Four-Unit Property with
New
For Sale
$675,000
2185 Exeter Drive, Las Vegas, NV 89156
MULTI_FAMILY - Other - Las Vegas, NV
Property Size3,692 SF
Lot Size0.19 Acres
Price / SF$182.83
Days on Market5
Property Features for 2185 Exeter Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Exhaust Fan, Disposal, Oven, Range, Refrigerator, Range Hood
Subdivision
Sierra Sunrise
Elementary school
,
Directions
From Hollywood Blvd & Lake Mead Blvd - East on Lake Mead Blvd - Left on Radwick Dr - Right on Kilgore Dr - Left on Exeter Dr - Property on the Left.
Standard status
Active
APN
140-23-211-002
Size
3,692 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
1766
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit washer and dryer
Building Details
Year built
1981
Floors in Building
2
Number of units
4
Flooring type
Tile
Building materials
Stucco
Roof type
Flat
Architectural style
Other
Listing Agency:
Executive Realty Services
(702) 278-8871
Listed By:
Justin Bezanski · License #S.0184531
(702) 885-3013
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 11 at 8:06PM
MLS# 2807168
Copyright © 2026 Las Vegas REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit residential property contains 3,692 square feet on a 0.19-acre lot. Each unit offers two bedrooms and two baths, along with an in-unit washer and dryer. Interior finishes include tile flooring, while central electric heating and central air conditioning serve the building. The property was constructed in 1981 and has stucco construction with a flat roof.
Located in Las Vegas, the property is connected to public water and public sewer. The absence of an HOA provides a straightforward ownership structure. Existing appliances include ovens, ranges, refrigerators, range hoods, disposals, and exhaust fans.
Located in Las Vegas, the property is connected to public water and public sewer. The absence of an HOA provides a straightforward ownership structure. Existing appliances include ovens, ranges, refrigerators, range hoods, disposals, and exhaust fans.
Key Highlights
- Four units, each with 2 bedrooms and 2 baths
- 3,692 square feet on a 0.19‑acre lot
- In‑unit washer and dryer in every unit
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
Property Profile
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 - Four residential units offer two-bedroom, two-bath layouts with private laundry appliances.
Where is this quadplex located?
The property is located at 2185 Exeter Drive 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; 3,692 square feet on a 0.19‑acre lot; In‑unit washer and dryer in every unit
