Secured-Access Downtown Apartment
For Sale
$1,325,000
343 N 10th St, Las Vegas, NV 89101
Nine-unit multifamily property with in-unit laundry, modern kitchens, and secured access, spread across two contiguous parcels.
Property Size5,398 SF
Days on Market49
Property Features for 343 N 10th St
General Information
Standard status
Active
Size
5,398 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6.27%
Multifamily Units
9
Amenities
Boutique Community: The offering combines eight apartment units with a separate two-story single-family residence, creating a distinctive investment opportunity.
Modern Living: Contemporary interior finishes create an attractive living environment that appeals to today's renters.
Downtown Access: The community offers convenient access to the major employment, dining, and entertainment destinations located in Downtown Las Vegas.
Strategic Flexibility: Two contiguous parcels provide a unique ownership configuration with enhanced long-term operational flexibility.
Building Details
Building Size
5,398 SF
Units
9
Listing Agency:
Las Vegas Office
Listed By:
Drew Holden · License #License(s): CA: 01962800, NV: S.0189703
(702) 215-7118
Source:
Marcusmillichap
Added: Jul 19
Changed: Aug 8
Last Checked: Sep 5 at 3:56AM
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 Las Vegas Office
Investment Insights
Based on property information with market context.
This nine-unit multifamily community includes eight one-bedroom apartment units and one detached two-bedroom single-family residence. Interiors are described as contemporary, with in-unit laundry and modern kitchens. The property also offers resident amenities that include a community garden, shaded lounge area, and a fire pit, along with secured access.
The community is positioned on two contiguous parcels, including a dedicated parcel featuring resident amenities and parking in addition to the residential improvements. The location is in the heart of Downtown Las Vegas, just blocks from Fremont Street, Downtown Container Park, Fergusons Downtown, and the Arts District, with connectivity noted to Interstate 15 and U.S. 95, as well as the Las Vegas Medical District and Symphony Park.
The community is positioned on two contiguous parcels, including a dedicated parcel featuring resident amenities and parking in addition to the residential improvements. The location is in the heart of Downtown Las Vegas, just blocks from Fremont Street, Downtown Container Park, Fergusons Downtown, and the Arts District, with connectivity noted to Interstate 15 and U.S. 95, as well as the Las Vegas Medical District and Symphony Park.
Key Highlights
- 9‑unit multifamily community: eight 1‑bedroom apartments and one detached 2‑bedroom single‑family residence
- In‑unit laundry and modern kitchens across the residence units
- Secured access and a resident‑amenities package including a community garden, shaded lounge area, and fire pit
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
$57,416
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
4.33%
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%
$1,148,320
$1.1M
Cap Rate 7%
$820,229
$820.2K
Cap Rate 9%
$637,956
$638.0K
Market Conditions
NOI Build-Up for 5,398 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
$110.1K $20.40/SF
− Vacancy
−$5.7K −$1.06/SF
EGI
$104.4K $19.34/SF
− OpEx
−$47.0K −$8.70/SF
NOI
$57.4K $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%
$1,148,320
Cap Rate 7%
$820,229
Cap Rate 9%
$637,956
Alternative Uses
Best Use
Apartment 5plus
$820.2K
$717.7K – $956.9K
NOI $57,416 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.87M
$1.63M – $2.18M
NOI $130,567 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
3,353
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?
Apartment building - Nine-unit multifamily property with in-unit laundry, modern kitchens, and secured access, spread across two contiguous parcels.
Where is this apartment building located?
The property is located at 343 N 10th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 9‑unit multifamily community: eight 1‑bedroom apartments and one detached 2‑bedroom single‑family residence; In‑unit laundry and modern kitchens across the residence units; Secured access and a resident‑amenities package including a community garden, shaded lounge area, and fire pit
