Four-Unit Apartment
New
For Sale
$660,000
155 Westminster Way, Henderson, NV 89015
Residential property with uniform floor plans and no HOA oversight.
Property Size2,924 SF
Days on Market2
Property Features for 155 Westminster Way
General Information
Standard status
Active
Size
2,924 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,078
Building Details
Building Size
2,924 SF
Year Built
1977
Stories
2
Units
4
Listing Agency:
Executive Realty Services
(702) 885-3013
Listed By:
Justin Bezanski · License #S.0184531
(702) 885-3013
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 2:25AM
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 Executive Realty Services
Investment Insights
Based on property information with market context.
This Henderson fourplex contains four residential units, each arranged with two bedrooms and one bathroom. The property was built in 1977, and the units are described as clean with updated interiors. No HOA is associated with the property.
Located at 155 Westminster Way in Henderson, the property is near schools, shopping, restaurants, grocery stores, entertainment, and freeway access. Walk Score is 40, Bike Score is 55, and Transit Score is 30, reflecting a car-dependent setting with bikeable conditions and some transit service.
Located at 155 Westminster Way in Henderson, the property is near schools, shopping, restaurants, grocery stores, entertainment, and freeway access. Walk Score is 40, Bike Score is 55, and Transit Score is 30, reflecting a car-dependent setting with bikeable conditions and some transit service.
Key Highlights
- Fourplex with four separate residential units
- Each unit offers 2 bedrooms and 1 bathroom
- No HOA
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 - Residential property with uniform floor plans and no HOA oversight.
Where is this quadplex located?
The property is located at 155 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: Fourplex with four separate residential units; Each unit offers 2 bedrooms and 1 bathroom; No HOA
