Renovated 36-Unit Apartment
For Sale
$4,140,000
230 S Maryland Pkwy, Las Vegas, NV 89101
Renovated 36-unit multifamily property with one-bedroom floor plans and upgraded exterior improvements near Downtown Las Vegas.
Property Size18,720 SF
Days on Market92
Property Features for 230 S Maryland Pkwy
General Information
Standard status
Active
Size
18,720 SF
Property subtype
Multifamily
Occupancy
94%
Amenities
Downtown Las Vegas Connectivity: The Dwellings benefits from a central Downtown Las Vegas location near major employment, entertainment, and cultural destinations.
Renovated Unit Interiors: The property features upgraded one-bedroom floor plans with modern finishes designed to appeal to today's renters.
Strong Rental Upside: Current rents remain below surrounding renovated comparable properties within the Downtown Las Vegas corridor.
Regional Infrastructure Access: The Dwellings stands to benefit from the Maryland Parkway Bus Rapid Transit project connecting Downtown Las Vegas, the Medical District, UNLV, and Harry Reid International Airport.
Building Details
Building Size
18,720 SF
Units
36
Listing Agency:
Las Vegas Office
Listed By:
Drew Holden · License #License(s): CA: 01962800, NV: S.0189703
(702) 215-7118
Source:
Marcusmillichap
Added: Jun 9
Changed: Sep 2
Last Checked: Sep 8 at 3:34AM
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.
The Dwellings is a 36-unit multifamily community featuring entirely one-bedroom floor plans. The property offers renovated unit interiors alongside upgraded exterior improvements, creating a refreshed residential environment for current occupants.
Located within the Downtown Las Vegas corridor, The Dwellings provides convenient access to major employment and entertainment destinations in the urban core. The community is near Fremont Street, the Arts District, and Downtown Container Park, with additional dining and cultural venues in the surrounding area. Access to Interstate 11 and Interstate 15 also supports connectivity throughout the Las Vegas Valley.
The property’s existing configuration is designed around efficient one-bedroom living spaces, with interior and exterior modernization already in place. It presents a straightforward, resident-focused apartment community positioned for continued demand in the Downtown submarket.
Located within the Downtown Las Vegas corridor, The Dwellings provides convenient access to major employment and entertainment destinations in the urban core. The community is near Fremont Street, the Arts District, and Downtown Container Park, with additional dining and cultural venues in the surrounding area. Access to Interstate 11 and Interstate 15 also supports connectivity throughout the Las Vegas Valley.
The property’s existing configuration is designed around efficient one-bedroom living spaces, with interior and exterior modernization already in place. It presents a straightforward, resident-focused apartment community positioned for continued demand in the Downtown submarket.
Key Highlights
- 36‑unit multifamily community with all one‑bedroom floor plans
- Renovated unit interiors throughout the community
- Upgraded exterior improvements
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
$199,116
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
4.81%
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%
$3,982,320
$4.0M
Cap Rate 7%
$2,844,514
$2.8M
Cap Rate 9%
$2,212,400
$2.2M
Market Conditions
NOI Build-Up for 18,720 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
$381.9K $20.40/SF
− Vacancy
−$19.9K −$1.06/SF
EGI
$362.0K $19.34/SF
− OpEx
−$162.9K −$8.70/SF
NOI
$199.1K $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%
$3,982,320
Cap Rate 7%
$2,844,514
Cap Rate 9%
$2,212,400
Alternative Uses
Best Use
Apartment 5plus
$2.84M
$2.49M – $3.32M
NOI $199,116 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.47M
$5.66M – $7.55M
NOI $452,798 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,506
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?
Apartment building - Renovated 36-unit multifamily property with one-bedroom floor plans and upgraded exterior improvements near Downtown Las Vegas.
Where is this apartment building located?
The property is located at 230 S Maryland Pkwy Las Vegas, NV.
What is the asking price?
The asking price for this property is $4,140,000.
What are key features of this property?
This property features: 36‑unit multifamily community with all one‑bedroom floor plans; Renovated unit interiors throughout the community; Upgraded exterior improvements
