44-Unit Garden-Style Apartment
For Sale
$5,888,888
2437-2433 Clifford Ave Las, Las Vegas, NV 89104
Walk-up multifamily property with renovated interiors, updated windows, and individually metered power.
Property Size16,832 SF
Days on Market194
Property Features for 2437-2433 Clifford Ave Las
General Information
Standard status
Active
Size
16,832 SF
Property subtype
MultiFamily Apartments
Occupancy
90%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x studio, 42 x Jr One bedroom
Multifamily Units
44
Additional Details
Average Monthly Rent
$817
Amenities
Onsite Laundry room
Building Details
Building Size
16,832 SF
Year Built
1977
Construction
garden style
Listing Agency:
Simply Vegas
(702) 825-1487
Listed By:
Paul Macaluso
(702) 825-1487
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 8:24AM
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 Simply Vegas
Investment Insights
Based on property information with market context.
This 44-unit garden-style apartment property was built in 1977 and features walk-up access. The unit mix includes 2 studios and 42 junior one-bedroom floor plans. Interior improvements have been completed in more than 50% of the units, while the exterior has been painted and all windows have been replaced with high-efficiency dual-pane units. Power is individually metered, although ownership provides electricity for some units. An onsite laundry room serves the community.
Located in Downtown Las Vegas, the property is near public transportation, shopping and dining, schools, employment centers, and both the Strip and Downtown. Nearby development includes a 300+ unit Class A multifamily project, self-storage, a neighborhood grocery and gas station, IHOP, and Firefly Casino. Access to I-95 and I-15 is also nearby. Current occupancy is 90%, compared with historical occupancy of 97%.
Located in Downtown Las Vegas, the property is near public transportation, shopping and dining, schools, employment centers, and both the Strip and Downtown. Nearby development includes a 300+ unit Class A multifamily project, self-storage, a neighborhood grocery and gas station, IHOP, and Firefly Casino. Access to I-95 and I-15 is also nearby. Current occupancy is 90%, compared with historical occupancy of 97%.
Key Highlights
- 44‑unit garden‑style walk‑up apartment complex
- Unit mix includes 2 studios and 42 junior one‑bedroom floor plans
- Interior renovations completed on 50%+ of units
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
$179,035
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
3.04%
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%
$3,580,700
$3.6M
Cap Rate 7%
$2,557,643
$2.6M
Cap Rate 9%
$1,989,278
$2.0M
Market Conditions
NOI Build-Up for 16,832 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
$343.4K $20.40/SF
− Vacancy
−$17.9K −$1.06/SF
EGI
$325.5K $19.34/SF
− OpEx
−$146.5K −$8.70/SF
NOI
$179.0K $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%
$3,580,700
Cap Rate 7%
$2,557,643
Cap Rate 9%
$1,989,278
Alternative Uses
Best Use
Apartment 5plus
$2.56M
$2.24M – $2.98M
NOI $179,035 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.82M
$5.09M – $6.79M
NOI $407,132 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
44
Residential units
90%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,373
Businesses Nearby
Explore this area
Business Placement
Demographics for 89104, NV
41,662
Population
16,704
Households
2.5
Avg Household Size
38
Median Age
15%
College-Educated
72%
High-School Grad
5.7 sq mi
ZIP Area
7,309
Density / Sq Mi
$50,945
Median Household Income
$34,278
Median Earnings
$1,138
Median Rent
$298,700
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 - Walk-up multifamily property with renovated interiors, updated windows, and individually metered power.
Where is this apartment building located?
The property is located at 2437-2433 Clifford Ave Las Las Vegas, NV.
What is the asking price?
The asking price for this property is $5,888,888.
What are key features of this property?
This property features: 44‑unit garden‑style walk‑up apartment complex; Unit mix includes 2 studios and 42 junior one‑bedroom floor plans; Interior renovations completed on 50%+ of units
