4-Unit Residential
For Sale
Under Contract
$575,000
3315 Covey Lane, Las Vegas, NV 89115
Residential, Las Vegas, NV
Property Size3,080 SF
Lot Size0.23 Acres
Price / SF$186.69
Days on Market57
Property Features for 3315 Covey Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
,
Directions
FROM I-15 AND CHEYENNE, GO EAST ON CHEYENNE PAST CSN, PAST PECOS TO QUEEN, GO NORTH ON QUEEN TO IRWIN, GO EAST ON IRWIN TO COVEY AND THEN HEAD NORTH ON COVEY TO PROPERTY
Special listing conditions
Probate Listing
Standard status
Active Under Contract
APN
140-07-402-013
Size
3,080 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
1384
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1980
Floors in Building
2
Number of units
1
Flooring type
Tile, Carpet
Building materials
Aluminum Siding
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Equity Union Real Estate
(702) 528-9088
Listed By:
David B. Martin · License #S.0076354
(702) 245-3360
Added: Aug 21
Changed: Oct 14
Last Checked: Oct 16 at 7:06AM
MLS# 2811149
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.
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Investment Insights
Based on property information with market context.
This 1980-built fourplex contains 3,080 square feet across four tenant-occupied units. Interiors have not been updated. The building has aluminum siding, tile and carpet flooring, central heating fueled by natural gas, and central air conditioning. A composition shingle roof covers the property.
The 0.23-acre site is in Las Vegas ZIP code 89115. Nellis Air Force Base and the Las Vegas Motor Speedway are nearby. Public water and sewer serve the property, and there is no HOA.
The 0.23-acre site is in Las Vegas ZIP code 89115. Nellis Air Force Base and the Las Vegas Motor Speedway are nearby. Public water and sewer serve the property, and there is no HOA.
Key Highlights
- Four units totaling 3,080 square feet
- Tenant‑occupied; interiors have not been updated
- 0.23‑acre parcel in Las Vegas ZIP code 89115
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Tenant-occupied units sit on a 0.23-acre parcel in northeast Las Vegas.
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 units totaling 3,080 square feet; Tenant‑occupied; interiors have not been updated; 0.23‑acre parcel in Las Vegas ZIP code 89115
