Multifamily Property with Updated
For Sale
Contact for pricing
2252 ELLIS ST, North Las Vegas, NV 89030
Income-producing multifamily property with renovated kitchens, dedicated storage, and on-site laundry amenities.
Property Size3,008 SF
Price / SF$212.77
Days on Market11
Property Features for 2252 ELLIS ST
General Information
Standard status
Active
Size
3,008 SF
Property subtype
Multifamily
Zoning
Multi-Family Residential District (R-3)
Occupancy
100%
Net Operating Income
$38,071
Additional Details
Cap Rate
6%
Amenities
private exterior storage
shared storage building
community laundry room
Building Details
Year Built
1963
Stories
4
Units
4
Listing Agency:
Simply Vegas
(702) 408-2289
Listed By:
Catherine Hyde · License #0070366
Source:
Crexi
Added: Jul 27
Changed: Aug 5
Last Checked: Aug 5 at 9:20AM
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 Simply Vegas
Investment Insights
Based on property information with market context.
Built in 1963, this 3,008-square-foot multifamily property at 2252 ELLIS ST in North Las Vegas is zoned Multi-Family Residential District (R-3). Unit improvements include remodeled kitchens, upgraded plumbing, serviced A/C systems, and double-pane windows. Residents also have access to private exterior storage, a shared storage building, and an on-site laundry room.
Capital improvements include a roof installed in 2020, a 100-gallon water heater added in 2023, gas line replacement completed in 2024, and owned coin-operated laundry added in 2025. The property is near Carey Ave. and Mojave Rd. and within walking distance of the North Las Vegas Police Department and Fire Station. Current performance is reported at a 6.0% cap rate, with an estimated 8.5% pro forma cap rate.
Capital improvements include a roof installed in 2020, a 100-gallon water heater added in 2023, gas line replacement completed in 2024, and owned coin-operated laundry added in 2025. The property is near Carey Ave. and Mojave Rd. and within walking distance of the North Las Vegas Police Department and Fire Station. Current performance is reported at a 6.0% cap rate, with an estimated 8.5% pro forma cap rate.
Key Highlights
- 3,008‑square‑foot multifamily property built in 1963
- Zoned Multi‑Family Residential District (R‑3)
- 6.0% current cap rate and estimated 8.5% pro forma cap rate
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
$31,657
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
4.95%
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%
$633,140
$633.1K
Cap Rate 7%
$452,243
$452.2K
Cap Rate 9%
$351,744
$351.7K
Market Conditions
NOI Build-Up for 3,008 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
$61.4K $20.40/SF
− Vacancy
−$3.8K −$1.26/SF
EGI
$57.6K $19.14/SF
− OpEx
−$25.9K −$8.61/SF
NOI
$31.7K $10.52/SF
Area
North Las Vegas, NV
Vacancy
6.20%
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%
$633,140
Cap Rate 7%
$452,243
Cap Rate 9%
$351,744
Alternative Uses
Best Use
Apartment 5plus
$452.2K
$395.7K – $527.6K
NOI $31,657 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$814.0K
$712.3K – $949.7K
NOI $56,981 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
Explore this area
Business Placement
Demographics for 89030, NV
56,399
Population
16,632
Households
3.4
Avg Household Size
30
Median Age
5%
College-Educated
58%
High-School Grad
9.5 sq mi
ZIP Area
5,937
Density / Sq Mi
$46,204
Median Household Income
$31,787
Median Earnings
$1,139
Median Rent
$237,300
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 - Income-producing multifamily property with renovated kitchens, dedicated storage, and on-site laundry amenities.
Where is this multifamily property located?
The property is located at 2252 ELLIS ST North 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: 3,008‑square‑foot multifamily property built in 1963; Zoned Multi‑Family Residential District (R‑3); 6.0% current cap rate and estimated 8.5% pro forma cap rate
