30-Unit Renovated Apartment
For Sale
Contact for pricing
1701 N Rancho Dr, Las Vegas, NV 89106
Multifamily property with upgraded interiors and exterior improvements along a primary Las Vegas corridor.
Property Size21,422 SF
Price / SF$228.74
Days on Market208
Property Features for 1701 N Rancho Dr
General Information
Standard status
Active
Size
21,422 SF
Class
B
Total Parking Spaces
33
Property subtype
Multifamily
Zoning
R-4
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$298,777
Additional Details
Cap Rate
6.1%
Multifamily Units
30
Building Details
Year Built
1985
Year Renovated
2024
Buildings
2
Stories
2
Units
30
Listing Agency:
Marcus & Millichap - Las Vegas
Listed By:
Drew Holden · License #S.0189703
(702) 215-7118
Source:
Crexi
Added: Mar 23
Changed: Oct 6
Last Checked: Oct 14 at 10:37PM
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 Marcus & Millichap - Las Vegas
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Investment Insights
Based on property information with market context.
CORA Apartments is a 30-unit apartment property with completed capital improvements that include exterior work and updates to unit interiors. A renovation program is already in place, with further interior enhancements and operational improvements identified as remaining opportunities. The asset is being offered for sale and carries a 6.10% cap rate.
The property is located at 1701 N Rancho Dr in Las Vegas, with corridor access to major employment centers, Downtown Las Vegas, and key transportation routes. It is also situated 0.5 miles from the planned Hylo Park redevelopment, a 73-acre mixed-use project expected to include residential, retail, hospitality, and entertainment components.
The property combines an established 30-unit configuration with completed upgrades and proximity to a large planned redevelopment. These facts provide a clear basis for evaluating the existing improvements, remaining renovation scope, and surrounding development context.
The property is located at 1701 N Rancho Dr in Las Vegas, with corridor access to major employment centers, Downtown Las Vegas, and key transportation routes. It is also situated 0.5 miles from the planned Hylo Park redevelopment, a 73-acre mixed-use project expected to include residential, retail, hospitality, and entertainment components.
The property combines an established 30-unit configuration with completed upgrades and proximity to a large planned redevelopment. These facts provide a clear basis for evaluating the existing improvements, remaining renovation scope, and surrounding development context.
Key Highlights
- 30‑unit apartment property at 1701 N Rancho Dr, Las Vegas, NV 89106
- Completed exterior improvements and modernized unit interiors
- Additional interior upgrades and operational improvements remain
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$227,856
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,557,120
$4.6M
Cap Rate 7%
$3,255,086
$3.3M
Cap Rate 9%
$2,531,733
$2.5M
Market Conditions
NOI Build-Up for 21,422 SF
Gross rent
$437.0K $20.40/SF
− Vacancy
−$22.7K −$1.06/SF
EGI
$414.3K $19.34/SF
− OpEx
−$186.4K −$8.70/SF
NOI
$227.9K $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 Rate 5%
$4,557,120
Cap Rate 7%
$3,255,086
Cap Rate 9%
$2,531,733
Alternative Uses
Best Use
Apartment 5plus
$3.26M
$2.85M – $3.80M
NOI $227,856 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.40M
$6.48M – $8.64M
NOI $518,154 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
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Business Placement
Demographics for 89106, NV
27,695
Population
10,906
Households
2.5
Avg Household Size
33
Median Age
11%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
5,430
Density / Sq Mi
$38,848
Median Household Income
$31,265
Median Earnings
$1,169
Median Rent
$263,100
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
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with upgraded interiors and exterior improvements along a primary Las Vegas corridor.
Where is this apartment building located?
The property is located at 1701 N Rancho Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 30‑unit apartment property at 1701 N Rancho Dr, Las Vegas, NV 89106; Completed exterior improvements and modernized unit interiors; Additional interior upgrades and operational improvements remain
