Four-Unit Property with Onsite
For Sale
$850,000
3228 Arlene Way, Las Vegas, NV 89108
Income-producing residential property with unit storage, varied interior finishes, and convenient access to shopping, dining, and transit.
Property Size3,966 SF
Lot Size0.17 Acres
Price / SF$214.32
Days on Market13
Property Features for 3228 Arlene Way
General Information
Standard status
Active
Size
3,966 SF
Lot size
0.17 Acres
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,166
Amenities
onsite laundry
separated storage space
Building Details
Building Size
3,966 SF
Year Built
1964
Listing Agency:
Realty ONE Group, Inc
Listed By:
Alan F. Wheelock · License #S.0062633
(702) 378-1339
Source:
Virtuelre
Added: Sep 15
Changed: Sep 26
Last Checked: Sep 26 at 12:31PM
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 Realty ONE Group, Inc
Investment Insights
Based on property information with market context.
This 3,966-square-foot quadplex, built in 1964, contains four residential units with a combined eight bedrooms and five full bathrooms. Interior finishes include laminate, wood, hardwood, tile, and ceramic tile flooring. Unit features include breakfast bars, sitting areas, onsite laundry, and individually separated storage areas.
The property occupies a 0.17-acre lot at 3228 Arlene Way in Las Vegas, Nevada. Sidewalks extend along the site, and palm trees contribute to the exterior setting. Major shopping, restaurants, and public transportation are located nearby, providing access to everyday services and transit options.
The property occupies a 0.17-acre lot at 3228 Arlene Way in Las Vegas, Nevada. Sidewalks extend along the site, and palm trees contribute to the exterior setting. Major shopping, restaurants, and public transportation are located nearby, providing access to everyday services and transit options.
Key Highlights
- 3,966‑square‑foot quadplex with four units
- Eight bedrooms and five full bathrooms in total
- Built in 1964 on a 0.17‑acre lot
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
$52,110
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
6.13%
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%
$1,042,200
$1.0M
Cap Rate 7%
$744,429
$744.4K
Cap Rate 9%
$579,000
$579.0K
Market Conditions
NOI Build-Up for 3,966 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
$78.5K $19.80/SF
− Vacancy
−$4.1K −$1.03/SF
EGI
$74.4K $18.77/SF
− OpEx
−$22.3K −$5.63/SF
NOI
$52.1K $13.14/SF
Area
ZIP 89108
Vacancy
5.20%
Lease Rate
$19.80 /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%
$1,042,200
Cap Rate 7%
$744,429
Cap Rate 9%
$579,000
Alternative Uses
Best Use
Multifamily LT 5
$744.4K
$651.4K – $868.5K
NOI $52,110 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$667.9K
$584.4K – $779.2K
NOI $46,750 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,957 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
702
Businesses Nearby
Explore this area
Business Placement
Demographics for 89108, NV
73,637
Population
28,377
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
80%
High-School Grad
8.9 sq mi
ZIP Area
8,274
Density / Sq Mi
$57,403
Median Household Income
$36,383
Median Earnings
$1,431
Median Rent
$304,400
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 - Income-producing residential property with unit storage, varied interior finishes, and convenient access to shopping, dining, and transit.
Where is this quadplex located?
The property is located at 3228 Arlene Way Las Vegas, NV.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,966‑square‑foot quadplex with four units; Eight bedrooms and five full bathrooms in total; Built in 1964 on a 0.17‑acre lot
