Four-Unit Quadplex with Updated
For Sale
$599,000
1715 Santa Paula Drive, Las Vegas, NV 89104
Residential, Las Vegas, NV
Property Size3,660 SF
Lot Size0.22 Acres
Price / SF$163.66
Days on Market11
Property Features for 1715 Santa Paula Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Beverly Green Tr #2
Elementary school
,
Directions
From S Las Vegas Blvd, E on E Oakey Blvd, S on Santa Paula Dr
Standard status
Active
APN
162-03-313-004
Size
3,660 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
1601
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
2
Number of units
4
Flooring type
Tile, Wood
Building materials
Stucco
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Simply Vegas
(702) 568-6800
Listed By:
Marlene Raymundo · License #S.0187988
(702) 283-6236
Added: Aug 15
Changed: Aug 19
Last Checked: Aug 25 at 4:06AM
MLS# 2809348
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 3,660-square-foot quadplex contains four residential units, each arranged with two bedrooms, one full bathroom, a living room, and a kitchen. The property was built in 1951 and features stucco construction, tile and wood flooring, central heating and cooling, and a recently updated composition-shingle roof. A separate rear room provides additional storage space.
The property occupies a 0.22-acre lot near the Las Vegas Strip and Downtown Las Vegas. There is no HOA, and the rear area provides space for RV parking and multiple vehicles. Public water and public sewer serve the property, while natural gas is available for heating.
The property occupies a 0.22-acre lot near the Las Vegas Strip and Downtown Las Vegas. There is no HOA, and the rear area provides space for RV parking and multiple vehicles. Public water and public sewer serve the property, while natural gas is available for heating.
Key Highlights
- Four units, each with 2 bedrooms and 1 full bathroom
- 3,660 square feet on a 0.22‑acre lot
- Recently updated composition‑shingle roof
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 - Each residence offers two bedrooms, one full bathroom, a living room, and a functional kitchen.
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; 3,660 square feet on a 0.22‑acre lot; Recently updated composition‑shingle roof
