Fully Rented Multifamily
For Sale
$270,000
309 N 8th St, Las Vegas, NV 89101
Income-producing multifamily asset in Las Vegas’s East Fremont District with maintenance needs.
Property Size1,686 SF
Price / SF$160.14
Days on Market32
Property Features for 309 N 8th St
General Information
Standard status
Active
Size
1,686 SF
Property subtype
Multi-Family
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
The building needs maintenance.
Building Details
Year Built
1937
Listing Agency:
Homesmart Encore
(702) 930-3299
Listed By:
Xander Shaw
(702) 930-3299
Source:
Lasvegaspenthouses
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 29 at 9:02AM
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 Homesmart Encore
Investment Insights
Based on property information with market context.
This multifamily property is fully rented and dates to 1937. The building requires maintenance, making its current physical condition an important consideration for prospective buyers. The available property data identifies the asset as a residential income property without detailing unit count, layout, or individual improvements.
The property is located at 309 N 8th St in Las Vegas, within the East Fremont District and near the intersection of 8th Street and Stewart Avenue. The City of Las Vegas is seeking development proposals for 11 acres beginning at 7th Street and Stewart, while this property sits on 8th Street and Stewart. Its existing rental status and central district location provide the key operating and contextual facts for evaluation.
The property is located at 309 N 8th St in Las Vegas, within the East Fremont District and near the intersection of 8th Street and Stewart Avenue. The City of Las Vegas is seeking development proposals for 11 acres beginning at 7th Street and Stewart, while this property sits on 8th Street and Stewart. Its existing rental status and central district location provide the key operating and contextual facts for evaluation.
Key Highlights
- Fully rented multifamily property
- Located in Las Vegas’s East Fremont District
- Building constructed in 1937
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
$17,933
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
6.64%
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%
$358,660
$358.7K
Cap Rate 7%
$256,186
$256.2K
Cap Rate 9%
$199,256
$199.3K
Market Conditions
NOI Build-Up for 1,686 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
$34.4K $20.40/SF
− Vacancy
−$1.8K −$1.06/SF
EGI
$32.6K $19.34/SF
− OpEx
−$14.7K −$8.70/SF
NOI
$17.9K $10.64/SF
Area
Las Vegas, NV
Vacancy
5.20%
Lease Rate
$20.40 /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%
$358,660
Cap Rate 7%
$256,186
Cap Rate 9%
$199,256
Alternative Uses
Best Use
Apartment 5plus
$256.2K
$224.2K – $298.9K
NOI $17,933 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$582.6K
$509.8K – $679.7K
NOI $40,781 @ 7.0% cap · market cap 15.10%
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
3,712
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?
Multifamily property - Income-producing multifamily asset in Las Vegas’s East Fremont District with maintenance needs.
Where is this multifamily property located?
The property is located at 309 N 8th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Fully rented multifamily property; Located in Las Vegas’s East Fremont District; Building constructed in 1937
