Four-Unit Multifamily
For Sale
$669,000
2937 Elm Avenue, Las Vegas, NV 89101
Residential, Las Vegas, NV
Property Size3,880 SF
Lot Size0.18 Acres
Price / SF$172.42
Days on Market131
Property Features for 2937 Elm Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Dishwasher, Oven, Range
Subdivision
Shenandoah Square
Elementary school
,
Directions
215/I-15 north exit I-95, take exit Eastern Avenue, turn right (east) on Cedar av. then right (south) on 30th st. Turns to Elm av. to property on the right.
Standard status
Active
APN
139-36-212-011
Size
3,880 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
1328
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
2
Number of units
4
Flooring type
Carpet, Tile
Building materials
Stucco
Roof type
Flat
Architectural style
Other
Listing Agency:
Century 21 Americana · Century 21 Real Estate
(702) 296-9999
Listed By:
Maha Madanat · License #S.0049820
(702) 630-6459
Added: Apr 20
Changed: Aug 20
Last Checked: Aug 28 at 7:06PM
MLS# 2774644
Copyright © 2026 Las Vegas REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 3,880 square feet on a 0.18-acre lot. The 1963 building features stucco construction, a flat roof, central heating and cooling, and a mix of tile and carpet flooring. Three units have tile flooring, while one has carpet. Unit appliances include dishwashers, ovens, and ranges.
The property is fully rented with long-term tenants. Two units are currently leased month to month, and another is scheduled to move to month-to-month status in December. Public water and public sewer serve the property, and there is no HOA.
The property is fully rented with long-term tenants. Two units are currently leased month to month, and another is scheduled to move to month-to-month status in December. Public water and public sewer serve the property, and there is no HOA.
Key Highlights
- Four‑unit multifamily property with 3,880 square feet on 0.18 acres
- Fully rented with long‑term tenants
- Two units currently operate on month‑to‑month terms; one additional unit will as of December
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
4
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - All four units are leased, with two currently operating on month-to-month terms.
Where is this quadplex located?
The property is located at 2937 Elm Avenue 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 multifamily property with 3,880 square feet on 0.18 acres; Fully rented with long‑term tenants; Two units currently operate on month‑to‑month terms; one additional unit will as of December
