Renovated 4-Unit Multifamily
For Sale
$749,999
3608 East Cheyenne Avenue, Las Vegas, NV 89115
Four residences feature updated kitchens, in-unit laundry, and remodeled bathrooms.
Property Size2,636 SF
Days on Market8
Property Features for 3608 East Cheyenne Avenue
General Information
Standard status
Active
Size
2,636 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,072
Amenities
in-unit washer and dryer
fully fenced and secured
Building Details
Building Size
2,636 SF
Year Built
1954
Listing Agency:
Tega Realty Partners LLC
(702) 815-4148
Listed By:
Donovan Flores · License #BS.0146817
(702) 815-4148
Source:
Virtuelre
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 30 at 9:48PM
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 Tega Realty Partners LLC
Investment Insights
Based on property information with market context.
This four-unit multifamily property was built in 1954 and has undergone a full renovation. The unit mix includes one three-bedroom, two-bath residence; two two-bedroom, two-bath residences; and one one-bedroom, one-bath residence, totaling 8 bedrooms and 7 baths.
Interior improvements include modern kitchens with quartz countertops, new stainless steel appliances, new flooring, and remodeled bathrooms. Each residence includes an in-unit washer and dryer. The property is fully fenced and secured, with convenient proximity to CSN.
Interior improvements include modern kitchens with quartz countertops, new stainless steel appliances, new flooring, and remodeled bathrooms. Each residence includes an in-unit washer and dryer. The property is fully fenced and secured, with convenient proximity to CSN.
Key Highlights
- Four‑unit property with 8 bedrooms and 7 baths
- Unit mix includes one 3‑bedroom/2‑bath, two 2‑bedroom/2‑bath, and one 1‑bedroom/1‑bath residence
- Full renovation includes kitchens, flooring, bathrooms, and stainless steel appliances
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
$28,338
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
3.78%
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%
$566,760
$566.8K
Cap Rate 7%
$404,829
$404.8K
Cap Rate 9%
$314,867
$314.9K
Market Conditions
NOI Build-Up for 2,636 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
$42.7K $16.20/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$40.5K $15.36/SF
− OpEx
−$12.1K −$4.61/SF
NOI
$28.3K $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%
$566,760
Cap Rate 7%
$404,829
Cap Rate 9%
$314,867
Alternative Uses
Best Use
Multifamily LT 5
$404.8K
$354.2K – $472.3K
NOI $28,338 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$373.8K
$327.1K – $436.2K
NOI $26,169 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$788.1K
$689.6K – $919.4K
NOI $55,166 @ 7.0% cap · market cap 7.36%
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
584
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences feature updated kitchens, in-unit laundry, and remodeled bathrooms.
Where is this quadplex located?
The property is located at 3608 East Cheyenne Avenue Las Vegas, NV.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: Four‑unit property with 8 bedrooms and 7 baths; Unit mix includes one 3‑bedroom/2‑bath, two 2‑bedroom/2‑bath, and one 1‑bedroom/1‑bath residence; Full renovation includes kitchens, flooring, bathrooms, and stainless steel appliances
