T-5 Duplex
For Sale
$400,000
203 N 13th St, Las Vegas, NV 89101
Historic downtown setting with two one-bedroom, one-bath residences.
Property Size1,247 SF
Price / SF$320.77
Days on Market163
Property Features for 203 N 13th St
General Information
Standard status
Active
Size
1,247 SF
Property subtype
Multi-Family
Zoning
T-5
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1944
Listing Agency:
eXp Realty
(702) 310-6683
Listed By:
Aaron Taylor (702) 310-6683 · License #S.0038886
Source:
Thevegashomesource
Added: Mar 22
Changed: Aug 29
Last Checked: Aug 30 at 5:53PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each configured with one bedroom and one bathroom. The property carries T-5 zoning and was built in 1944.
Located at 203 N 13th St in historic downtown Las Vegas, the property places both residences within the downtown setting. The asset is offered for sale as a duplex with a straightforward two-unit configuration.
Located at 203 N 13th St in historic downtown Las Vegas, the property places both residences within the downtown setting. The asset is offered for sale as a duplex with a straightforward two-unit configuration.
Key Highlights
- Two 1‑bedroom/1‑bath units
- T‑5 zoning
- Built in 1944
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
$14,353
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
3.59%
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%
$287,060
$287.1K
Cap Rate 7%
$205,043
$205.0K
Cap Rate 9%
$159,478
$159.5K
Market Conditions
NOI Build-Up for 1,247 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
$21.7K $17.40/SF
− Vacancy
−$1.2K −$0.96/SF
EGI
$20.5K $16.44/SF
− OpEx
−$6.2K −$4.93/SF
NOI
$14.4K $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%
$287,060
Cap Rate 7%
$205,043
Cap Rate 9%
$159,478
Alternative Uses
Best Use
Multifamily LT 5
$205.0K
$179.4K – $239.2K
NOI $14,353 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$189.5K
$165.8K – $221.1K
NOI $13,264 @ 7.0% cap · market cap 3.32%
Theoretical Best
Specialty Retail
$430.9K
$377.0K – $502.7K
NOI $30,162 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,375
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Historic downtown setting with two one-bedroom, one-bath residences.
Where is this duplex located?
The property is located at 203 N 13th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two 1‑bedroom/1‑bath units; T‑5 zoning; Built in 1944
