Duplex with Covered
For Sale
$475,000
2204 S 15th Street, Las Vegas, NV 89104
Residential, Las Vegas, NV
Property Size1,826 SF
Lot Size0.16 Acres
Price / SF$260.13
Days on Market186
Property Features for 2204 S 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
2
Parking features
Covered
Subdivision
Francisco Park
Elementary school
,
Directions
From Maryland Pkwy and Sahara Ave go east on Sahara Ave, north on 15th st. Duplex will be on the left side.
Standard status
Active
APN
162-02-410-130
Size
1,826 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
1115
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Amenities
covered parking
fenced front yard
Building Details
Year built
1954
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
Realty ONE Group, Inc
(702) 898-1221
Listed By:
Evelyn Torres · License #S.0189285
(702) 738-3581
Added: Feb 20
Changed: Aug 20
Last Checked: Aug 25 at 5:06AM
MLS# 2758057
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 1,826-square-foot duplex contains a three-bedroom residence and a two-bedroom residence within a 1954 block-construction building. The three-bedroom unit has been occupied by a month-to-month tenant for approximately 7 years. The two-bedroom unit includes recently updated kitchen and bathroom cabinets and may be used by an owner or repositioned for occupancy. The property is offered as-is and includes covered parking, a fenced front yard, tile flooring, central heating and cooling, and a composition shingle roof.
The 0.16-acre parcel is served by public water and public sewer and has no HOA. Central natural-gas heating and central air conditioning serve the building, providing established residential infrastructure for both units.
The 0.16-acre parcel is served by public water and public sewer and has no HOA. Central natural-gas heating and central air conditioning serve the building, providing established residential infrastructure for both units.
Key Highlights
- Duplex with 3‑bedroom and 2‑bedroom units
- 1,826 square feet on a 0.16‑acre lot
- 3‑bedroom unit occupied by a month‑to‑month tenant for approximately 7 years
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
$21,017
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
4.42%
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%
$420,340
$420.3K
Cap Rate 7%
$300,243
$300.2K
Cap Rate 9%
$233,522
$233.5K
Market Conditions
NOI Build-Up for 1,826 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
$31.8K $17.40/SF
− Vacancy
−$1.7K −$0.96/SF
EGI
$30.0K $16.44/SF
− OpEx
−$9.0K −$4.93/SF
NOI
$21.0K $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%
$420,340
Cap Rate 7%
$300,243
Cap Rate 9%
$233,522
Alternative Uses
Best Use
Multifamily LT 5
$300.2K
$262.7K – $350.3K
NOI $21,017 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$277.5K
$242.8K – $323.7K
NOI $19,422 @ 7.0% cap · market cap 4.09%
Theoretical Best
Specialty Retail
$631.0K
$552.1K – $736.1K
NOI $44,167 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,054
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?
Duplex - One residence is tenant-occupied, while the second includes updated kitchen and bathroom cabinetry.
Where is this duplex located?
The property is located at 2204 S 15th Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Duplex with 3‑bedroom and 2‑bedroom units; 1,826 square feet on a 0.16‑acre lot; 3‑bedroom unit occupied by a month‑to‑month tenant for approximately 7 years
