Single-Story Courtyard Apartment
For Sale
Contact for pricing
2216 2220 2224 Tam Dr, Las Vegas, NV 89102
Single-story courtyard layout with a mix of one-bedroom and studio residences.
Property Size10,515 SF
Lot Size0.48 Acres
Price / SF$271.04
Days on Market144
Property Features for 2216 2220 2224 Tam Dr
General Information
Standard status
Active
Size
10,515 SF
Net Rentable
10,515 SF
Lot size
0.48 Acres
Property subtype
Multifamily
Zoning
R-4
Occupancy
92%
Units
Unit Mix
21 x 1BR/1BA, 3 x studio
Multifamily Units
24
Additional Details
Average Monthly Rent
$913
Public Transit
Yes
Building Details
Year Built
1961
Stories
1
Units
24
Construction
garden-style
Listing Agency:
Northcap Commercial
Listed By:
Robin Willett · License #NV 69662
Source:
Crexi
Added: Apr 10
Changed: Aug 29
Last Checked: Aug 31 at 1:05PM
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 Northcap Commercial
Investment Insights
Based on property information with market context.
This 24-unit apartment property occupies three parcels totaling 0.48 acres and includes 10,515 square feet of rentable area. Constructed in 1961, the single-story layout is arranged around a shared courtyard, with separate wood and stucco buildings. The unit mix includes 21 one-bedroom, one-bath residences averaging 465 square feet and three studios measuring 250 square feet. Several units have been renovated, and overall occupancy is 91%. Zoned R-4, the property is located in Las Vegas’ Naked City neighborhood near the Las Vegas Strip employment corridor. The STRAT Hotel & Casino is situated just blocks away, with restaurants, shops, entertainment venues, RTC bus routes along Las Vegas Boulevard and Sahara Avenue, and ACE Rapid Transit serving the surrounding area.
Key Highlights
- 24‑unit apartment property on 0.48 acres across three parcels
- 10,515 square feet of rentable area; built in 1961
- Unit mix includes 21 one‑bedroom units and 3 studios
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
$111,843
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
3.92%
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%
$2,236,860
$2.2M
Cap Rate 7%
$1,597,757
$1.6M
Cap Rate 9%
$1,242,700
$1.2M
Market Conditions
NOI Build-Up for 10,515 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
$214.5K $20.40/SF
− Vacancy
−$11.2K −$1.06/SF
EGI
$203.4K $19.34/SF
− OpEx
−$91.5K −$8.70/SF
NOI
$111.8K $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%
$2,236,860
Cap Rate 7%
$1,597,757
Cap Rate 9%
$1,242,700
Alternative Uses
Best Use
Apartment 5plus
$1.60M
$1.40M – $1.86M
NOI $111,843 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.63M
$3.18M – $4.24M
NOI $254,336 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
1,912
Businesses Nearby
Explore this area
Business Placement
Demographics for 89102, NV
36,035
Population
16,964
Households
2.1
Avg Household Size
36
Median Age
18%
College-Educated
75%
High-School Grad
5.3 sq mi
ZIP Area
6,799
Density / Sq Mi
$48,518
Median Household Income
$30,703
Median Earnings
$1,206
Median Rent
$363,200
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 - Single-story courtyard layout with a mix of one-bedroom and studio residences.
Where is this apartment building located?
The property is located at 2216 2220 2224 Tam Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 24‑unit apartment property on 0.48 acres across three parcels; 10,515 square feet of rentable area; built in 1961; Unit mix includes 21 one‑bedroom units and 3 studios
