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 Market162
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
(702) 215-7118
Listed By:
Drew Holden · License #S.0189703
Source:
Crexi
Added: Mar 23
Changed: Aug 31
Last Checked: Mar 26 at 12:28AM
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
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 = 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
$227,856
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
4.65%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
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
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 - 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
