Las Vegas Fourplex Investment
For Sale
$619,900
2230 North Lamb Boulevard, Las Vegas, NV 89115
Four-unit property with immediate income potential in Las Vegas.
Property Size3,056 SF
Price / SF$202.85
Days on Market224
Property Features for 2230 North Lamb Boulevard
General Information
Standard status
Active
Size
3,056 SF
Property subtype
Residential / Multi Family
Taxes and HOA fees
Annual Taxes
$1,164
Amenities
Yes, CentralAir
Central, Electric, Yes
Tile
Dryer, Refrigerator, Washer
CommonArea, LaundryRoom
CeilingFans
Flat
Landscaping
Stucco
Building Details
Year Built
1971
Buildings
1
Stories
1
Listing Agency:
United Realty Group
(702) 592-6405
Listed By:
Margarita D. Hechavarria King · License #S.0201206
(702) 592-6405
Source:
Compass
Added: Jan 16
Changed: Aug 27
Last Checked: Aug 26 at 1:38PM
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 multifamily property in Las Vegas presents an investment opportunity with immediate income potential. The property consists of four units, each featuring a 2-bedroom, 1-bath layout. On-site laundry facilities are available for tenant convenience. The property has been recently painted and is well maintained. The property is suitable for investors seeking steady cash flow or owner-occupants looking to offset their mortgage with rental income. All four units are currently leased. The property size is 3056 square feet. An additional adjacent fourplex owned by the seller is also available for sale, and the seller prefers to sell both properties together.
Key Highlights
- Immediate income potential with all four units currently leased.
- Each unit features a desirable 2‑bedroom, 1‑bath layout.
- On‑site laundry provides tenant 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
5.30%
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 5.30%
Second Best
Apartment 5plus
$433.4K
$379.2K – $505.6K
NOI $30,338 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$913.7K
$799.5K – $1.07M
NOI $63,956 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
467
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-unit property with immediate income potential in Las Vegas.
Where is this quadplex located?
The property is located at 2230 North Lamb Boulevard Las Vegas, NV.
What is the asking price?
The asking price for this property is $619,900.
What are key features of this property?
This property features: Immediate income potential with all four units currently leased.; Each unit features a desirable 2‑bedroom, 1‑bath layout.; On‑site laundry provides tenant convenience.
