Fourplex with Two
New
For Sale
$680,000
2341 Exeter Drive, Las Vegas, NV 89156
MULTI_FAMILY - Other - Las Vegas, NV
Property Size4,172 SF
Lot Size0.17 Acres
Price / SF$162.99
Days on Market3
Property Features for 2341 Exeter Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Oven, Range, Refrigerator
Subdivision
Sierra Sunrise
Elementary school
,
Directions
From Hollywood and Lake Mead turn R on E. Lake Mead Blvd. Turn L onto Radwick dr, turn R onto Exeter.
Standard status
Active
APN
140-23-111-045
Size
4,172 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
1903
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
private balconies
Building Details
Year built
1983
Floors in Building
2
Number of units
4
Flooring type
Tile, Vinyl, Carpet
Building materials
Stucco, Wood Frame
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
Huntington & Ellis, A Real Est
(702) 583-3030
Listed By:
Mario Vitale · License #S.0190117
(702) 686-9433
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 9 at 1:06AM
MLS# 2807233
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 Las Vegas fourplex contains four residential units, each configured with two bedrooms and two bathrooms. Three units have been refreshed and are ready for occupancy, while the fourth is tenant occupied. Two units include private balconies with views toward the Las Vegas Strip. The 4,172-square-foot property was built in 1983 on a 0.17-acre lot.
The property is 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.
Building features include stucco and wood-frame construction, composition and shingle roofing, central heating with natural gas, central air conditioning, public water, and public sewer. Appliances include an oven, range, and refrigerator.
The property is 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.
Building features include stucco and wood-frame construction, composition and shingle roofing, central heating with natural gas, central air conditioning, public water, and public sewer. Appliances include an oven, range, and refrigerator.
Key Highlights
- Four units, each with 2 bedrooms and 2 bathrooms
- Three units are refreshed, rent ready, and vacant
- Fourth unit is tenant occupied
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
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer two-bedroom, two-bath layouts, with three refreshed units ready for occupancy.
Where is this quadplex located?
The property is located at 2341 Exeter Drive 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 2 bedrooms and 2 bathrooms; Three units are refreshed, rent ready, and vacant; Fourth unit is tenant occupied
