Single-Story Duplex with Updated
For Sale
$395,000
1940 Ward Drive, Henderson, NV 89011
Both units are occupied, with dedicated driveway parking serving each residence.
Property Size1,600 SF
Days on Market8
Property Features for 1940 Ward Drive
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$521
Building Details
Building Size
1,600 SF
Year Built
1964
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Ferrari-Lund Real Estate
(775) 544-2855
Listed By:
Alex B. Militante · License #S.0066064
(775) 544-2855
Source:
Virtuelre
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 30 at 9:49PM
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 Ferrari-Lund Real Estate
Investment Insights
Based on property information with market context.
This single-story duplex contains two tenant-occupied residences and is being conveyed as one offering. Each unit has its own dedicated driveway parking, while HVAC equipment serving both residences has been recently updated. The property was built in 1964 and includes a clean, low-maintenance exterior.
The sale encompasses both 1938 Ward Drive and 1940 Ward Drive, identified by APNs 178-01-210-002 and 178-01-210-003. Shopping, dining, public transportation, and everyday amenities are located nearby. Showings require at least 24 hours' notice.
The sale encompasses both 1938 Ward Drive and 1940 Ward Drive, identified by APNs 178-01-210-002 and 178-01-210-003. Shopping, dining, public transportation, and everyday amenities are located nearby. Showings require at least 24 hours' notice.
Key Highlights
- Two tenant‑occupied duplex units
- Dedicated driveway parking for each unit
- HVAC systems in both units recently updated
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
$18,354
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
4.65%
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%
$367,080
$367.1K
Cap Rate 7%
$262,200
$262.2K
Cap Rate 9%
$203,933
$203.9K
Market Conditions
NOI Build-Up for 1,600 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
$27.5K $17.16/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$26.2K $16.39/SF
− OpEx
−$7.9K −$4.92/SF
NOI
$18.4K $11.47/SF
Area
ZIP 89011
Vacancy
4.50%
Lease Rate
$17.16 /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%
$367,080
Cap Rate 7%
$262,200
Cap Rate 9%
$203,933
Alternative Uses
Best Use
Multifamily LT 5
$262.2K
$229.4K – $305.9K
NOI $18,354 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$236.1K
$206.6K – $275.4K
NOI $16,524 @ 7.0% cap · market cap 4.18%
Theoretical Best
Specialty Retail
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 89011, NV
34,456
Population
15,505
Households
2.2
Avg Household Size
40
Median Age
37%
College-Educated
90%
High-School Grad
16.5 sq mi
ZIP Area
2,088
Density / Sq Mi
$93,881
Median Household Income
$46,604
Median Earnings
$1,725
Median Rent
$458,700
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?
Duplex - Both units are occupied, with dedicated driveway parking serving each residence.
Where is this duplex located?
The property is located at 1940 Ward Drive Henderson, NV.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two tenant‑occupied duplex units; Dedicated driveway parking for each unit; HVAC systems in both units recently updated
