6-Unit Apartment
For Sale
Contact for pricing
2215 Stewart Ave, Las Vegas, NV 89101
R-3-zoned multifamily property with on-site laundry and a consistent two-bedroom, one-bathroom unit layout.
Property Size4,800 SF
Price / SF$206.04
Days on Market139
Property Features for 2215 Stewart Ave
General Information
Standard status
Active
Size
4,800 SF
Class
C
Property subtype
Multifamily
Zoning
R-3
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$60,860
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Amenities
on-site laundry
Building Details
Year Built
1978
Year Renovated
2024
Buildings
3
Stories
2
Units
6
Listing Agency:
ABI Multifamily LLC
Listed By:
Jason Dittenber · License #NV B.144976
Source:
Crexi
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 12:48PM
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 ABI Multifamily LLC
Investment Insights
Based on property information with market context.
Located at 2215 Stewart Ave in Las Vegas, this 4,800-square-foot apartment property contains 6 units, each configured with 2 bedrooms and 1 bathroom. Built in 1978, the building includes on-site laundry and carries R-3 zoning.
The property is situated in the Downtown Las Vegas submarket, with proximity to employment hubs, retail corridors, and public transportation. Its uniform unit mix provides a consistent configuration across the building, while the on-site laundry adds a shared resident amenity.
The property is situated in the Downtown Las Vegas submarket, with proximity to employment hubs, retail corridors, and public transportation. Its uniform unit mix provides a consistent configuration across the building, while the on-site laundry adds a shared resident amenity.
Key Highlights
- 6‑unit apartment building totaling 4,800 square feet
- All units offer 2 bedrooms and 1 bathroom
- Built in 1978
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
$51,055
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
5.16%
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%
$1,021,100
$1.0M
Cap Rate 7%
$729,357
$729.4K
Cap Rate 9%
$567,278
$567.3K
Market Conditions
NOI Build-Up for 4,800 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
$97.9K $20.40/SF
− Vacancy
−$5.1K −$1.06/SF
EGI
$92.8K $19.34/SF
− OpEx
−$41.8K −$8.70/SF
NOI
$51.1K $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%
$1,021,100
Cap Rate 7%
$729,357
Cap Rate 9%
$567,278
Alternative Uses
Best Use
Apartment 5plus
$729.4K
$638.2K – $850.9K
NOI $51,055 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.66M
$1.45M – $1.94M
NOI $116,102 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,455
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 - R-3-zoned multifamily property with on-site laundry and a consistent two-bedroom, one-bathroom unit layout.
Where is this apartment building located?
The property is located at 2215 Stewart Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: 6‑unit apartment building totaling 4,800 square feet; All units offer 2 bedrooms and 1 bathroom; Built in 1978
