Gated Multifamily Apartment
For Sale
Contact for pricing
3909-3949 N Nellis Blvd, Las Vegas, NV 89115
100-unit gated complex with renovated one- and two-bedroom layouts, in-unit washer/dryer, and community pool.
Property Size91,359 SF
Lot Size3.61 Acres
Price / SF$184.98
Days on Market62
Property Features for 3909-3949 N Nellis Blvd
General Information
Standard status
Active
Size
91,359 SF
Class
B
Lot size
3.61 Acres
Property subtype
Multifamily
Zoning
R4, County
Occupancy
80%
Additional Details
Multifamily Units
100
Building Details
Year Built
1983
Buildings
6
Stories
2
Units
100
Listing Agency:
Elite Realty Sahara
Listed By:
Mike Gutierrez · License #NV 0077952
Source:
Crexi
Added: Jul 1
Changed: Aug 13
Last Checked: Aug 29 at 1:24PM
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 Elite Realty Sahara
Investment Insights
Based on property information with market context.
Terravita Apartments is a 100-unit multifamily complex composed of renovated one-bedroom/one-bath and two-bedroom/two-bath apartment homes. The community includes a mix of apartment sizes, with one-bedroom units and a larger set of two-bedroom units, including 47 oversized two-bedroom/two-bath residences. The property features six two-story buildings set on 3.61 acres, with gated entrances to the community. Each unit is described as having in-unit washer and dryer, dishwasher, walk-in closets, balcony space, and ceiling fans.
The property is located in the Sunrise Manor sector of Las Vegas, noted for its proximity to shopping and nearby schools and for having Nellis frontage. The complex offers common-area amenities including a swimming pool and a barbecue area for residents.
For buyers, the listing highlights multiple exit strategies supported by how the units are configured, with each of the 100 units having its own parcel number. That structure is presented as enabling the complex to be managed as an apartment community or converted to a condominium project. The current mix of renovated one- and two-bedroom units with in-unit laundry and outdoor balcony space is designed for resident convenience across a range of household needs.
The property is located in the Sunrise Manor sector of Las Vegas, noted for its proximity to shopping and nearby schools and for having Nellis frontage. The complex offers common-area amenities including a swimming pool and a barbecue area for residents.
For buyers, the listing highlights multiple exit strategies supported by how the units are configured, with each of the 100 units having its own parcel number. That structure is presented as enabling the complex to be managed as an apartment community or converted to a condominium project. The current mix of renovated one- and two-bedroom units with in-unit laundry and outdoor balcony space is designed for resident convenience across a range of household needs.
Key Highlights
- 100‑unit, gated multifamily complex on 3.61 acres with six two‑story buildings
- Mix of apartments: 17 renovated 1 bed/1 bath units and 83 2 bed/2 bath units
- Unit sizes range from 555–770 SF (1 bed/1 bath) and 906–1,005 SF (2 bed/2 bath)
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
$906,962
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
5.37%
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%
$18,139,240
$18.1M
Cap Rate 7%
$12,956,600
$13.0M
Cap Rate 9%
$10,077,356
$10.1M
Market Conditions
NOI Build-Up for 91,359 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
$1.73M $18.96/SF
− Vacancy
−$83.1K −$0.91/SF
EGI
$1.65M $18.05/SF
− OpEx
−$742.1K −$8.12/SF
NOI
$907.0K $9.93/SF
Area
ZIP 89115
Vacancy
4.80%
Lease Rate
$18.96 /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%
$18,139,240
Cap Rate 7%
$12,956,600
Cap Rate 9%
$10,077,356
Alternative Uses
Best Use
Apartment 5plus
$12.96M
$11.34M – $15.12M
NOI $906,962 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$27.31M
$23.90M – $31.87M
NOI $1,911,961 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100
Residential units
Location Intelligence
Trade Area within ½ mile
371
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?
Apartment building - 100-unit gated complex with renovated one- and two-bedroom layouts, in-unit washer/dryer, and community pool.
Where is this apartment building located?
The property is located at 3909-3949 N Nellis Blvd Las Vegas, NV.
What is the asking price?
The asking price for this property is $16,900,000.
What are key features of this property?
This property features: 100‑unit, gated multifamily complex on 3.61 acres with six two‑story buildings; Mix of apartments: 17 renovated 1 bed/1 bath units and 83 2 bed/2 bath units; Unit sizes range from 555–770 SF (1 bed/1 bath) and 906–1,005 SF (2 bed/2 bath)
