Four-Unit
New
For Sale
$660,000
147 Westminster Way, Henderson, NV 89015
MULTI_FAMILY - Other - Henderson, NV
Property Size2,924 SF
Lot Size0.16 Acres
Price / SF$225.72
Days on Market4
Property Features for 147 Westminster Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Window features
Blinds
Interior features
Window Treatments
Subdivision
Westminister Sub Amd
Elementary school
,
Directions
From Boulder Hwy & Lake Mead Pkwy - East on Lake Mead Pkwy - Right on Burkholder Blvd - Right on Collins Dr - Left on Westminster Way - Property on the Left.
Standard status
Active
APN
179-17-210-019
Size
2,924 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2087
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1977
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Building materials
Stucco
Roof type
Flat
Architectural style
Other
Listing Agency:
Executive Realty Services
(702) 278-8871
Listed By:
Justin Bezanski · License #S.0184531
(702) 885-3013
Added: Aug 8
Changed: Aug 10
Last Checked: Aug 11 at 7:06PM
MLS# 2807476
Copyright © 2026 Las Vegas REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Henderson quadplex contains four two-bedroom, one-bath residences within a 2,924-square-foot property on 0.16 acres. The building was constructed in 1977 and features stucco construction, vinyl flooring, window treatments, central air conditioning, and central electric heat. Public water and public sewer serve the property, while the roof is flat.
The property is located in Henderson near schools, shopping, restaurants, grocery stores, entertainment, and freeway access. There is no HOA. The four-unit layout and consistent bedroom-and-bathroom mix provide a clearly defined multifamily format for ownership and management.
The property is located in Henderson near schools, shopping, restaurants, grocery stores, entertainment, and freeway access. There is no HOA. The four-unit layout and consistent bedroom-and-bathroom mix provide a clearly defined multifamily format for ownership and management.
Key Highlights
- Four units, each with 2 bedrooms and 1 bathroom
- 2,924 square feet on a 0.16‑acre lot
- Constructed in 1977 with stucco exterior
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
$33,855
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
5.13%
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%
$677,100
$677.1K
Cap Rate 7%
$483,643
$483.6K
Cap Rate 9%
$376,167
$376.2K
Market Conditions
NOI Build-Up for 2,924 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
$50.9K $17.40/SF
− Vacancy
−$2.5K −$0.86/SF
EGI
$48.4K $16.54/SF
− OpEx
−$14.5K −$4.96/SF
NOI
$33.9K $11.58/SF
Area
ZIP 89015
Vacancy
4.94%
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%
$677,100
Cap Rate 7%
$483,643
Cap Rate 9%
$376,167
Alternative Uses
Best Use
Multifamily LT 5
$483.6K
$423.2K – $564.3K
NOI $33,855 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$444.3K
$388.8K – $518.4K
NOI $31,101 @ 7.0% cap · market cap 4.71%
Theoretical Best
Specialty Retail
$1.02M
$896.3K – $1.20M
NOI $71,701 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Explore this area
Business Placement
Demographics for 89015, NV
41,203
Population
16,812
Households
2.5
Avg Household Size
41
Median Age
20%
College-Educated
89%
High-School Grad
37.3 sq mi
ZIP Area
1,105
Density / Sq Mi
$71,300
Median Household Income
$41,509
Median Earnings
$1,324
Median Rent
$373,700
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 residential units provide a straightforward multifamily configuration near shopping, dining, schools, grocery stores, entertainment, and freeway access.
Where is this quadplex located?
The property is located at 147 Westminster Way Henderson, NV.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 bathroom; 2,924 square feet on a 0.16‑acre lot; Constructed in 1977 with stucco exterior
