48-Unit Apartment
New
For Sale
$9,750,000
2855 S Sandhill Rd, Las Vegas, NV 89121
Built in 2009, the property offers three-bedroom residences with in-unit laundry and private outdoor space.
Property Size48,720 SF
Lot Size2.55 Acres
Days on Market7
Property Features for 2855 S Sandhill Rd
General Information
Standard status
Active
Size
48,720 SF
Lot size
2.55 Acres
Property subtype
Multifamily
Occupancy
93%
Units
Unit Mix
48 x 3BR/2BA
Multifamily Units
48
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
private patios or balconies
outdoor storage
ceiling fans
granite-style countertops
vinyl plank flooring and carpet
fenced playground
barbecue and picnic areas
landscaped green space
Three-Bedroom Mix: All residences feature three-bedroom, two-bath floor plans with consistent layouts designed to accommodate submarket households.
Resident Amenities: A fenced playground, barbecue and picnic areas, landscaped green space, and ample surface and carport parking provide a practical collection of community amenities.
Corridor Investment: The surrounding corridor continues to benefit from significant public investment focused on transportation, streetscape, pedestrian, bicycle, and infrastructure improvements.
Regional Access: The property's southeast Las Vegas location provides convenient access to established transportation routes, neighborhood retail, entertainment, schools, and employment destinations.
Building Details
Building Size
48,720 SF
Year Built
2009
Buildings
12
Stories
2
Units
48
Listing Agency:
Marcus & Millichap - Las Vegas
Listed By:
Drew Holden · License #License(s): CA: 01962800, NV: S.0189703
(702) 215-7118
Source:
Marcusmillichap
Added: Sep 26
Changed: Oct 1
Last Checked: Oct 2 at 5:06PM
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.
Developed in 2009, the 48-unit community spans 12 two-story, low-rise buildings on approximately 2.55 acres. All residences have three bedrooms and two bathrooms, with an average size of approximately 1,015 square feet. Interior features include in-unit laundry, ceiling fans, granite-style countertops, and a combination of vinyl plank flooring and carpet. Each home also has a private patio or balcony and outdoor storage.
Shared amenities include a fenced playground, barbecue and picnic areas, landscaped open space, and a mix of surface and carport parking. The property is in southeast Las Vegas, with access to neighborhood retail, schools, parks, entertainment, and employment destinations across the Las Vegas Valley. A nearby transportation corridor is undergoing public investment in mobility, pedestrian safety, transit access, and streetscape improvements.
Shared amenities include a fenced playground, barbecue and picnic areas, landscaped open space, and a mix of surface and carport parking. The property is in southeast Las Vegas, with access to neighborhood retail, schools, parks, entertainment, and employment destinations across the Las Vegas Valley. A nearby transportation corridor is undergoing public investment in mobility, pedestrian safety, transit access, and streetscape improvements.
Key Highlights
- 48 residences across 12 two‑story buildings on approximately 2.55 acres
- Three‑bedroom, two‑bath floor plans averaging approximately 1,015 square feet
- Built in 2009
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
$574,292
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
5.89%
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%
$11,485,840
$11.5M
Cap Rate 7%
$8,204,171
$8.2M
Cap Rate 9%
$6,381,022
$6.4M
Market Conditions
NOI Build-Up for 48,720 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
$1.10M $22.56/SF
− Vacancy
−$55.0K −$1.13/SF
EGI
$1.04M $21.43/SF
− OpEx
−$469.9K −$9.64/SF
NOI
$574.3K $11.79/SF
Area
ZIP 89121
Vacancy
5.00%
Lease Rate
$22.56 /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%
$11,485,840
Cap Rate 7%
$8,204,171
Cap Rate 9%
$6,381,022
Alternative Uses
Best Use
Apartment 5plus
$8.20M
$7.18M – $9.57M
NOI $574,292 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.64M
$11.06M – $14.75M
NOI $885,023 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
48
Residential units
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 89121, NV
68,692
Population
29,012
Households
2.4
Avg Household Size
39
Median Age
16%
College-Educated
78%
High-School Grad
9.2 sq mi
ZIP Area
7,467
Density / Sq Mi
$54,667
Median Household Income
$32,776
Median Earnings
$1,306
Median Rent
$288,400
Median Home Value
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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?
Apartment building - Built in 2009, the property offers three-bedroom residences with in-unit laundry and private outdoor space.
Where is this apartment building located?
The property is located at 2855 S Sandhill Rd Las Vegas, NV.
What is the asking price?
The asking price for this property is $9,750,000.
What are key features of this property?
This property features: 48 residences across 12 two‑story buildings on approximately 2.55 acres; Three‑bedroom, two‑bath floor plans averaging approximately 1,015 square feet; Built in 2009
