Fourplex with Renovated
2516 Ellis St, North Las Vegas, NV 89030
For Sale
$689,000
Three of the four apartments are occupied, while the recently improved fourth unit is available for lease.
Property Size3,204 SF
Days on Market11
Property Features for 2516 Ellis St
General Information
Standard status
Size
Property subtype
Site & Location
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Simply Vegas
Listed By:
Catherine Hyde · License #0070366
(702) 408-2289
Source:
Elliman
Added: Oct 28
Last Checked: Nov 6 at 11:01AM
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
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Investment Insights
Based on property information with market context.
This single-story fourplex contains four matching apartments, each with two bedrooms and one bathroom. Three units are occupied, and the fourth has been renovated and is available for lease. Two units received renovations in 2024; Unit D also has a new A/C system. The building was constructed in 1963, and there is no HOA.
The property is at 2516 Ellis St in North Las Vegas, with access to I-15 and proximity to Downtown Las Vegas, shopping, schools, parks, and everyday amenities. Its Walk Score is 69, Bike Score is 71, and Transit Score is 39.
The property is at 2516 Ellis St in North Las Vegas, with access to I-15 and proximity to Downtown Las Vegas, shopping, schools, parks, and everyday amenities. Its Walk Score is 69, Bike Score is 71, and Transit Score is 39.
Key Highlights
- Four 2‑bedroom, 1‑bath units in a single‑story building
- Three units occupied; fourth renovated unit available for lease
- Two units renovated in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,488
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$729,760
$729.8K
Cap Rate 7%
$521,257
$521.3K
Cap Rate 9%
$405,422
$405.4K
Market Conditions
NOI Build-Up for 3,204 SF
Gross rent
$55.7K $17.40/SF
− Vacancy
−$3.6K −$1.13/SF
EGI
$52.1K $16.27/SF
− OpEx
−$15.6K −$4.88/SF
NOI
$36.5K $11.39/SF
Area
North Las Vegas, NV
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$729,760
Cap Rate 7%
$521,257
Cap Rate 9%
$405,422
Alternative Uses
Best Use
Multifamily LT 5
$521.3K
$456.1K – $608.1K
NOI $36,488 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$481.7K
$421.5K – $562.0K
NOI $33,720 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$867.1K
$758.7K – $1.01M
NOI $60,694 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
524
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
$237,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Quadplexes in Clark County, NV
Properties on Market for Quadplexes in Clark County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Three of the four apartments are occupied, while the recently improved fourth unit is available for lease.
Where is this quadplex located?
The property is located at 2516 Ellis St North Las Vegas, NV.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units in a single‑story building; Three units occupied; fourth renovated unit available for lease; Two units renovated in 2024
