Single-Story
New
For Sale
$450,000
1828 Lewis Avenue, Las Vegas, NV 89101
Refreshed three-unit property with private patio areas, in-unit laundry, and low-maintenance landscaping.
Property Size2,123 SF
Days on Market7
Property Features for 1828 Lewis Avenue
General Information
Standard status
Active
Size
2,123 SF
Property subtype
Triplex
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,232
Amenities
in-unit washer/dryer
backyard patio area
low maintenance landscaping
Building Details
Building Size
2,123 SF
Year Built
1954
Buildings
1
Stories
1
Listing Agency:
Innovative Real Estate Strateg
(702) 478-2242
Listed By:
Brandy J. White Elk · License #B.0009698
(702) 478-2242
Source:
Vicerealtygroup
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 11 at 12:41PM
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 Innovative Real Estate Strateg
Investment Insights
Based on property information with market context.
This single-story triplex, built in 1954, includes three two-bedroom, one-bathroom units. Each residence has a stackable washer and dryer located within the unit, along with a backyard patio area. The property also features low-maintenance landscaping and has been refreshed.
The property is located on Lewis Avenue in Las Vegas, near shopping, dining, schools, and Downtown Las Vegas. Its three-unit configuration and individual residential amenities provide a straightforward multifamily layout.
The property is located on Lewis Avenue in Las Vegas, near shopping, dining, schools, and Downtown Las Vegas. Its three-unit configuration and individual residential amenities provide a straightforward multifamily layout.
Key Highlights
- Three‑unit triplex with 2 bedrooms and 1 bathroom in each unit
- Built in 1954
- Stackable in‑unit washer and dryer in every residence
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
$24,436
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
5.43%
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%
$488,720
$488.7K
Cap Rate 7%
$349,086
$349.1K
Cap Rate 9%
$271,511
$271.5K
Market Conditions
NOI Build-Up for 2,123 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
$36.9K $17.40/SF
− Vacancy
−$2.0K −$0.96/SF
EGI
$34.9K $16.44/SF
− OpEx
−$10.5K −$4.93/SF
NOI
$24.4K $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%
$488,720
Cap Rate 7%
$349,086
Cap Rate 9%
$271,511
Alternative Uses
Best Use
Multifamily LT 5
$349.1K
$305.5K – $407.3K
NOI $24,436 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$322.6K
$282.3K – $376.4K
NOI $22,581 @ 7.0% cap · market cap 5.02%
Theoretical Best
Specialty Retail
$733.6K
$641.9K – $855.9K
NOI $51,351 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,120
Businesses Nearby
Explore this area
Business Placement
Demographics for 89101, NV
42,465
Population
18,258
Households
2.3
Avg Household Size
35
Median Age
11%
College-Educated
66%
High-School Grad
5.4 sq mi
ZIP Area
7,864
Density / Sq Mi
$38,653
Median Household Income
$29,471
Median Earnings
$1,008
Median Rent
$258,100
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?
Triplex - Refreshed three-unit property with private patio areas, in-unit laundry, and low-maintenance landscaping.
Where is this triplex located?
The property is located at 1828 Lewis Avenue Las Vegas, NV.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit triplex with 2 bedrooms and 1 bathroom in each unit; Built in 1954; Stackable in‑unit washer and dryer in every residence
