Renovated 56-Unit Apartment
For Sale
$8,100,000
2413 Sunrise Ave, Las Vegas, NV 89101
Six-property multifamily community with refreshed interiors, updated kitchens and bathrooms, and on-site laundry facilities.
Property Size42,046 SF
Days on Market92
Property Features for 2413 Sunrise Ave
General Information
Standard status
Active
Size
42,046 SF
Property subtype
Multifamily
Occupancy
93%
Additional Details
Cap Rate
6.03%
Highway Access
Yes
Multifamily Units
56
Amenities
on-site laundry
Assumable Financing: Attractive sub-5% interest-only financing available for more than six years.
Stable Returns: Extensive renovations and a diversified resident profile support consistent operational performance.
Downtown Connectivity: Sunrise Apartments benefits from direct access to Downtown Las Vegas, major employment centers, and key transportation corridors.
Growth Corridor: Positioned near the planned Desert Pines redevelopment and ongoing area revitalization efforts.
Building Details
Building Size
42,046 SF
Year Renovated
2025
Buildings
6
Units
56
Listing Agency:
Las Vegas Office
(702) 215-7118
Listed By:
Drew Holden · License #License(s): CA: 01962800, NV: S.0189703
(702) 215-7118
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 31
Last Checked: Aug 31 at 12:56PM
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.
Sunrise Apartments is a six-property, 56-unit apartment portfolio at 2413 Sunrise Ave in Las Vegas. The community includes one-, two-, and three-bedroom residences, with renovations completed in 2025. Improvements include refreshed kitchens and bathrooms, contemporary flooring, updated finishes, functional layouts, in-unit amenities, and on-site laundry facilities.
The property is positioned within the Downtown Las Vegas corridor with access to Interstate 15, Fremont Street, retail centers, employment hubs, and major transportation routes across the Las Vegas Valley. Schools, parks, dining, entertainment, and neighborhood services are also located nearby. The surrounding area includes the Desert Pines Redevelopment project, planned to add housing, parks, commercial uses, and other community improvements.
The property is positioned within the Downtown Las Vegas corridor with access to Interstate 15, Fremont Street, retail centers, employment hubs, and major transportation routes across the Las Vegas Valley. Schools, parks, dining, entertainment, and neighborhood services are also located nearby. The surrounding area includes the Desert Pines Redevelopment project, planned to add housing, parks, commercial uses, and other community improvements.
Key Highlights
- 56‑unit apartment portfolio comprising six properties
- One-, two-, and three‑bedroom floor plans
- Renovations completed in 2025
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
$447,225
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
5.52%
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%
$8,944,500
$8.9M
Cap Rate 7%
$6,388,929
$6.4M
Cap Rate 9%
$4,969,167
$5.0M
Market Conditions
NOI Build-Up for 42,046 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
$857.7K $20.40/SF
− Vacancy
−$44.6K −$1.06/SF
EGI
$813.1K $19.34/SF
− OpEx
−$365.9K −$8.70/SF
NOI
$447.2K $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%
$8,944,500
Cap Rate 7%
$6,388,929
Cap Rate 9%
$4,969,167
Alternative Uses
Best Use
Apartment 5plus
$6.39M
$5.59M – $7.45M
NOI $447,225 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.53M
$12.71M – $16.95M
NOI $1,017,007 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
56
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,469
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 - Six-property multifamily community with refreshed interiors, updated kitchens and bathrooms, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 2413 Sunrise Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $8,100,000.
What are key features of this property?
This property features: 56‑unit apartment portfolio comprising six properties; One-, two-, and three‑bedroom floor plans; Renovations completed in 2025
