4-Unit Multifamily
New
For Sale
$709,900
203 Bruce Way, Henderson, NV 89015
Separate electric metering, central HVAC, and in-unit appliances support efficient property operations.
Property Size3,060 SF
Days on Market6
Property Features for 203 Bruce Way
General Information
Standard status
Active
Size
3,060 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,331
Building Details
Building Size
3,060 SF
Year Built
1980
Stories
2
Units
1
Listing Agency:
General Realty Group, Inc
(702) 497-8006
Listed By:
Steven Aboulafia · License #S.0040153
(702) 497-8006
Source:
Elliman
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 23 at 10:26AM
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 General Realty Group, Inc
Investment Insights
Based on property information with market context.
This quadplex contains four 2-bedroom, 1-bath residences totaling approximately 3,060 square feet. The 1980 property includes separate electric meters, central heating and cooling, a laundry room, window blinds, and partial furnishings. Each unit is equipped with a range/oven and refrigerator. Stucco siding and a composition shingle roof complete the primary exterior features.
Located in Henderson, the property is near shopping, dining, schools, and commuter routes. The surrounding area is characterized by moderate walkability, limited transit access, and a bike score of 55. The four-unit configuration provides a defined multifamily layout with established building systems and shared laundry functionality.
Located in Henderson, the property is near shopping, dining, schools, and commuter routes. The surrounding area is characterized by moderate walkability, limited transit access, and a bike score of 55. The four-unit configuration provides a defined multifamily layout with established building systems and shared laundry functionality.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- Approx. 3,060 total sq ft
- Separate electric meters for the units
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
$35,430
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
4.99%
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%
$708,600
$708.6K
Cap Rate 7%
$506,143
$506.1K
Cap Rate 9%
$393,667
$393.7K
Market Conditions
NOI Build-Up for 3,060 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
$53.2K $17.40/SF
− Vacancy
−$2.6K −$0.86/SF
EGI
$50.6K $16.54/SF
− OpEx
−$15.2K −$4.96/SF
NOI
$35.4K $11.58/SF
Area
ZIP 89015
Vacancy
4.94%
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%
$708,600
Cap Rate 7%
$506,143
Cap Rate 9%
$393,667
Alternative Uses
Best Use
Multifamily LT 5
$506.1K
$442.9K – $590.5K
NOI $35,430 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$465.0K
$406.9K – $542.5K
NOI $32,548 @ 7.0% cap · market cap 4.58%
Theoretical Best
Specialty Retail
$1.07M
$937.9K – $1.25M
NOI $75,035 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
Explore this area
Business Placement
Demographics for 89015, NV
41,203
Population
16,812
Households
2.5
Avg Household Size
41
Median Age
20%
College-Educated
89%
High-School Grad
37.3 sq mi
ZIP Area
1,105
Density / Sq Mi
$71,300
Median Household Income
$41,509
Median Earnings
$1,324
Median Rent
$373,700
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 - Separate electric metering, central HVAC, and in-unit appliances support efficient property operations.
Where is this quadplex located?
The property is located at 203 Bruce Way Henderson, NV.
What is the asking price?
The asking price for this property is $709,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; Approx. 3,060 total sq ft; Separate electric meters for the units
