Remodeled Quadplex with Replaced
New
For Sale
$615,000
1317 N 23rd St, Las Vegas, NV 89101
The property offers similarly configured apartments with an updated interior in one unit.
Property Size3,540 SF
Days on Market3
Property Features for 1317 N 23rd St
General Information
Standard status
Active
Size
3,540 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,201
Building Details
Building Size
3,540 SF
Year Built
1963
Stories
2
Units
4
Listing Agency:
Keller Williams Realty The MarketPlace
Listed By:
Michael McNamara · License #S.0169544
(585) 820-6627
Source:
Elliman
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 10 at 8:00AM
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 Keller Williams Realty The MarketPlace
Investment Insights
Based on property information with market context.
This four-unit residential property contains four similarly arranged apartments, each with 2 bedrooms, 1 bath, and approximately 885 square feet. One apartment has undergone remodeling, while the roof membrane has been replaced across the entire building. The interiors are described as well maintained, and the property is in fair to good condition.
Located at 1317 N 23rd St in Las Vegas, the property provides access to area amenities and transportation. Walk Score is 61, BikeScore is 60, and TransitScore is 41, reflecting a somewhat walkable setting with bike access and some transit availability.
Located at 1317 N 23rd St in Las Vegas, the property provides access to area amenities and transportation. Walk Score is 61, BikeScore is 60, and TransitScore is 41, reflecting a somewhat walkable setting with bike access and some transit availability.
Key Highlights
- Four‑unit property with four similarly sized apartments
- Each unit includes 2 bedrooms, 1 bath, and approximately 885 square feet
- One unit has been remodeled
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
$40,746
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
6.63%
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%
$814,920
$814.9K
Cap Rate 7%
$582,086
$582.1K
Cap Rate 9%
$452,733
$452.7K
Market Conditions
NOI Build-Up for 3,540 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
$61.6K $17.40/SF
− Vacancy
−$3.4K −$0.96/SF
EGI
$58.2K $16.44/SF
− OpEx
−$17.5K −$4.93/SF
NOI
$40.7K $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%
$814,920
Cap Rate 7%
$582,086
Cap Rate 9%
$452,733
Alternative Uses
Best Use
Multifamily LT 5
$582.1K
$509.3K – $679.1K
NOI $40,746 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$537.9K
$470.7K – $627.6K
NOI $37,653 @ 7.0% cap · market cap 6.12%
Theoretical Best
Specialty Retail
$1.22M
$1.07M – $1.43M
NOI $85,625 @ 7.0% cap · market cap 13.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
577
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - The property offers similarly configured apartments with an updated interior in one unit.
Where is this quadplex located?
The property is located at 1317 N 23rd St Las Vegas, NV.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Four‑unit property with four similarly sized apartments; Each unit includes 2 bedrooms, 1 bath, and approximately 885 square feet; One unit has been remodeled
