Tenant-Occupied
For Sale
$575,000
3315 Covey Lane, Las Vegas, NV 89115
Four-unit residential property with existing tenant occupancy near Nellis Air Force Base.
Property Size3,080 SF
Days on Market8
Property Features for 3315 Covey Lane
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
Taxes and HOA fees
Annual Taxes
$1,384
Building Details
Building Size
3,080 SF
Year Built
1980
Listing Agency:
Equity Union Real Estate
(702) 528-9088
Listed By:
Melissa Dominguez-Martin · License #B.0062639
(702) 528-9088
Source:
Usarealty
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 2:39AM
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 = 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
$33,111
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
5.76%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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 Lane 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
