Multifamily-Zoned Infill Development
For Sale
Contact for pricing
1812 Santa Paula Dr, Las Vegas, NV 89104
Multifamily-zoned infill development opportunity in central Las Vegas.
Property Size2,301 SF
Price / SF$282.49
Days on Market189
Property Features for 1812 Santa Paula Dr
General Information
Standard status
Active
Size
2,301 SF
Class
D
Property subtype
Multifamily
Zoning
R-4
Investment Type
Redevelopment
Building Details
Year Built
1951
Buildings
1
Stories
1
Listing Agency:
KW Commercial
Listed By:
Edward Orasi · License #NV BS0145749
Source:
Crexi
Added: Feb 1
Changed: Aug 8
Last Checked: Jul 15 at 9:17AM
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 KW Commercial
Investment Insights
Based on property information with market context.
Located in central Las Vegas, the property at 1812 Santa Paula Drive is a multifamily-zoned infill development opportunity. The site is improved with an existing structure previously used as a chiropractor’s office, which allows for interim income or flexible short-term use while redevelopment plans are advanced. The multifamily zoning provides the foundation for residential density, positioning the asset for ground-up apartment development, townhome construction, or other residential income-producing uses, subject to buyer verification and municipal approvals. The property benefits from a central Las Vegas location with close proximity to employment centers, retail corridors, dining, and major transportation routes. The surrounding area supports consistent tenant demand and positions future development for strong absorption. The property is ideal for small-to-mid scale multifamily or townhome development. The existing structure allows for income during the entitlement phase. The property is suitable for development or value-add investment.
Key Highlights
- Multifamily zoning allows for high‑density residential development (buyer to verify).
- Central infill location in Las Vegas with strong rental demand and limited land availability.
- Existing structure provides potential for interim income while redevelopment plans are underway.
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
$35,412
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
5.45%
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%
$708,240
$708.2K
Cap Rate 7%
$505,886
$505.9K
Cap Rate 9%
$393,467
$393.5K
Market Conditions
NOI Build-Up for 2,301 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
$55.2K $24.00/SF
− Vacancy
−$8.0K −$3.48/SF
EGI
$47.2K $20.52/SF
− OpEx
−$11.8K −$5.13/SF
NOI
$35.4K $15.39/SF
Area
Las Vegas, NV
Vacancy
14.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$708,240
Cap Rate 7%
$505,886
Cap Rate 9%
$393,467
Alternative Uses
Best Use
Office B
$505.9K
$442.7K – $590.2K
NOI $35,412 @ 7.0% cap · market cap 5.45%
Second Best
Healthcare Medical
$435.5K
$381.1K – $508.1K
NOI $30,484 @ 7.0% cap · market cap 4.69%
Theoretical Best
Specialty Retail
$795.1K
$695.7K – $927.6K
NOI $55,656 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Office in Las Vegas, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Multifamily-zoned infill development opportunity in central Las Vegas.
Where is this residential land & home lot located?
The property is located at 1812 Santa Paula Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Multifamily zoning allows for high‑density residential development (buyer to verify).; Central infill location in Las Vegas with strong rental demand and limited land availability.; Existing structure provides potential for interim income while redevelopment plans are underway.
