Renovated 56-Unit Apartment
For Sale
Contact for pricing
2417 SUNRISE AVE, Las Vegas, NV 89101
Six properties combine updated interiors, in-unit amenities, and access to central Las Vegas services.
Property Size42,046 SF
Price / SF$192.65
Days on Market96
Property Features for 2417 SUNRISE AVE
General Information
Standard status
Active
Size
42,046 SF
Property subtype
Multifamily
Zoning
R-4
Occupancy
93%
Net Operating Income
$488,113
Building Details
Year Built
1962
Year Renovated
2025
Buildings
6
Stories
2
Units
56
Listing Agency:
Marcus & Millichap - Las Vegas
(949) 419-3200
Listed By:
Drew Holden · License #S.0189703
Source:
Crexi
Added: May 28
Changed: Aug 31
Last Checked: Aug 30 at 4:52PM
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 Marcus & Millichap - Las Vegas
Investment Insights
Based on property information with market context.
Sunrise Apartments is a six-property multifamily portfolio comprising 56 units at 2417 Sunrise Ave in Las Vegas. Originally built in 1962, the properties underwent extensive renovations in 2025, including refreshed kitchens and bathrooms, contemporary flooring, and updated interior finishes. On-site laundry and functional one-, two-, and three-bedroom layouts are also part of the offering. The portfolio is zoned R-4.
The properties are positioned within the Downtown Las Vegas corridor, with access to Interstate 15, Fremont Street, retail centers, employment hubs, schools, parks, dining, entertainment, and neighborhood services. The nearby Desert Pines Redevelopment project is expected to add housing, parks, commercial uses, and community improvements. Assumable financing is also associated with the property.
The properties are positioned within the Downtown Las Vegas corridor, with access to Interstate 15, Fremont Street, retail centers, employment hubs, schools, parks, dining, entertainment, and neighborhood services. The nearby Desert Pines Redevelopment project is expected to add housing, parks, commercial uses, and community improvements. Assumable financing is also associated with the property.
Key Highlights
- 56‑unit multifamily portfolio across six properties
- Extensive renovations completed in 2025
- One-, two-, and three‑bedroom floor plans
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
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 properties combine updated interiors, in-unit amenities, and access to central Las Vegas services.
Where is this apartment building located?
The property is located at 2417 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 multifamily portfolio across six properties; Extensive renovations completed in 2025; One-, two-, and three‑bedroom floor plans
