Duplex with Two Independent
For Sale
$380,000
48 North 28th Street, Las Vegas, NV 89101
Duplex with two separate units, including one 1-bedroom unit and one 3-bedroom unit, built in 1948.
Property Size1,436 SF
Days on Market88
Property Features for 48 North 28th Street
General Information
Standard status
Active
Size
1,436 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Building Details
Building Size
1,436 SF
Year Built
1948
Listing Agency:
Fathom Realty
(702) 845-5922
Listed By:
Jesus E. Moreno · License #S.0187687
(702) 845-5922
Source:
Virtuelre
Added: May 11
Changed: Jul 30
Last Checked: Aug 6 at 4:21AM
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 Fathom Realty
Investment Insights
Based on property information with market context.
This duplex offers two separate, independent units within a single property. Unit 1 includes one bedroom and one bathroom, while Unit 2 includes three bedrooms and one bathroom. The property was built in 1948 and features a newer roof that is approximately two years old, which can help reduce near-term maintenance needs.
The address is 48 North 28th Street in Las Vegas, NV 89101. The location is described as convenient to shopping, dining, schools, Downtown Las Vegas, and major freeway access, supporting everyday accessibility for residents.
With a two-unit setup and room-size variety across the units, the property may appeal to buyers looking for rental flexibility, including the option to live in one unit while renting the other.
The address is 48 North 28th Street in Las Vegas, NV 89101. The location is described as convenient to shopping, dining, schools, Downtown Las Vegas, and major freeway access, supporting everyday accessibility for residents.
With a two-unit setup and room-size variety across the units, the property may appeal to buyers looking for rental flexibility, including the option to live in one unit while renting the other.
Key Highlights
- Two independent units in a duplex configuration
- Unit 1: 1 bedroom and 1 bathroom
- Unit 2: 3 bedrooms and 1 bathroom
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
$16,529
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
4.35%
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%
$330,580
$330.6K
Cap Rate 7%
$236,129
$236.1K
Cap Rate 9%
$183,656
$183.7K
Market Conditions
NOI Build-Up for 1,436 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
$25.0K $17.40/SF
− Vacancy
−$1.4K −$0.96/SF
EGI
$23.6K $16.44/SF
− OpEx
−$7.1K −$4.93/SF
NOI
$16.5K $11.51/SF
Area
Las Vegas, NV
Vacancy
5.50%
Lease Rate
$17.40 /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%
$330,580
Cap Rate 7%
$236,129
Cap Rate 9%
$183,656
Alternative Uses
Best Use
Multifamily LT 5
$236.1K
$206.6K – $275.5K
NOI $16,529 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$218.2K
$190.9K – $254.6K
NOI $15,274 @ 7.0% cap · market cap 4.02%
Theoretical Best
Specialty Retail
$496.2K
$434.2K – $578.9K
NOI $34,734 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
737
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?
Duplex - Duplex with two separate units, including one 1-bedroom unit and one 3-bedroom unit, built in 1948.
Where is this duplex located?
The property is located at 48 North 28th Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Two independent units in a duplex configuration; Unit 1: 1 bedroom and 1 bathroom; Unit 2: 3 bedrooms and 1 bathroom
