Updated 4-Unit
For Sale
$657,500
2609 Cedar Ave, Las Vegas, NV 89101
Four two-bedroom residences with one bathroom each, plus recent exterior and building-system improvements.
Property Size2,870 SF
Days on Market12
Property Features for 2609 Cedar Ave
General Information
Standard status
Active
Size
2,870 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$1,660
Building Details
Building Size
2,870 SF
Year Built
1962
Stories
1
Units
4
Listing Agency:
Keller Williams, The Marketplace
Listed By:
Joshua Segal · License #BS.0144443
(805) 440-7757
Source:
Elliman
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 26 at 10:13AM
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 Keller Williams, The Marketplace
Investment Insights
Based on property information with market context.
This 4-unit quadplex contains four matching residences, each configured with two bedrooms and one bathroom. Property improvements include new exterior paint, extensive roof work, upgraded windows, and plumbing updates. The building was constructed in 1962 and has been maintained with ongoing attention to the individual units.
Located at 2609 Cedar Ave in Las Vegas, the property records a walk score of 84, classified as Very Walkable, along with a bike score of 54, classified as Bikeable. Its transit score is 52, classified as Good Transit, providing documented access to walking, cycling, and public transportation options.
Located at 2609 Cedar Ave in Las Vegas, the property records a walk score of 84, classified as Very Walkable, along with a bike score of 54, classified as Bikeable. Its transit score is 52, classified as Good Transit, providing documented access to walking, cycling, and public transportation options.
Key Highlights
- 4‑unit quadplex with four 2‑bedroom, 1‑bathroom residences
- New exterior paint and extensive roof work completed
- Upgraded windows and plumbing
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
$33,034
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
5.02%
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%
$660,680
$660.7K
Cap Rate 7%
$471,914
$471.9K
Cap Rate 9%
$367,044
$367.0K
Market Conditions
NOI Build-Up for 2,870 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
$49.9K $17.40/SF
− Vacancy
−$2.7K −$0.96/SF
EGI
$47.2K $16.44/SF
− OpEx
−$14.2K −$4.93/SF
NOI
$33.0K $11.51/SF
Area
Las Vegas, NV
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$660,680
Cap Rate 7%
$471,914
Cap Rate 9%
$367,044
Alternative Uses
Best Use
Multifamily LT 5
$471.9K
$412.9K – $550.6K
NOI $33,034 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$436.1K
$381.6K – $508.8K
NOI $30,527 @ 7.0% cap · market cap 4.64%
Theoretical Best
Specialty Retail
$991.7K
$867.7K – $1.16M
NOI $69,419 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,021
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences with one bathroom each, plus recent exterior and building-system improvements.
Where is this quadplex located?
The property is located at 2609 Cedar Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $657,500.
What are key features of this property?
This property features: 4‑unit quadplex with four 2‑bedroom, 1‑bathroom residences; New exterior paint and extensive roof work completed; Upgraded windows and plumbing
