Single-Story Fourplex with
For Sale
$619,000
Pending
2321 Ellis St, North Las Vegas, NV 89030
Single-story fourplex built in 1963 with four 2-bedroom, 1-bath units, tile flooring, and on-site laundry.
Property Size3,040 SF
Days on Market125
Property Features for 2321 Ellis St
General Information
Standard status
Pending
Size
3,040 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,096
Building Details
Building Size
3,040 SF
Year Built
1963
Stories
1
Units
4
Listing Agency:
Vice Realty Group
(702) 825-4663
Listed By:
Derek Moellinger · License #B.1006381
(702) 825-4663
Source:
Elliman
Added: Apr 22
Changed: Aug 7
Last Checked: Jul 23 at 9:00AM
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 Vice Realty Group
Investment Insights
Based on property information with market context.
2321 Ellis St is a single-story fourplex built in 1963 offering four 2-bedroom, 1-bath units. The property provides a total of 8 bedrooms and 4 bathrooms, with tile flooring throughout and basic appliances included. An on-site laundry facility supports everyday tenant needs, and ample parking is available for residents.
The property is located in North Las Vegas, near schools, shopping, and transit, with BikeScore of 61 and WalkScore of 44 indicating a car-dependent setting with some bike accessibility.
Each unit is configured as a 2-bedroom, 1-bath layout, creating a consistent tenant-use profile across the building.
The property is located in North Las Vegas, near schools, shopping, and transit, with BikeScore of 61 and WalkScore of 44 indicating a car-dependent setting with some bike accessibility.
Each unit is configured as a 2-bedroom, 1-bath layout, creating a consistent tenant-use profile across the building.
Key Highlights
- Single‑story fourplex built in 1963 at 2321 Ellis Street (North Las Vegas, NV 89030)
- Four units with a 2‑bedroom, 1‑bath layout (total 8 beds and 4 baths)
- Tile flooring in the units with basic appliances
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
$34,620
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
5.59%
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%
$692,400
$692.4K
Cap Rate 7%
$494,571
$494.6K
Cap Rate 9%
$384,667
$384.7K
Market Conditions
NOI Build-Up for 3,040 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
$52.9K $17.40/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$49.5K $16.27/SF
− OpEx
−$14.8K −$4.88/SF
NOI
$34.6K $11.39/SF
Area
North Las Vegas, NV
Vacancy
6.50%
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%
$692,400
Cap Rate 7%
$494,571
Cap Rate 9%
$384,667
Alternative Uses
Best Use
Multifamily LT 5
$494.6K
$432.8K – $577.0K
NOI $34,620 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$457.1K
$399.9K – $533.2K
NOI $31,994 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$822.7K
$719.8K – $959.8K
NOI $57,587 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
Explore this area
Business Placement
Demographics for 89030, NV
56,399
Population
16,632
Households
3.4
Avg Household Size
30
Median Age
5%
College-Educated
58%
High-School Grad
9.5 sq mi
ZIP Area
5,937
Density / Sq Mi
$46,204
Median Household Income
$31,787
Median Earnings
$1,139
Median Rent
$237,300
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 - Single-story fourplex built in 1963 with four 2-bedroom, 1-bath units, tile flooring, and on-site laundry.
Where is this quadplex located?
The property is located at 2321 Ellis St North Las Vegas, NV.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Single‑story fourplex built in 1963 at 2321 Ellis Street (North Las Vegas, NV 89030); Four units with a 2‑bedroom, 1‑bath layout (total 8 beds and 4 baths); Tile flooring in the units with basic appliances
