Four-Unit Residential Income
For Sale
$800,000
2894 Karen Ave, Las Vegas, NV 89121
Four distinct units include private patios and garages, supported by on-site amenities like a community pool and security patrol.
Property Size4,492 SF
Days on Market69
Property Features for 2894 Karen Ave
General Information
Standard status
Active
Size
4,492 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,995
Building Details
Building Size
4,492 SF
Year Built
1974
Stories
2
Units
4
Listing Agency:
Rothwell Gornt Companies
(702) 217-1048
Listed By:
Ryan Crighton · License #BS.0000254
(702) 217-1048
Source:
Elliman
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 11 at 10:19AM
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 Rothwell Gornt Companies
Investment Insights
Based on property information with market context.
This four-unit residential income property is offered for sale within El Sol Del Pueblo. The configuration includes four separate units with a mix of single-story and two-level layouts, each featuring a private patio. Unit 1 is a single-story home with 3 bedrooms, 2 bathrooms, and a 2-car garage. Unit 2 is single-story with 2 bedrooms, 2 bathrooms, a private patio, and a 1-car garage. Unit 3 is townhouse style, with both bedrooms on the second floor, 1 to 1.5 bathrooms (per the listing), a private patio, and a 1-car garage. Unit 4 sits over the garages and includes 2 bedrooms, 1 bathroom, a large deck, and a 1-car garage. Washer-dryer hook-ups are provided in all garages.
The community features a roving security patrol and a community pool. Walk, bike, and transit scores are listed as somewhat walkable, somewhat bikeable, and somewhat served by transit.
For buyers seeking an income property with multiple independent units, the combination of private outdoor space, attached garages, and in-garage washer-dryer hook-ups can support tenant convenience and flexibility. The unit mix also provides a range of bedroom configurations to help match different household needs.
The community features a roving security patrol and a community pool. Walk, bike, and transit scores are listed as somewhat walkable, somewhat bikeable, and somewhat served by transit.
For buyers seeking an income property with multiple independent units, the combination of private outdoor space, attached garages, and in-garage washer-dryer hook-ups can support tenant convenience and flexibility. The unit mix also provides a range of bedroom configurations to help match different household needs.
Key Highlights
- Four distinct units in an El Sol Del Pueblo community (year built 1974), each with private patio space and garage parking
- Owner unit (#1): single‑story 3 bed/2 bath with private patio and 2‑car garage
- Unit #2: single‑story 2 bed/2 bath with private patio and 1‑car 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
$59,022
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
7.38%
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%
$1,180,440
$1.2M
Cap Rate 7%
$843,171
$843.2K
Cap Rate 9%
$655,800
$655.8K
Market Conditions
NOI Build-Up for 4,492 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
$88.9K $19.80/SF
− Vacancy
−$4.6K −$1.03/SF
EGI
$84.3K $18.77/SF
− OpEx
−$25.3K −$5.63/SF
NOI
$59.0K $13.14/SF
Area
ZIP 89121
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%
$1,180,440
Cap Rate 7%
$843,171
Cap Rate 9%
$655,800
Alternative Uses
Best Use
Multifamily LT 5
$843.2K
$737.8K – $983.7K
NOI $59,022 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$756.4K
$661.9K – $882.5K
NOI $52,950 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,599 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
Explore this area
Business Placement
Demographics for 89121, NV
68,692
Population
29,012
Households
2.4
Avg Household Size
39
Median Age
16%
College-Educated
78%
High-School Grad
9.2 sq mi
ZIP Area
7,467
Density / Sq Mi
$54,667
Median Household Income
$32,776
Median Earnings
$1,306
Median Rent
$288,400
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 - Four distinct units include private patios and garages, supported by on-site amenities like a community pool and security patrol.
Where is this quadplex located?
The property is located at 2894 Karen Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Four distinct units in an El Sol Del Pueblo community (year built 1974), each with private patio space and garage parking; Owner unit (#1): single‑story 3 bed/2 bath with private patio and 2‑car garage; Unit #2: single‑story 2 bed/2 bath with private patio and 1‑car garage
