Four-Unit Quadplex with Updated
For Sale
$599,000
1715 Santa Paula Drive, Las Vegas, NV 89104
Four two-bedroom units include living rooms, kitchens, and full bathrooms on a No HOA lot.
Property Size3,660 SF
Days on Market11
Property Features for 1715 Santa Paula Drive
General Information
Standard status
Active
Size
3,660 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,601
Building Details
Building Size
3,660 SF
Year Built
1951
Listing Agency:
Simply Vegas
(702) 283-6236
Listed By:
Marlene Raymundo · License #S.0187988
(702) 283-6236
Source:
Virtuelre
Added: Aug 15
Changed: Aug 24
Last Checked: Aug 23 at 5:59AM
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 Simply Vegas
Investment Insights
Based on property information with market context.
This Las Vegas quadplex contains four residential units, each configured with two bedrooms, one full bathroom, a living room, and a kitchen. The property also includes a rear room or storage area, space for RV parking and multiple vehicles, and a recently updated roof. Construction dates to 1951.
The property is near the Las Vegas Strip and Downtown Las Vegas, with access to entertainment, dining, shopping, major employers, and other area attractions. WalkScore is 82, indicating a Very Walkable setting; BikeScore is 59, and TransitScore is 50.
The No HOA lot provides additional outdoor space for parking or other improvements, subject to applicable requirements.
The property is near the Las Vegas Strip and Downtown Las Vegas, with access to entertainment, dining, shopping, major employers, and other area attractions. WalkScore is 82, indicating a Very Walkable setting; BikeScore is 59, and TransitScore is 50.
The No HOA lot provides additional outdoor space for parking or other improvements, subject to applicable requirements.
Key Highlights
- Four units, each with 2 bedrooms and 1 full bathroom
- Recently updated roof
- No HOA lot
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
$42,127
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
7.03%
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%
$842,540
$842.5K
Cap Rate 7%
$601,814
$601.8K
Cap Rate 9%
$468,078
$468.1K
Market Conditions
NOI Build-Up for 3,660 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
$63.7K $17.40/SF
− Vacancy
−$3.5K −$0.96/SF
EGI
$60.2K $16.44/SF
− OpEx
−$18.1K −$4.93/SF
NOI
$42.1K $11.51/SF
Area
Las Vegas, NV
Vacancy
5.50%
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%
$842,540
Cap Rate 7%
$601,814
Cap Rate 9%
$468,078
Alternative Uses
Best Use
Multifamily LT 5
$601.8K
$526.6K – $702.1K
NOI $42,127 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$556.1K
$486.6K – $648.8K
NOI $38,930 @ 7.0% cap · market cap 6.50%
Theoretical Best
Specialty Retail
$1.26M
$1.11M – $1.48M
NOI $88,528 @ 7.0% cap · market cap 14.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,208
Businesses Nearby
Explore this area
Business Placement
Demographics for 89104, NV
41,662
Population
16,704
Households
2.5
Avg Household Size
38
Median Age
15%
College-Educated
72%
High-School Grad
5.7 sq mi
ZIP Area
7,309
Density / Sq Mi
$50,945
Median Household Income
$34,278
Median Earnings
$1,138
Median Rent
$298,700
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 two-bedroom units include living rooms, kitchens, and full bathrooms on a No HOA lot.
Where is this quadplex located?
The property is located at 1715 Santa Paula Drive Las Vegas, NV.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 full bathroom; Recently updated roof; No HOA lot
