Four-Unit Property with In-Unit
New
For Sale
$675,000
2185 Exeter Dr, Las Vegas, NV 89156
Each residence includes two bedrooms, two baths, and its own washer and dryer for added household convenience.
Property Size3,692 SF
Days on Market3
Property Features for 2185 Exeter Dr
General Information
Standard status
Active
Size
3,692 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,766
Amenities
in-unit washer/dryer
Building Details
Building Size
3,692 SF
Year Built
1981
Stories
2
Units
4
Listing Agency:
Executive Realty Services
(702) 885-3013
Listed By:
Justin Bezanski · License #S.0184531
(702) 885-3013
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 7:24AM
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 Executive Realty Services
Investment Insights
Based on property information with market context.
This four-unit residential income property was built in 1981 and includes four residences with consistent two-bedroom, two-bath layouts. Each unit has an in-unit washer and dryer, providing a practical feature for occupants. The property has no HOA, allowing ownership without an association structure.
Located at 2185 Exeter Dr in Las Vegas, the property is minutes from shopping, schools, and dining. Walk Score is 51, BikeScore is 45, and Transit Score is 32, reflecting somewhat walkable and somewhat bikeable conditions with some transit access. The combination of four similarly configured units and private laundry amenities creates a straightforward multifamily operating profile.
Located at 2185 Exeter Dr in Las Vegas, the property is minutes from shopping, schools, and dining. Walk Score is 51, BikeScore is 45, and Transit Score is 32, reflecting somewhat walkable and somewhat bikeable conditions with some transit access. The combination of four similarly configured units and private laundry amenities creates a straightforward multifamily operating profile.
Key Highlights
- Four units, each with 2 bedrooms and 2 baths
- In‑unit washer and dryer in every residence
- Built in 1981
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
$42,495
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
6.30%
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%
$849,900
$849.9K
Cap Rate 7%
$607,071
$607.1K
Cap Rate 9%
$472,167
$472.2K
Market Conditions
NOI Build-Up for 3,692 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
$64.2K $17.40/SF
− Vacancy
−$3.5K −$0.96/SF
EGI
$60.7K $16.44/SF
− OpEx
−$18.2K −$4.93/SF
NOI
$42.5K $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%
$849,900
Cap Rate 7%
$607,071
Cap Rate 9%
$472,167
Alternative Uses
Best Use
Multifamily LT 5
$607.1K
$531.2K – $708.3K
NOI $42,495 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$561.0K
$490.9K – $654.5K
NOI $39,270 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,302 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
Business Placement
Demographics for 89156, NV
30,067
Population
10,413
Households
2.9
Avg Household Size
33
Median Age
14%
College-Educated
74%
High-School Grad
44.7 sq mi
ZIP Area
673
Density / Sq Mi
$69,783
Median Household Income
$36,342
Median Earnings
$1,354
Median Rent
$288,800
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 - Each residence includes two bedrooms, two baths, and its own washer and dryer for added household convenience.
Where is this quadplex located?
The property is located at 2185 Exeter Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 2 baths; In‑unit washer and dryer in every residence; Built in 1981
