Turnkey Value-Add
For Sale
$675,000
2508 E Mesquite Ave, Las Vegas, NV 89101
Renovated fourplex with new plumbing and updated interiors, featuring separate electric meters and ample on-site parking.
Property Size2,870 SF
Days on Market54
Property Features for 2508 E Mesquite Ave
General Information
Standard status
Active
Size
2,870 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$1,661
Building Details
Building Size
2,870 SF
Year Built
1963
Stories
1
Units
4
Listing Agency:
Realty ONE Group
(702) 286-5863
Listed By:
Deshawn L. Williams · License #S.0191465
(702) 286-5863
Source:
Elliman
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 11 at 8:04AM
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 turnkey fourplex offers a spacious courtyard-style layout with ample parking and four separately rented units. The tenant mix includes three 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. Major capital improvements are already in place, including brand-new building-wide plumbing completed in 2024, updated water heaters, renovated bathrooms throughout, updated windows, and luxury vinyl plank flooring in three of the units.
Separate electric service helps reduce owner expenses by metering utilities independently. The property also benefits from a convenient Las Vegas setting near Downtown Las Vegas, shopping, dining, schools, and public transportation.
For investors or owner-operators seeking an income-producing residential income property with deferred maintenance largely addressed, this asset provides renovated unit interiors and a clear unit configuration across both 2-bedroom and 1-bedroom floorplans. Additional leasing momentum may be realized through bringing available units to occupancy, while current performance is supported by existing rentals.
Separate electric service helps reduce owner expenses by metering utilities independently. The property also benefits from a convenient Las Vegas setting near Downtown Las Vegas, shopping, dining, schools, and public transportation.
For investors or owner-operators seeking an income-producing residential income property with deferred maintenance largely addressed, this asset provides renovated unit interiors and a clear unit configuration across both 2-bedroom and 1-bedroom floorplans. Additional leasing momentum may be realized through bringing available units to occupancy, while current performance is supported by existing rentals.
Key Highlights
- Renovated 4‑plex built in 1963 with three 2BD/1BA units and one 1BD/1BA unit
- Building‑wide new plumbing completed in 2024, with updated water heaters
- Renovated bathrooms throughout and updated windows, plus luxury vinyl plank flooring in three units
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
$33,034
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
4.89%
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%
$660,680
$660.7K
Cap Rate 7%
$471,914
$471.9K
Cap Rate 9%
$367,044
$367.0K
Market Conditions
NOI Build-Up for 2,870 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
$49.9K $17.40/SF
− Vacancy
−$2.7K −$0.96/SF
EGI
$47.2K $16.44/SF
− OpEx
−$14.2K −$4.93/SF
NOI
$33.0K $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%
$660,680
Cap Rate 7%
$471,914
Cap Rate 9%
$367,044
Alternative Uses
Best Use
Multifamily LT 5
$471.9K
$412.9K – $550.6K
NOI $33,034 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$436.1K
$381.6K – $508.8K
NOI $30,527 @ 7.0% cap · market cap 4.52%
Theoretical Best
Specialty Retail
$991.7K
$867.7K – $1.16M
NOI $69,419 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,353
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 - Renovated fourplex with new plumbing and updated interiors, featuring separate electric meters and ample on-site parking.
Where is this quadplex located?
The property is located at 2508 E Mesquite Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Renovated 4‑plex built in 1963 with three 2BD/1BA units and one 1BD/1BA unit; Building‑wide new plumbing completed in 2024, with updated water heaters; Renovated bathrooms throughout and updated windows, plus luxury vinyl plank flooring in three units
