Rebuilt
New
For Sale
$640,000
224 N 13th St, Las Vegas, NV 89101
Four matching two-bedroom, one-bath residences are arranged across two stories, with fee-simple ownership and no HOA.
Property Size3,270 SF
Days on Market2
Property Features for 224 N 13th St
General Information
Standard status
Active
Size
3,270 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
Comprehensive Renovation: Rebuilt from the studs in 2018, the property underwent major renovations including major building systems and interiors.
Downtown Location: Located in Downtown Las Vegas, the property is near Fergusons Downtown, Downtown Container Park, Fremont Street Experience, the Arts District, and neighborhood retail.
Two-Bedroom Residences: All four units feature two-bedroom, one-bath floor plans, providing a consistent residential product across the property.
Operational Flexibility: The four-unit fee-simple configuration and absence of an association provide a straightforward ownership structure with a lower barrier to entry than larger multifamily communities.
Building Details
Building Size
3,270 SF
Units
4
Listing Agency:
Las Vegas Office
Listed By:
Drew Holden · License #License(s): CA: 01962800, NV: S.0189703
(702) 215-7118
Source:
Marcusmillichap
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 8:02AM
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 Las Vegas Office
Investment Insights
Based on property information with market context.
This two-story fourplex contains four residences, each with two bedrooms and one bathroom. A comprehensive rebuild in 2018 updated the building’s mechanical, electrical, plumbing, and roofing systems, along with the unit interiors. Interior finishes include white cabinetry and appliances, quartz counters, ceramic tile floors, and light gray tones. A gated outdoor area is also part of the property.
In Downtown Las Vegas, the property is near Fergusons Downtown, Downtown Container Park, Fremont Street Experience, the Arts District, local retail, and everyday services. Major transportation routes provide access across the Las Vegas Valley.
The four-unit property is fee-simple and has no homeowners association. Its consistent unit layout is paired with the 2018 building and interior improvements.
In Downtown Las Vegas, the property is near Fergusons Downtown, Downtown Container Park, Fremont Street Experience, the Arts District, local retail, and everyday services. Major transportation routes provide access across the Las Vegas Valley.
The four-unit property is fee-simple and has no homeowners association. Its consistent unit layout is paired with the 2018 building and interior improvements.
Key Highlights
- Four residences, each configured with 2 bedrooms and 1 bathroom
- Two‑story building comprehensively rebuilt in 2018
- Updated mechanical, electrical, plumbing, roofing, and interior components
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
$37,638
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
5.88%
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%
$752,760
$752.8K
Cap Rate 7%
$537,686
$537.7K
Cap Rate 9%
$418,200
$418.2K
Market Conditions
NOI Build-Up for 3,270 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
$56.9K $17.40/SF
− Vacancy
−$3.1K −$0.96/SF
EGI
$53.8K $16.44/SF
− OpEx
−$16.1K −$4.93/SF
NOI
$37.6K $11.51/SF
Area
Las Vegas, NV
Vacancy
5.50%
Lease Rate
$17.40 /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%
$752,760
Cap Rate 7%
$537,686
Cap Rate 9%
$418,200
Alternative Uses
Best Use
Multifamily LT 5
$537.7K
$470.5K – $627.3K
NOI $37,638 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$496.9K
$434.8K – $579.7K
NOI $34,782 @ 7.0% cap · market cap 5.43%
Theoretical Best
Specialty Retail
$1.13M
$988.7K – $1.32M
NOI $79,095 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,375
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four matching two-bedroom, one-bath residences are arranged across two stories, with fee-simple ownership and no HOA.
Where is this quadplex located?
The property is located at 224 N 13th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Four residences, each configured with 2 bedrooms and 1 bathroom; Two‑story building comprehensively rebuilt in 2018; Updated mechanical, electrical, plumbing, roofing, and interior components
