Renovated Four-Plex
For Sale
$815,000
2201 James Bilbray Dr, Las Vegas, NV 89108
Meticulously maintained four-unit residential property with in-unit laundry and recent renovations managed by an HOA.
Property Size3,976 SF
Price / SF$212.24
Days on Market48
Property Features for 2201 James Bilbray Dr
General Information
Standard status
Active
Size
3,976 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,279
Building Details
Building Size
3,976 SF
Year Built
1998
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Rothwell Gornt Companies
(702) 217-1048
Listed By:
Ryan Crighton · License #BS.0000254
(702) 217-1048
Source:
Elliman
Added: Jun 26
Changed: Aug 11
Last Checked: Aug 11 at 10:38AM
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 Rothwell Gornt Companies
Investment Insights
Based on property information with market context.
This for-sale four-plex offers four separate residential units in a well-maintained building configuration. Each unit includes two bedrooms and two full bathrooms, along with generous living and dining areas designed for comfortable day-to-day living. Many units have recently been renovated, including luxury vinyl flooring. For added convenience, each unit includes a washer and dryer.
The property is located in the Northwest area and is positioned next to local schools. In addition to nearby retail and dining options, the surrounding area includes parks and other everyday amenities within a short walk, supporting tenant lifestyle needs.
For buyers considering a residential income strategy, the asset’s unit layout and in-unit laundry can appeal to tenants looking for functional, low-friction living. An HOA is in place and handles water, trash, landscaping, exterior building maintenance, and pool services, which can reduce day-to-day operating involvement. With a multi-unit setup and several units showing renovation updates, this property may fit investors seeking a managed four-plex with practical resident features.
The property is located in the Northwest area and is positioned next to local schools. In addition to nearby retail and dining options, the surrounding area includes parks and other everyday amenities within a short walk, supporting tenant lifestyle needs.
For buyers considering a residential income strategy, the asset’s unit layout and in-unit laundry can appeal to tenants looking for functional, low-friction living. An HOA is in place and handles water, trash, landscaping, exterior building maintenance, and pool services, which can reduce day-to-day operating involvement. With a multi-unit setup and several units showing renovation updates, this property may fit investors seeking a managed four-plex with practical resident features.
Key Highlights
- Four‑plex built in 1998 with four residential units
- Each unit offers approx. 960 SF with 2 bedrooms and 2 full bathrooms
- Many units recently renovated with luxury vinyl flooring
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
$50,455
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
6.19%
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%
$1,009,100
$1.0M
Cap Rate 7%
$720,786
$720.8K
Cap Rate 9%
$560,611
$560.6K
Market Conditions
NOI Build-Up for 3,840 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
$76.0K $19.80/SF
− Vacancy
−$4.0K −$1.03/SF
EGI
$72.1K $18.77/SF
− OpEx
−$21.6K −$5.63/SF
NOI
$50.5K $13.14/SF
Area
ZIP 89108
Vacancy
5.20%
Lease Rate
$19.80 /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%
$1,009,100
Cap Rate 7%
$720,786
Cap Rate 9%
$560,611
Alternative Uses
Best Use
Multifamily LT 5
$720.8K
$630.7K – $840.9K
NOI $50,455 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$646.6K
$565.8K – $754.4K
NOI $45,264 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,972 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
Explore this area
Business Placement
Demographics for 89108, NV
73,637
Population
28,377
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
80%
High-School Grad
8.9 sq mi
ZIP Area
8,274
Density / Sq Mi
$57,403
Median Household Income
$36,383
Median Earnings
$1,431
Median Rent
$304,400
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 - Meticulously maintained four-unit residential property with in-unit laundry and recent renovations managed by an HOA.
Where is this quadplex located?
The property is located at 2201 James Bilbray Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Four‑plex built in 1998 with four residential units; Each unit offers approx. 960 SF with 2 bedrooms and 2 full bathrooms; Many units recently renovated with luxury vinyl flooring
