Quadplex with On-Site
For Sale
$629,900
2220 North Lamb Boulevard, Las Vegas, NV 89115
Four leased units with on-site laundry and 2-bedroom, 1-bath layouts in a well-maintained quadplex.
Property Size3,056 SF
Days on Market191
Property Features for 2220 North Lamb Boulevard
General Information
Standard status
Active
Size
3,056 SF
Property subtype
Multi Family
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$1,177
Amenities
on-site laundry
Building Details
Building Size
3,056 SF
Year Built
1971
Tenancy
Multi
Listing Agency:
United Realty Group
(702) 592-6405
Listed By:
Margarita D. Hechavarria King · License #S.0201206
(702) 592-6405
Source:
Vicerealtygroup
Added: Jan 30
Changed: Aug 8
Last Checked: Aug 8 at 9:08AM
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 United Realty Group
Investment Insights
Based on property information with market context.
This quadplex includes four leased units, with each unit offering a 2-bedroom, 1-bath layout. On-site laundry provides convenience for residents. The property has been recently painted and is described as well maintained.
The building is located at 2220 North Lamb Boulevard in Las Vegas, NV 89115. Built in 1971, it offers a straightforward residential income configuration for either investors or owner-occupants seeking rental income to help offset housing costs.
With all four units currently leased and each unit matching the same 2-bedroom, 1-bath layout, the property provides a consistent living arrangement across the building.
The building is located at 2220 North Lamb Boulevard in Las Vegas, NV 89115. Built in 1971, it offers a straightforward residential income configuration for either investors or owner-occupants seeking rental income to help offset housing costs.
With all four units currently leased and each unit matching the same 2-bedroom, 1-bath layout, the property provides a consistent living arrangement across the building.
Key Highlights
- All four units are currently leased
- Each unit features a 2‑bedroom, 1‑bath layout
- On‑site laundry for resident convenience
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
$32,853
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
5.22%
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%
$657,060
$657.1K
Cap Rate 7%
$469,329
$469.3K
Cap Rate 9%
$365,033
$365.0K
Market Conditions
NOI Build-Up for 3,056 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
$49.5K $16.20/SF
− Vacancy
−$2.6K −$0.84/SF
EGI
$46.9K $15.36/SF
− OpEx
−$14.1K −$4.61/SF
NOI
$32.9K $10.75/SF
Area
ZIP 89115
Vacancy
5.20%
Lease Rate
$16.20 /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%
$657,060
Cap Rate 7%
$469,329
Cap Rate 9%
$365,033
Alternative Uses
Best Use
Multifamily LT 5
$469.3K
$410.7K – $547.6K
NOI $32,853 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$433.4K
$379.2K – $505.6K
NOI $30,338 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$913.7K
$799.5K – $1.07M
NOI $63,956 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
Explore this area
Business Placement
Demographics for 89115, NV
67,043
Population
21,670
Households
3.1
Avg Household Size
29
Median Age
9%
College-Educated
70%
High-School Grad
24.9 sq mi
ZIP Area
2,692
Density / Sq Mi
$49,648
Median Household Income
$32,198
Median Earnings
$1,294
Median Rent
$258,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four leased units with on-site laundry and 2-bedroom, 1-bath layouts in a well-maintained quadplex.
Where is this quadplex located?
The property is located at 2220 North Lamb Boulevard Las Vegas, NV.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: All four units are currently leased; Each unit features a 2‑bedroom, 1‑bath layout; On‑site laundry for resident convenience
