Quadplex with Central
New
For Sale
$600,000
1871 Fulstone Way, Las Vegas, NV 89115
Residential, Las Vegas, NV
Property Size3,290 SF
Lot Size0.24 Acres
Price / SF$182.37
Days on Market7
Property Features for 1871 Fulstone Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Kell Estate
Elementary school
,
Directions
East on Lake Mead from Lamb, turn right on Marion, left on Nova, right on Fulstone Way.
Standard status
Active
APN
140-20-710-020
Size
3,290 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
1630
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
2
Number of units
4
Flooring type
Tile
Building materials
Stucco
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Vice Realty
Listed By:
Derek Moellinger · License #B.1006381
(702) 825-4663
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 27 at 2:06PM
MLS# 2820492
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 Las Vegas quadplex was built in 1983 and measures 3,290 square feet on a 0.24-acre lot. The property features stucco construction, tile flooring, a shingle and composition roof, and a central layout supported by natural gas heating and central air conditioning.
Public water and public sewer serve the property. Located in the 89115 area of Las Vegas, the asset provides a residential income configuration with established physical improvements and conventional utility service.
Public water and public sewer serve the property. Located in the 89115 area of Las Vegas, the asset provides a residential income configuration with established physical improvements and conventional utility service.
Key Highlights
- 3,290‑square‑foot quadplex on a 0.24‑acre lot
- Built in 1983
- Stucco construction with shingle and composition 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
$35,369
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
5.89%
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%
$707,380
$707.4K
Cap Rate 7%
$505,271
$505.3K
Cap Rate 9%
$392,989
$393.0K
Market Conditions
NOI Build-Up for 3,290 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
$53.3K $16.20/SF
− Vacancy
−$2.8K −$0.84/SF
EGI
$50.5K $15.36/SF
− OpEx
−$15.2K −$4.61/SF
NOI
$35.4K $10.75/SF
Area
ZIP 89115
Vacancy
5.20%
Lease Rate
$16.20 /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%
$707,380
Cap Rate 7%
$505,271
Cap Rate 9%
$392,989
Alternative Uses
Best Use
Multifamily LT 5
$505.3K
$442.1K – $589.5K
NOI $35,369 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$466.6K
$408.3K – $544.4K
NOI $32,661 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$983.6K
$860.7K – $1.15M
NOI $68,853 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 89115, NV
67,043
Population
21,670
Households
3.1
Avg Household Size
29
Median Age
9%
College-Educated
70%
High-School Grad
24.9 sq mi
ZIP Area
2,692
Density / Sq Mi
$49,648
Median Household Income
$32,198
Median Earnings
$1,294
Median Rent
$258,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Las Vegas quadplex with tile flooring, stucco construction, and public water and sewer service.
Where is this quadplex located?
The property is located at 1871 Fulstone Way Las Vegas, NV.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,290‑square‑foot quadplex on a 0.24‑acre lot; Built in 1983; Stucco construction with shingle and composition roof
