32-Unit Garden-Style Apartment
For Sale
$4,500,000
5808 Bromley Ave, Las Vegas, NV 89107
Renovated multifamily community with one- and two-bedroom layouts, mature landscaping, laundry facilities, and a barbecue area.
Property Size26,816 SF
Days on Market152
Property Features for 5808 Bromley Ave
General Information
Standard status
Active
Size
26,816 SF
Property subtype
Multifamily
Occupancy
90%
Additional Details
Highway Access
Yes
Multifamily Units
32
Amenities
walk-in closets
upgraded flooring
window treatments
standard kitchens
lush mature landscaping
BBQ area
laundry facilities
Value-Add Opportunity !
Competely Renovated in 2018
Highly Desirable Central West Submarket
Building Details
Building Size
26,816 SF
Year Built
1964
Year Renovated
2018
Stories
2
Units
32
Construction
garden-style
Listing Agency:
Las Vegas Office
(702) 215-7103
Listed By:
Michael L. Shaffner · License #NV: BS.0045177
(702) 215-7103
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 31
Last Checked: Aug 31 at 6:15AM
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 Las Vegas Office
Investment Insights
Based on property information with market context.
The Residences at Bromley is a 32-unit apartment community in two-story garden-style buildings. Built in 1964 and renovated in 2018, the property offers one-bedroom residences measuring 756 square feet and two-bedroom residences measuring 965 square feet. Interior features include walk-in closets, upgraded flooring, window treatments, and standard kitchens. Shared amenities include mature landscaping, a BBQ area, and laundry facilities.
The community is located in a predominantly residential area of central-west Las Vegas, two blocks from the 95 Freeway. Meadows Mall and major economic drivers are accessible from the property, while Mariana's Supermarket and Ed Fountain Fountain Park are within a five-minute walk. Nearby schools include St. Francis De Sales and Red Rock Elementary.
The community is located in a predominantly residential area of central-west Las Vegas, two blocks from the 95 Freeway. Meadows Mall and major economic drivers are accessible from the property, while Mariana's Supermarket and Ed Fountain Fountain Park are within a five-minute walk. Nearby schools include St. Francis De Sales and Red Rock Elementary.
Key Highlights
- 32‑unit garden‑style apartment community in two‑story buildings
- Built in 1964 and renovated in 2018
- One‑bedroom floor plans measure 756 square feet
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
$285,230
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
6.34%
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%
$5,704,600
$5.7M
Cap Rate 7%
$4,074,714
$4.1M
Cap Rate 9%
$3,169,222
$3.2M
Market Conditions
NOI Build-Up for 26,816 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
$547.0K $20.40/SF
− Vacancy
−$28.4K −$1.06/SF
EGI
$518.6K $19.34/SF
− OpEx
−$233.4K −$8.70/SF
NOI
$285.2K $10.64/SF
Area
Las Vegas, NV
Vacancy
5.20%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$5,704,600
Cap Rate 7%
$4,074,714
Cap Rate 9%
$3,169,222
Alternative Uses
Best Use
Apartment 5plus
$4.07M
$3.57M – $4.75M
NOI $285,230 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.27M
$8.11M – $10.81M
NOI $648,624 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
945
Businesses Nearby
Explore this area
Business Placement
Demographics for 89107, NV
37,665
Population
13,844
Households
2.7
Avg Household Size
36
Median Age
16%
College-Educated
77%
High-School Grad
5.6 sq mi
ZIP Area
6,726
Density / Sq Mi
$60,466
Median Household Income
$35,719
Median Earnings
$1,320
Median Rent
$289,100
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?
Apartment building - Renovated multifamily community with one- and two-bedroom layouts, mature landscaping, laundry facilities, and a barbecue area.
Where is this apartment building located?
The property is located at 5808 Bromley Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 32‑unit garden‑style apartment community in two‑story buildings; Built in 1964 and renovated in 2018; One‑bedroom floor plans measure 756 square feet
