Fourplex with Private
New
For Sale
$680,000
2341 Exeter Dr, Las Vegas, NV 89156
Four-unit residential property with refreshed vacancies, existing occupancy, and balcony views toward the Las Vegas Strip.
Property Size4,172 SF
Days on Market3
Property Features for 2341 Exeter Dr
General Information
Standard status
Active
Size
4,172 SF
Property subtype
Multi Family
Occupancy
25%
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,903
Amenities
private balconies
Building Details
Building Size
4,172 SF
Year Built
1983
Buildings
1
Stories
2
Units
4
Listing Agency:
Huntington & Ellis A Real Estate Agency
(702) 686-9433
Listed By:
Mario Vitale · License #S.0190117
(702) 686-9433
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 3:50AM
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 Huntington & Ellis A Real Estate Agency
Investment Insights
Based on property information with market context.
Built in 1983, this fourplex contains four residential units, each arranged as a 2-bedroom, 2-bathroom layout. Three units are vacant, refreshed, and ready for tenant selection, while the remaining unit is occupied and producing rental income. Two units include private balconies with views toward the Las Vegas Strip.
The property is located near Albertsons, Walmart Neighborhood Market, Walgreens, Dollar Tree, restaurants, schools, public transportation, Lake Mead Plaza, and Plaza Del Rio Shopping Center. Major roadways, Downtown Las Vegas, and employment centers throughout the valley are also accessible from the property.
The unit configuration supports multiple ownership approaches, including continued rental operation or owner occupancy with the other units leased.
The property is located near Albertsons, Walmart Neighborhood Market, Walgreens, Dollar Tree, restaurants, schools, public transportation, Lake Mead Plaza, and Plaza Del Rio Shopping Center. Major roadways, Downtown Las Vegas, and employment centers throughout the valley are also accessible from the property.
The unit configuration supports multiple ownership approaches, including continued rental operation or owner occupancy with the other units leased.
Key Highlights
- Four units, each with a 2‑bedroom, 2‑bathroom layout
- Three vacant units are refreshed and rent ready
- One unit is tenant occupied and generating rental income
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
$48,020
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
7.06%
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%
$960,400
$960.4K
Cap Rate 7%
$686,000
$686.0K
Cap Rate 9%
$533,556
$533.6K
Market Conditions
NOI Build-Up for 4,172 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
$72.6K $17.40/SF
− Vacancy
−$4.0K −$0.96/SF
EGI
$68.6K $16.44/SF
− OpEx
−$20.6K −$4.93/SF
NOI
$48.0K $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%
$960,400
Cap Rate 7%
$686,000
Cap Rate 9%
$533,556
Alternative Uses
Best Use
Multifamily LT 5
$686.0K
$600.3K – $800.3K
NOI $48,020 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$633.9K
$554.7K – $739.6K
NOI $44,376 @ 7.0% cap · market cap 6.53%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,912 @ 7.0% cap · market cap 14.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
25%
Occupancy
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Explore this area
Business Placement
Demographics for 89156, NV
30,067
Population
10,413
Households
2.9
Avg Household Size
33
Median Age
14%
College-Educated
74%
High-School Grad
44.7 sq mi
ZIP Area
673
Density / Sq Mi
$69,783
Median Household Income
$36,342
Median Earnings
$1,354
Median Rent
$288,800
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 residential property with refreshed vacancies, existing occupancy, and balcony views toward the Las Vegas Strip.
Where is this quadplex located?
The property is located at 2341 Exeter Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Four units, each with a 2‑bedroom, 2‑bathroom layout; Three vacant units are refreshed and rent ready; One unit is tenant occupied and generating rental income
