Modern Multifamily Apartment
For Sale
$1,260,000
251 S Texas Ave, Henderson, NV 89015
Three recently built communities offer 17 residences with one- and two-bedroom layouts and private in-unit laundry.
Property Size4,147 SF
Days on Market39
Property Features for 251 S Texas Ave
General Information
Standard status
Active
Size
4,147 SF
Property subtype
Multifamily
Occupancy
97%
Additional Details
Highway Access
Yes
Multifamily Units
17
Amenities
private in-unit laundry
Modern Construction: Built between 2022 and 2024, the portfolio offers contemporary construction with modern interiors and minimal deferred maintenance.
Limited Supply: The portfolio represents the only three multifamily developments consisting of 5 to 25 units completed in the City of Henderson in more than 15 years.
Urban Lifestyle: Located within walking distance of Henderson's Water Street District, residents enjoy convenient access to dining, entertainment, retail, and community events.
Portfolio Scale: Seventeen units across three neighboring properties provide operational efficiencies while maintaining the flexibility of smaller multifamily assets.
Building Details
Building Size
4,147 SF
Buildings
3
Units
6
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: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 1:11PM
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.
The Crown Portfolio comprises three multifamily communities totaling 17 units at 251 S Texas Ave in Henderson. Construction was completed in 2022 and 2024, with residences configured as one- and two-bedroom apartments. Each home includes private in-unit laundry, contemporary finishes, and spacious floor plans. The properties are located within less than one-half mile of one another, supporting a geographically concentrated portfolio configuration.
The communities are within walking distance of the Water Street District, with access to dining, retail, entertainment, and community events in Downtown Henderson. Interstate 11 and Interstate 215 connect the properties with employment corridors across the Las Vegas Valley, Downtown Las Vegas, the Las Vegas Strip, Harry Reid International Airport, and Henderson Executive Airport.
The communities are within walking distance of the Water Street District, with access to dining, retail, entertainment, and community events in Downtown Henderson. Interstate 11 and Interstate 215 connect the properties with employment corridors across the Las Vegas Valley, Downtown Las Vegas, the Las Vegas Strip, Harry Reid International Airport, and Henderson Executive Airport.
Key Highlights
- 17 total units across three multifamily communities
- Completed in 2022 and 2024
- One- and two‑bedroom apartment residences
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
$44,110
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
3.50%
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%
$882,200
$882.2K
Cap Rate 7%
$630,143
$630.1K
Cap Rate 9%
$490,111
$490.1K
Market Conditions
NOI Build-Up for 4,147 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
$84.6K $20.40/SF
− Vacancy
−$4.4K −$1.06/SF
EGI
$80.2K $19.34/SF
− OpEx
−$36.1K −$8.70/SF
NOI
$44.1K $10.64/SF
Area
ZIP 89015
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%
$882,200
Cap Rate 7%
$630,143
Cap Rate 9%
$490,111
Alternative Uses
Best Use
Apartment 5plus
$630.1K
$551.4K – $735.2K
NOI $44,110 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,690 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,286
Businesses Nearby
Explore this area
Business Placement
Demographics for 89015, NV
41,203
Population
16,812
Households
2.5
Avg Household Size
41
Median Age
20%
College-Educated
89%
High-School Grad
37.3 sq mi
ZIP Area
1,105
Density / Sq Mi
$71,300
Median Household Income
$41,509
Median Earnings
$1,324
Median Rent
$373,700
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 - Three recently built communities offer 17 residences with one- and two-bedroom layouts and private in-unit laundry.
Where is this apartment building located?
The property is located at 251 S Texas Ave Henderson, NV.
What is the asking price?
The asking price for this property is $1,260,000.
What are key features of this property?
This property features: 17 total units across three multifamily communities; Completed in 2022 and 2024; One- and two‑bedroom apartment residences
