Established Multifamily
For Sale
Contact for pricing
2105 South 15th Street, Las Vegas, NV 89104
Multifamily property with varied residential layouts in an established Las Vegas neighborhood.
Property Size2,126 SF
Price / SF$261.05
Days on Market47
Property Features for 2105 South 15th Street
General Information
Standard status
Active
Size
2,126 SF
Property subtype
Multifamily
Zoning
Medium-Low Density Residential (R-2)
Net Operating Income
$29,079
Building Details
Year Built
1954
Buildings
1
Stories
1
Units
3
Listing Agency:
Marcus & Millichap - Las Vegas
(949) 419-3200
Listed By:
Drew Holden · License #S.0189703
Source:
Crexi
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 30 at 2:09PM
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 Marcus & Millichap - Las Vegas
Investment Insights
Based on property information with market context.
This multifamily property contains 2,126 square feet and was built in 1954. The source information identifies a diverse unit mix and functional residential layouts, with zoning designated Medium-Low Density Residential (R-2).
The property is located on South 15th Street in Las Vegas, within an established urban corridor. Downtown Las Vegas, the Las Vegas Strip, Harry Reid International Airport, employment centers, retail, education, entertainment, and major transportation corridors are identified as accessible from the property. It is also near the planned Historic Commercial Center District redevelopment, a mixed-use project expected to add residential, entertainment, dining, and commercial uses to the surrounding area.
The property is located on South 15th Street in Las Vegas, within an established urban corridor. Downtown Las Vegas, the Las Vegas Strip, Harry Reid International Airport, employment centers, retail, education, entertainment, and major transportation corridors are identified as accessible from the property. It is also near the planned Historic Commercial Center District redevelopment, a mixed-use project expected to add residential, entertainment, dining, and commercial uses to the surrounding area.
Key Highlights
- 2,126‑square‑foot multifamily property
- Built in 1954
- Zoned Medium‑Low Density Residential (R‑2)
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
$22,613
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
4.07%
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%
$452,260
$452.3K
Cap Rate 7%
$323,043
$323.0K
Cap Rate 9%
$251,256
$251.3K
Market Conditions
NOI Build-Up for 2,126 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
$43.4K $20.40/SF
− Vacancy
−$2.3K −$1.06/SF
EGI
$41.1K $19.34/SF
− OpEx
−$18.5K −$8.70/SF
NOI
$22.6K $10.64/SF
Area
Las Vegas, NV
Vacancy
5.20%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$452,260
Cap Rate 7%
$323,043
Cap Rate 9%
$251,256
Alternative Uses
Best Use
Apartment 5plus
$323.0K
$282.7K – $376.9K
NOI $22,613 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$734.6K
$642.8K – $857.1K
NOI $51,424 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,841
Businesses Nearby
Explore this area
Business Placement
Demographics for 89104, NV
41,662
Population
16,704
Households
2.5
Avg Household Size
38
Median Age
15%
College-Educated
72%
High-School Grad
5.7 sq mi
ZIP Area
7,309
Density / Sq Mi
$50,945
Median Household Income
$34,278
Median Earnings
$1,138
Median Rent
$298,700
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?
Multifamily property - Multifamily property with varied residential layouts in an established Las Vegas neighborhood.
Where is this multifamily property located?
The property is located at 2105 South 15th Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: 2,126‑square‑foot multifamily property; Built in 1954; Zoned Medium‑Low Density Residential (R‑2)
