Six-Unit Apartment
For Sale
$1,800,000
2405 McCarran Street, North Las Vegas, NV 89030
Two parcels include occupied apartments and architectural plans for additional residential buildings.
Property Size5,760 SF
Days on Market10
Property Features for 2405 McCarran Street
General Information
Standard status
Active
Size
5,760 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
6 x 2BR/2BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$2,510
Building Details
Building Size
5,760 SF
Year Built
1963
Buildings
2
Listing Agency:
Coldwell Banker Premier
(702) 525-6319
Listed By:
Michael T. Oliver · License #S.0169549
(702) 525-6319
Source:
Vicerealtygroup
Added: Jul 28
Changed: Aug 3
Last Checked: Aug 6 at 3:43AM
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 Coldwell Banker Premier
Investment Insights
Based on property information with market context.
This North Las Vegas multifamily property includes two parcels and six occupied apartments arranged in two triplex buildings. Each residence is configured with two bedrooms and two bathrooms. The improvements date to 1963, and the property includes an approximately 1,850-square-foot warehouse positioned between the apartment buildings.
Architectural plans are included for two additional triplex buildings north of the existing residences, creating a proposed 12-unit configuration while allowing the current apartments to remain in place during potential construction. The plans also call for removing the warehouse and developing a central courtyard to serve the expanded property. A North Las Vegas Fire Station is under construction immediately west of the site.
Architectural plans are included for two additional triplex buildings north of the existing residences, creating a proposed 12-unit configuration while allowing the current apartments to remain in place during potential construction. The plans also call for removing the warehouse and developing a central courtyard to serve the expanded property. A North Las Vegas Fire Station is under construction immediately west of the site.
Key Highlights
- Six occupied apartment units in two triplex buildings
- Each unit offers 2 bedrooms and 2 bathrooms
- Two parcels included in the offering
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
$60,620
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
3.37%
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%
$1,212,400
$1.2M
Cap Rate 7%
$866,000
$866.0K
Cap Rate 9%
$673,556
$673.6K
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
$117.5K $20.40/SF
− Vacancy
−$7.3K −$1.26/SF
EGI
$110.2K $19.14/SF
− OpEx
−$49.6K −$8.61/SF
NOI
$60.6K $10.52/SF
Area
North Las Vegas, NV
Vacancy
6.20%
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%
$1,212,400
Cap Rate 7%
$866,000
Cap Rate 9%
$673,556
Alternative Uses
Best Use
Apartment 5plus
$866.0K
$757.8K – $1.01M
NOI $60,620 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
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
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
362
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
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 - Two parcels include occupied apartments and architectural plans for additional residential buildings.
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 apartment units in two triplex buildings; Each unit offers 2 bedrooms and 2 bathrooms; Two parcels included in the offering
