Quadplex with Renovated
For Sale
$815,000
2201 James Bilbray Drive, Las Vegas, NV 89108
Residential, Las Vegas, NV
Property Size3,976 SF
Lot Size0.02 Acres
Price / SF$204.98
Days on Market106
Property Features for 2201 James Bilbray Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Window features
Blinds
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Window Treatments
Appliances
Oven, Range, Refrigerator
Subdivision
Rock Spgs Vista Unit #11
Elementary school
,
Directions
Summerlin Pkwy East to Lake Mead, left on James Bilbray, left on Balzar, right on Wilma, Building 10 is 2201 James Bilbray Dr.
Standard status
Active
APN
138-23-124-071
Size
3,976 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
3279
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
pool
Building Details
Year built
1998
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Tile
Building materials
Stucco, Wood Frame
Architectural style
Other
Listing Agency:
Rothwell Gornt Companies
(702) 932-8813
Listed By:
Ryan Crighton · License #BS.0000254
(702) 217-1048
Added: Jun 18
Changed: Sep 21
Last Checked: Oct 1 at 7:06PM
MLS# 2793117
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 multifamily property contains 3976 square feet, with each residence providing approximately 960 square feet of living area. Every unit includes two bedrooms, two full bathrooms, dining and living spaces, a washer and dryer, and a patio. Flooring includes tile and luxury vinyl, while central heating and cooling support year-round comfort. Many units have recently been renovated, and select interior features include ceiling fans and window treatments. The property was built in 1998 and is served by public water and public sewer.
Located next to local schools, the property is also within a short walk of shopping centers, parks, and dining options. The homeowners association handles water, trash, landscaping, exterior building maintenance, and pool services. Construction consists of stucco and wood-frame materials.
Located next to local schools, the property is also within a short walk of shopping centers, parks, and dining options. The homeowners association handles water, trash, landscaping, exterior building maintenance, and pool services. Construction consists of stucco and wood-frame materials.
Key Highlights
- Four‑unit property with 3976 square feet
- Each residence measures approximately 960 square feet
- All four units include two bedrooms and two full bathrooms
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
$52,242
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
6.41%
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%
$1,044,840
$1.0M
Cap Rate 7%
$746,314
$746.3K
Cap Rate 9%
$580,467
$580.5K
Market Conditions
NOI Build-Up for 3,976 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
$78.7K $19.80/SF
− Vacancy
−$4.1K −$1.03/SF
EGI
$74.6K $18.77/SF
− OpEx
−$22.4K −$5.63/SF
NOI
$52.2K $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%
$1,044,840
Cap Rate 7%
$746,314
Cap Rate 9%
$580,467
Alternative Uses
Best Use
Multifamily LT 5
$746.3K
$653.0K – $870.7K
NOI $52,242 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$669.5K
$585.8K – $781.1K
NOI $46,867 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,193 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,366
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer two bedrooms, two full bathrooms, and in-unit laundry for practical everyday living.
Where is this quadplex located?
The property is located at 2201 James Bilbray Drive 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‑unit property with 3976 square feet; Each residence measures approximately 960 square feet; All four units include two bedrooms and two full bathrooms
