4-Unit Apartment
For Sale
$765,000
Pending
123 W Cedar St, Elko, NV 89801
Landscaped residential income property with covered parking and a detached garage.
Property Size5,184 SF
Days on Market17
Property Features for 123 W Cedar St
General Information
Standard status
Pending
Size
5,184 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,071
Listing Agency:
Elko Realty
(775) 397-3695
Listed By:
Christina Pemelton · License #B.0146152.LLC
(775) 397-3695
Source:
Exprealty
Added: Aug 7
Changed: Aug 21
Last Checked: Aug 22 at 10:12AM
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 Elko Realty
Investment Insights
Based on property information with market context.
This four-unit apartment property contains 5,184 square feet across four apartments, each measuring 1,296 square feet. Every unit includes two bedrooms and either one or 1.5 bathrooms. The improvements also include three carports and an 840-square-foot detached garage.
The grounds at 123 W Cedar St in Elko, NV, feature grass, mature trees, and an automatic sprinkler system. Utility responsibilities are divided between the occupants and ownership: residents handle electric and gas, while water is paid by the landlord.
The grounds at 123 W Cedar St in Elko, NV, feature grass, mature trees, and an automatic sprinkler system. Utility responsibilities are divided between the occupants and ownership: residents handle electric and gas, while water is paid by the landlord.
Key Highlights
- Four apartments, each with 1,296 square feet, two bedrooms, and one or 1.5 bathrooms
- 5,184‑square‑foot apartment property at 123 W Cedar St, Elko, NV 89801
- Three carports plus an 840‑square‑foot detached garage
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
$42,294
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
5.53%
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%
$845,880
$845.9K
Cap Rate 7%
$604,200
$604.2K
Cap Rate 9%
$469,933
$469.9K
Market Conditions
NOI Build-Up for 5,184 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
$65.3K $12.60/SF
− Vacancy
−$4.9K −$0.95/SF
EGI
$60.4K $11.66/SF
− OpEx
−$18.1K −$3.50/SF
NOI
$42.3K $8.16/SF
Area
Elko County, NV
Vacancy
7.50%
Lease Rate
$12.60 /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%
$845,880
Cap Rate 7%
$604,200
Cap Rate 9%
$469,933
Alternative Uses
Best Use
Multifamily LT 5
$604.2K
$528.7K – $704.9K
NOI $42,294 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$559.1K
$489.2K – $652.3K
NOI $39,138 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,310 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
Explore this area
Business Placement
Demographics for 89801, NV
26,250
Population
11,079
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
87%
High-School Grad
1,212.7 sq mi
ZIP Area
22
Density / Sq Mi
$83,777
Median Household Income
$48,886
Median Earnings
$1,185
Median Rent
$278,700
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 - Landscaped residential income property with covered parking and a detached garage.
Where is this quadplex located?
The property is located at 123 W Cedar St Elko, NV.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: Four apartments, each with 1,296 square feet, two bedrooms, and one or 1.5 bathrooms; 5,184‑square‑foot apartment property at 123 W Cedar St, Elko, NV 89801; Three carports plus an 840‑square‑foot detached garage
