6-Unit Apartment Building With Expansion
For Sale
$1,800,000
2405 McCarran Street, North Las Vegas, NV 89030
Residential, North Las Vegas, NV
Property Size5,760 SF
Lot Size0.32 Acres
Price / SF$312.50
Days on Market47
Property Features for 2405 McCarran Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Subdivision
Arrowhead Acres Tr
Elementary school
,
Directions
From LAS VEGAS BLVD. and CAREY: East on Carey to McCarran. ON Northwest corner of CAREY amd MCCARRAN.
Standard status
Active
APN
139-13-410-239
Size
5,760 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
2510
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
2
Number of units
1
Building materials
Stucco, Wood Frame
Roof type
Flat
Architectural style
Other
Listing Agency:
Coldwell Banker Premier · Coldwell Banker Real Estate
(702) 871-9500
Listed By:
Michael T. Oliver · License #S.0169549
(702) 525-6319
Added: Jul 28
Changed: Aug 19
Last Checked: Sep 12 at 10:06AM
MLS# 2803671
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 multifamily property comprises two triplex buildings with six occupied two-bedroom, two-bath apartments. The improvements total 5,760 square feet on a 0.32-acre site and were built in 1963. Construction includes stucco and wood framing, with central heating, central air conditioning, a flat roof, public water, and public sewer. The units are occupied by tenants placed through HopeLink of Southern Nevada.
The offering also includes an adjacent vacant lot and architectural plans for two additional triplex buildings north of the existing apartments. If developed, the planned expansion would bring the property to 12 units while retaining the current six units. An approximately 1,850-square-foot warehouse positioned between the existing buildings is proposed for removal and replacement with a central courtyard serving the expanded property. A North Las Vegas fire station is under construction immediately west of the site.
The offering also includes an adjacent vacant lot and architectural plans for two additional triplex buildings north of the existing apartments. If developed, the planned expansion would bring the property to 12 units while retaining the current six units. An approximately 1,850-square-foot warehouse positioned between the existing buildings is proposed for removal and replacement with a central courtyard serving the expanded property. A North Las Vegas fire station is under construction immediately west of the site.
Key Highlights
- Six occupied 2‑bedroom, 2‑bath apartments across two triplex buildings
- 5,760 square feet on a 0.32‑acre site
- Architectural plans for two additional triplex buildings
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
$65,597
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
3.64%
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%
$1,311,940
$1.3M
Cap Rate 7%
$937,100
$937.1K
Cap Rate 9%
$728,856
$728.9K
Market Conditions
NOI Build-Up for 5,760 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
$100.2K $17.40/SF
− Vacancy
−$6.5K −$1.13/SF
EGI
$93.7K $16.27/SF
− OpEx
−$28.1K −$4.88/SF
NOI
$65.6K $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%
$1,311,940
Cap Rate 7%
$937,100
Cap Rate 9%
$728,856
Alternative Uses
Best Use
Multifamily LT 5
$937.1K
$820.0K – $1.09M
NOI $65,597 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$866.0K
$757.8K – $1.01M
NOI $60,620 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,113 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,187
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
View Realmo Analytics
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?
Apartment building - Two triplex buildings contain occupied two-bedroom, two-bath units with central air.
Where is this apartment building located?
The property is located at 2405 McCarran Street North Las Vegas, NV.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Six occupied 2‑bedroom, 2‑bath apartments across two triplex buildings; 5,760 square feet on a 0.32‑acre site; Architectural plans for two additional triplex buildings
