Remodeled Quadplex with
For Sale
$640,000
2252 Ellis Street, North Las Vegas, NV 89030
Residential, North Las Vegas, NV
Property Size3,008 SF
Lot Size0.19 Acres
Price / SF$212.77
Days on Market47
Property Features for 2252 Ellis Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
6
Interior features
Storage
Appliances
Oven, Range, Refrigerator
Subdivision
Arrowhead Acres Tr
Elementary school
,
Directions
From 1-15 and Lake Mead Blvd, travel E on Lake Mead Blvd, left on Ellis St, and approach 2252 Ellis St.
Standard status
Active
APN
139-24-110-260
Size
3,008 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
1167
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
private exterior storage
shared storage building
on-site community laundry room
Building Details
Year built
1963
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Tile
Building materials
Stucco, Wood Frame
Roof type
Flat
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Simply Vegas
(702) 568-6800
Listed By:
Catherine Hyde · License #S.0070366
(702) 408-2289
Added: Jul 27
Changed: Sep 3
Last Checked: Sep 11 at 3:06AM
MLS# 2803224
Copyright © 2026 Las Vegas REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,008-square-foot quadplex on a 0.19-acre lot was built in 1963 and includes four residential units with remodeled kitchens, upgraded plumbing, tile and vinyl flooring, and regularly serviced central A/C. Double-pane windows support efficient operation, while private exterior storage and a larger shared storage building add practical resident amenities. The property also includes an owned coin-operated laundry facility and a 100-gallon water heater installed in 2023.
Capital improvements include a 2020 roof replacement and gas line work completed in 2024. Public water and sewer serve the property, which has stucco and wood-frame construction with a flat roof. The address is near Carey Ave. and Mojave Rd. in North Las Vegas, within walking distance of the North Las Vegas Police Department and a 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 2020 roof replacement and gas line work completed in 2024. Public water and sewer serve the property, which has stucco and wood-frame construction with a flat roof. The address is near Carey Ave. and Mojave Rd. in North Las Vegas, within walking distance of the North Las Vegas Police Department and a fire station. Current performance is reported at a 6.0% cap rate, with an estimated 8.5% pro forma cap rate.
Key Highlights
- Four‑unit quadplex with 3,008 square feet on 0.19 acres
- Current 6.0% cap rate and estimated 8.5% pro forma cap rate
- New roof installed in 2020; gas line replaced in 2024
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
$34,256
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
5.35%
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%
$685,120
$685.1K
Cap Rate 7%
$489,371
$489.4K
Cap Rate 9%
$380,622
$380.6K
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
$52.3K $17.40/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$48.9K $16.27/SF
− OpEx
−$14.7K −$4.88/SF
NOI
$34.3K $11.39/SF
Area
North Las Vegas, NV
Vacancy
6.50%
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%
$685,120
Cap Rate 7%
$489,371
Cap Rate 9%
$380,622
Alternative Uses
Best Use
Multifamily LT 5
$489.4K
$428.2K – $570.9K
NOI $34,256 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$452.2K
$395.7K – $527.6K
NOI $31,657 @ 7.0% cap · market cap 4.95%
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
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Current Use
Location Intelligence
Trade Area within ½ mile
871
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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-unit multifamily property with updated interiors, shared laundry, and private exterior storage.
Where is this quadplex located?
The property is located at 2252 Ellis Street 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: Four‑unit quadplex with 3,008 square feet on 0.19 acres; Current 6.0% cap rate and estimated 8.5% pro forma cap rate; New roof installed in 2020; gas line replaced in 2024
