Tenant-Occupied
For Sale
$575,000
3315 Covey Ln, Las Vegas, NV 89115
Four-unit residential property with existing tenant occupancy near Nellis Air Force Base.
Property Size3,080 SF
Price / SF$186.69
Days on Market51
Property Features for 3315 Covey Ln
General Information
Standard status
Active
Size
3,080 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
Units are not upgraded or updated.
Additional Details
Asking Price
$575,000
Multifamily Units
4
Building Details
Year Built
1980
Listing Agency:
Equity Union Real Estate
Listed By:
John C. Gianniosis · License #S.0168157
(702) 513-3322
Source:
Nvhousehunt
Added: Aug 24
Changed: Oct 8
Last Checked: Oct 7 at 4:40PM
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 Equity Union Real Estate
Investment Insights
Based on property information with market context.
This four-unit residential income property at 3315 Covey Lane in Las Vegas was built in 1980 and is currently tenant occupied. The units have not been upgraded or updated, providing a straightforward physical profile for review.
The property is located in the 89115 ZIP code, near Nellis Air Force Base and the Las Vegas Motor Speedway. No HOA is associated with the property.
The property is located in the 89115 ZIP code, near Nellis Air Force Base and the Las Vegas Motor Speedway. No HOA is associated with the property.
Key Highlights
- Four‑unit residential income property
- Tenant occupancy currently in place
- Built in 1980
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,111
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$662,220
$662.2K
Cap Rate 7%
$473,014
$473.0K
Cap Rate 9%
$367,900
$367.9K
Market Conditions
NOI Build-Up for 3,080 SF
Gross rent
$49.9K $16.20/SF
− Vacancy
−$2.6K −$0.84/SF
EGI
$47.3K $15.36/SF
− OpEx
−$14.2K −$4.61/SF
NOI
$33.1K $10.75/SF
Area
ZIP 89115
Vacancy
5.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$662,220
Cap Rate 7%
$473,014
Cap Rate 9%
$367,900
Alternative Uses
Best Use
Multifamily LT 5
$473.0K
$413.9K – $551.9K
NOI $33,111 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$436.8K
$382.2K – $509.6K
NOI $30,577 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$920.8K
$805.7K – $1.07M
NOI $64,458 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 89115, NV
67,043
Population
21,670
Households
3.1
Avg Household Size
29
Median Age
9%
College-Educated
70%
High-School Grad
24.9 sq mi
ZIP Area
2,692
Density / Sq Mi
$49,648
Median Household Income
$32,198
Median Earnings
$1,294
Median Rent
$258,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Four-unit residential property with existing tenant occupancy near Nellis Air Force Base.
Where is this quadplex located?
The property is located at 3315 Covey Ln Las Vegas, NV.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Four‑unit residential income property; Tenant occupancy currently in place; Built in 1980
