Fully Leased
New
For Sale
$669,000
2937 Elm Ave, Las Vegas, NV 89101
Residential income property with mixed tile and carpet flooring and no HOA obligation.
Property Size3,880 SF
Price / SF$172.42
Days on Market2
Property Features for 2937 Elm Ave
General Information
Standard status
Active
Size
3,880 SF
Property subtype
Multi-Family
Occupancy
100%
Building Details
Year Built
1963
Listing Agency:
Century 21 Americana
(702) 630-6459
Listed By:
Maha Madanat · License #S.0049820
Source:
Cameronhardygroup
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 8:41AM
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 Century 21 Americana
Investment Insights
Based on property information with market context.
Built in 1963, this 3,880-square-foot quadplex contains four residential units with a mix of interior finishes. Tile flooring is installed in three units, while the remaining unit has carpet. The property is occupied across all units, with established tenants in place.
Located at 2937 Elm Ave in Las Vegas, Nevada, the property has no HOA. Two units are currently leased month to month, and a third is scheduled to move to month-to-month status in December, providing varied lease timing within the four-unit configuration.
Located at 2937 Elm Ave in Las Vegas, Nevada, the property has no HOA. Two units are currently leased month to month, and a third is scheduled to move to month-to-month status in December, providing varied lease timing within the four-unit configuration.
Key Highlights
- Four‑unit quadplex with 3,880 square feet
- All units are occupied, including long‑term tenants
- Three units feature tile flooring; one has carpet
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
$44,659
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
6.68%
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%
$893,180
$893.2K
Cap Rate 7%
$637,986
$638.0K
Cap Rate 9%
$496,211
$496.2K
Market Conditions
NOI Build-Up for 3,880 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
$67.5K $17.40/SF
− Vacancy
−$3.7K −$0.96/SF
EGI
$63.8K $16.44/SF
− OpEx
−$19.1K −$4.93/SF
NOI
$44.7K $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%
$893,180
Cap Rate 7%
$637,986
Cap Rate 9%
$496,211
Alternative Uses
Best Use
Multifamily LT 5
$638.0K
$558.2K – $744.3K
NOI $44,659 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$589.6K
$515.9K – $687.8K
NOI $41,270 @ 7.0% cap · market cap 6.17%
Theoretical Best
Specialty Retail
$1.34M
$1.17M – $1.56M
NOI $93,849 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
934
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential income property with mixed tile and carpet flooring and no HOA obligation.
Where is this quadplex located?
The property is located at 2937 Elm Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,880 square feet; All units are occupied, including long‑term tenants; Three units feature tile flooring; one has carpet
