Downtown Multifamily
For Sale
Contact for pricing
223 N 9th St, Las Vegas, NV 89101
Multi-unit residential property with a central Downtown Las Vegas location and access to nearby dining, entertainment, and transit.
Property Size11,120 SF
Price / SF$265.29
Days on Market132
Property Features for 223 N 9th St
General Information
Standard status
Active
Size
11,120 SF
Class
A
Property subtype
Multifamily
Occupancy
100%
Investment Type
Sale/Leaseback
Net Operating Income
$41,773
Additional Details
Public Transit
Yes
Building Details
Year Built
1970
Units
27
Listing Agency:
Vice Realty Group
(702) 825-4663
Listed By:
Derek Moellinger · License #NV B.1006381
Source:
Crexi
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 5:13PM
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 Vice Realty Group
Investment Insights
Based on property information with market context.
This multifamily property contains 11,120 square feet and was built in 1970. The multi-unit configuration supports residential income use, with the property positioned in Downtown Las Vegas.
The location places the property near Fremont Street, dining, entertainment, and transit. It also offers central access to the Strip and employment hubs, with walkable connections to surrounding amenities.
The location places the property near Fremont Street, dining, entertainment, and transit. It also offers central access to the Strip and employment hubs, with walkable connections to surrounding amenities.
Key Highlights
- 11,120‑square‑foot multifamily property
- Built in 1970
- Located in Downtown Las Vegas
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
$118,279
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
4.01%
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%
$2,365,580
$2.4M
Cap Rate 7%
$1,689,700
$1.7M
Cap Rate 9%
$1,314,211
$1.3M
Market Conditions
NOI Build-Up for 11,120 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
$226.8K $20.40/SF
− Vacancy
−$11.8K −$1.06/SF
EGI
$215.1K $19.34/SF
− OpEx
−$96.8K −$8.70/SF
NOI
$118.3K $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%
$2,365,580
Cap Rate 7%
$1,689,700
Cap Rate 9%
$1,314,211
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,279 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.84M
$3.36M – $4.48M
NOI $268,970 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,732
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?
Multifamily property - Multi-unit residential property with a central Downtown Las Vegas location and access to nearby dining, entertainment, and transit.
Where is this multifamily property located?
The property is located at 223 N 9th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 11,120‑square‑foot multifamily property; Built in 1970; Located in Downtown Las Vegas
