Downtown Fourplex Investment
For Sale
$785,000
510 S 10th St, Las Vegas, NV 89101
Four-unit income property for sale in downtown Las Vegas near dining, shopping, and transportation.
Property Size3,264 SF
Days on Market58
Property Features for 510 S 10th St
General Information
Standard status
Active
Size
3,264 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$1,589
Building Details
Building Size
3,264 SF
Year Built
1953
Stories
1
Units
1
Listing Agency:
Realty ONE Group
(702) 413-3102
Listed By:
Lucelia Constante Lamothe · License #S.0203613
(702) 413-3102
Source:
Elliman
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 11 at 8:34AM
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
Investment Insights
Based on property information with market context.
This property is a fourplex designed for residential income use, offering a four-unit configuration under one ownership for sale. The offering is presented as a downtown Las Vegas multifamily asset.
Located at 510 S 10th St in downtown Las Vegas, the property is described as being near entertainment, dining, shopping, and transportation, with ongoing revitalization cited for the area. The provided mobility metrics include a 58 walk score, a 44 bike score, and a 45 transit score.
For buyers looking for a residential income property, this four-unit setup may align with underwriting focused on multiple-door rental diversification. Prospective investors and owner-operators should evaluate the current tenant situation, unit-level condition, and operating expenses during due diligence, using the location and access benefits highlighted in the listing.
Located at 510 S 10th St in downtown Las Vegas, the property is described as being near entertainment, dining, shopping, and transportation, with ongoing revitalization cited for the area. The provided mobility metrics include a 58 walk score, a 44 bike score, and a 45 transit score.
For buyers looking for a residential income property, this four-unit setup may align with underwriting focused on multiple-door rental diversification. Prospective investors and owner-operators should evaluate the current tenant situation, unit-level condition, and operating expenses during due diligence, using the location and access benefits highlighted in the listing.
Key Highlights
- Fourplex (4 units) income property for sale in downtown Las Vegas
- Year built: 1953
- Cash‑flowing fourplex near dining, shopping, and transportation
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
$37,569
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
4.79%
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%
$751,380
$751.4K
Cap Rate 7%
$536,700
$536.7K
Cap Rate 9%
$417,433
$417.4K
Market Conditions
NOI Build-Up for 3,264 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
$56.8K $17.40/SF
− Vacancy
−$3.1K −$0.96/SF
EGI
$53.7K $16.44/SF
− OpEx
−$16.1K −$4.93/SF
NOI
$37.6K $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%
$751,380
Cap Rate 7%
$536,700
Cap Rate 9%
$417,433
Alternative Uses
Best Use
Multifamily LT 5
$536.7K
$469.6K – $626.2K
NOI $37,569 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$496.0K
$434.0K – $578.6K
NOI $34,718 @ 7.0% cap · market cap 4.42%
Theoretical Best
Specialty Retail
$1.13M
$986.9K – $1.32M
NOI $78,949 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,281
Businesses Nearby
Explore this area
Business Placement
Demographics for 89101, NV
42,465
Population
18,258
Households
2.3
Avg Household Size
35
Median Age
11%
College-Educated
66%
High-School Grad
5.4 sq mi
ZIP Area
7,864
Density / Sq Mi
$38,653
Median Household Income
$29,471
Median Earnings
$1,008
Median Rent
$258,100
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?
Quadplex - Four-unit income property for sale in downtown Las Vegas near dining, shopping, and transportation.
Where is this quadplex located?
The property is located at 510 S 10th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Fourplex (4 units) income property for sale in downtown Las Vegas; Year built: 1953; Cash‑flowing fourplex near dining, shopping, and transportation
