Five-Bedroom Duplex with Covered
For Sale
$475,000
2204 South 15th Street, Las Vegas, NV 89104
Two-unit property with one occupied residence, a second unit for improvement or personal use, and no HOA.
Property Size1,826 SF
Days on Market170
Property Features for 2204 South 15th Street
General Information
Standard status
Active
Size
1,826 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$1,115
Amenities
fenced front yard
Building Details
Building Size
1,826 SF
Year Built
1954
Buildings
1
Tenancy
Multi
Listing Agency:
Realty ONE Group, Inc
(702) 738-3581
Listed By:
Evelyn Torres · License #S.0189285
(702) 738-3581
Source:
Vicerealtygroup
Added: Feb 20
Changed: Aug 3
Last Checked: Aug 9 at 11:15AM
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 Realty ONE Group, Inc
Investment Insights
Based on property information with market context.
This duplex contains a combined five bedrooms and two bathrooms across a three-bedroom unit and a two-bedroom unit. The three-bedroom residence is occupied by a month-to-month tenant who has remained in place for approximately 7 years. The two-bedroom unit includes updated kitchen and bathroom cabinets and can be occupied or improved. Covered parking and a fenced front yard add useful exterior features. Built in 1954, the property is offered in its current condition and does not have an HOA.
Key Highlights
- Five‑bedroom, two‑bathroom duplex with separate 3‑bed and 2‑bed units
- 3‑bed unit occupied by a month‑to‑month tenant for approximately 7 years
- 2‑bed unit has updated kitchen and bathroom cabinets
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
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,841
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 - Two-unit property with one occupied residence, a second unit for improvement or personal use, and no HOA.
Where is this duplex located?
The property is located at 2204 South 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: Five‑bedroom, two‑bathroom duplex with separate 3‑bed and 2‑bed units; 3‑bed unit occupied by a month‑to‑month tenant for approximately 7 years; 2‑bed unit has updated kitchen and bathroom cabinets
