with stucco and wood-frame materials and has a shingle and composition roof.
Residents have access to a guard-gated community with a pool and maintained grounds. HOA-covered services include water, sewer, and trash. The property is located in Las Vegas near UNLV, Harry Reid International Airport, and the Las Vegas Strip, with shopping, dining, employment centers, entertainment, and freeway connections nearby.
Residents have access to a guard-gated community with a pool and maintained grounds. HOA-covered services include water, sewer, and trash. The property is located in Las Vegas near UNLV, Harry Reid International Airport, and the Las Vegas Strip, with shopping, dining, employment centers, entertainment, and freeway connections nearby.
Key Highlights
- 3,748‑square‑foot fourplex built in 1977
- Unit mix includes one 3‑bedroom, one 2‑bedroom, and two 1‑bedroom residences
- Private garage and in‑unit washer and dryer for every 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
$43,140
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
7.25%
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%
$862,800
$862.8K
Cap Rate 7%
$616,286
$616.3K
Cap Rate 9%
$479,333
$479.3K
Market Conditions
NOI Build-Up for 3,748 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
$65.2K $17.40/SF
− Vacancy
−$3.6K −$0.96/SF
EGI
$61.6K $16.44/SF
− OpEx
−$18.5K −$4.93/SF
NOI
$43.1K $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%
$862,800
Cap Rate 7%
$616,286
Cap Rate 9%
$479,333
Alternative Uses
Best Use
Multifamily LT 5
$616.3K
$539.3K – $719.0K
NOI $43,140 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$569.5K
$498.3K – $664.4K
NOI $39,866 @ 7.0% cap · market cap 6.70%
Theoretical Best
Specialty Retail
$1.30M
$1.13M – $1.51M
NOI $90,656 @ 7.0% cap · market cap 15.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,055
Businesses Nearby
Explore this area
Business Placement
Demographics for 89119, NV
48,895
Population
24,756
Households
2
Avg Household Size
36
Median Age
20%
College-Educated
84%
High-School Grad
12.9 sq mi
ZIP Area
3,790
Density / Sq Mi
$46,472
Median Household Income
$32,590
Median Earnings
$1,184
Median Rent
$301,000
Median Home Value
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 - Fully occupied four-unit property with individual laundry, central systems, and access to community amenities.
Where is this quadplex located?
The property is located at 5235 Gray Lane Las Vegas, NV.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3,748‑square‑foot fourplex built in 1977; Unit mix includes one 3‑bedroom, one 2‑bedroom, and two 1‑bedroom residences; Private garage and in‑unit washer and dryer for every unit
