Gated Triplex With Newer
For Sale
$349,000
1109 Cunningham Dr, Las Vegas, NV 89106
Three-unit property with concrete front and side landscaping.
Property Size2,095 SF
Price / SF$166.59
Days on Market53
Property Features for 1109 Cunningham Dr
General Information
Standard status
Active
Size
2,095 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
Buyer's interior renovation
Additional Details
Multifamily Units
3
Amenities
gated
Building Details
Year Built
1957
Listing Agency:
Realty One Group, Inc
(702) 718-3878
Listed By:
Contact Buyer's Agent
(702) 718-3878
Source:
Retirebetternow
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 30 at 4:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty One Group, Inc
Investment Insights
Based on property information with market context.
Built in 1957, this triplex includes three residential units within a gated property enclosed by a block fence. The site features concrete landscaping along the front and side areas, while the newer roof adds a recent improvement to the building.
Located at 1109 Cunningham Dr in Las Vegas, the property can accommodate an owner-occupant arrangement with one unit used as a residence and the other two offered for rent, subject to the buyer’s renovation plans.
Located at 1109 Cunningham Dr in Las Vegas, the property can accommodate an owner-occupant arrangement with one unit used as a residence and the other two offered for rent, subject to the buyer’s renovation plans.
Key Highlights
- Three‑unit triplex built in 1957
- Gated property enclosed by a block fence
- Newer roof
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
$24,114
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
6.91%
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%
$482,280
$482.3K
Cap Rate 7%
$344,486
$344.5K
Cap Rate 9%
$267,933
$267.9K
Market Conditions
NOI Build-Up for 2,095 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
$36.5K $17.40/SF
− Vacancy
−$2.0K −$0.96/SF
EGI
$34.4K $16.44/SF
− OpEx
−$10.3K −$4.93/SF
NOI
$24.1K $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%
$482,280
Cap Rate 7%
$344,486
Cap Rate 9%
$267,933
Alternative Uses
Best Use
Multifamily LT 5
$344.5K
$301.4K – $401.9K
NOI $24,114 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$318.3K
$278.6K – $371.4K
NOI $22,284 @ 7.0% cap · market cap 6.39%
Theoretical Best
Specialty Retail
$723.9K
$633.4K – $844.6K
NOI $50,674 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Explore this area
Business Placement
Demographics for 89106, NV
27,695
Population
10,906
Households
2.5
Avg Household Size
33
Median Age
11%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
5,430
Density / Sq Mi
$38,848
Median Household Income
$31,265
Median Earnings
$1,169
Median Rent
$263,100
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?
Triplex - Three-unit property with concrete front and side landscaping.
Where is this triplex located?
The property is located at 1109 Cunningham Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1957; Gated property enclosed by a block fence; Newer roof
