8-Unit Apartment
For Sale
Contact for pricing
2213 Sunrise Avenue, Las Vegas, NV 89101
Unit mix includes two- and three-bedroom layouts with one- and two-bath configurations.
Property Size8,264 SF
Price / SF$145.21
Days on Market11
Property Features for 2213 Sunrise Avenue
General Information
Standard status
Active
Size
8,264 SF
Class
B
Property subtype
Multifamily
Zoning
High Density Residential (R-4)
Occupancy
100%
Net Operating Income
$85,262
Units
Unit Mix
4 x 3BR/2BA, 4 x 2BR/1BA
Multifamily Units
8
Additional Details
Cap Rate
7.1%
Building Details
Year Built
1957
Buildings
1
Units
8
Listing Agency:
Simply Vegas
Listed By:
Catherine Hyde · License #0070366
(702) 408-2289
Source:
Crexi
Added: Aug 24
Changed: Sep 1
Last Checked: Sep 2 at 5:51PM
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 Simply Vegas
Investment Insights
Based on property information with market context.
Built in 1957, this 8,264-square-foot apartment property contains 8 units arranged as four three-bedroom, two-bath residences and four two-bedroom, one-bath residences. The building is zoned High Density Residential (R-4), and the units are occupied by established month-to-month tenants.
The property operates at a 7.1% cap rate, with an 8.9% pro forma cap rate identified in the listing information. Located at 2213 Sunrise Avenue in Las Vegas, the asset is minutes from Downtown Las Vegas and Cashman Field, with access to employment, dining, entertainment, and major transportation corridors.
The property operates at a 7.1% cap rate, with an 8.9% pro forma cap rate identified in the listing information. Located at 2213 Sunrise Avenue in Las Vegas, the asset is minutes from Downtown Las Vegas and Cashman Field, with access to employment, dining, entertainment, and major transportation corridors.
Key Highlights
- 8‑unit apartment property totaling 8,264 square feet
- Unit mix includes four 3‑bedroom/2‑bath units and four 2‑bedroom/1‑bath units
- Current 7.1% cap rate
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
$87,901
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
7.33%
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%
$1,758,020
$1.8M
Cap Rate 7%
$1,255,729
$1.3M
Cap Rate 9%
$976,678
$976.7K
Market Conditions
NOI Build-Up for 8,264 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
$168.6K $20.40/SF
− Vacancy
−$8.8K −$1.06/SF
EGI
$159.8K $19.34/SF
− OpEx
−$71.9K −$8.70/SF
NOI
$87.9K $10.64/SF
Area
Las Vegas, NV
Vacancy
5.20%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,758,020
Cap Rate 7%
$1,255,729
Cap Rate 9%
$976,678
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $87,901 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.86M
$2.50M – $3.33M
NOI $199,889 @ 7.0% cap · market cap 16.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,491
Businesses Nearby
Explore this area
Business Placement
Demographics for 89101, NV
42,465
Population
18,258
Households
2.3
Avg Household Size
35
Median Age
11%
College-Educated
66%
High-School Grad
5.4 sq mi
ZIP Area
7,864
Density / Sq Mi
$38,653
Median Household Income
$29,471
Median Earnings
$1,008
Median Rent
$258,100
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?
Apartment building - Unit mix includes two- and three-bedroom layouts with one- and two-bath configurations.
Where is this apartment building located?
The property is located at 2213 Sunrise Avenue Las Vegas, NV.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8‑unit apartment property totaling 8,264 square feet; Unit mix includes four 3‑bedroom/2‑bath units and four 2‑bedroom/1‑bath units; Current 7.1% cap rate
