Leased 4-Unit
For Sale
$675,000
509 McKellar Circle, Las Vegas, NV 89119
Residential, Las Vegas, NV
Property Size2,520 SF
Lot Size0.10 Acres
Price / SF$267.86
Days on Market103
Property Features for 509 McKellar Circle
General Information
Property type
Residential Multi Family
Property subtype
Other
Window features
Blinds
Interior features
Ceiling Fan(s), Window Treatments
Appliances
Exhaust Fan, Disposal, Oven, Range, Refrigerator, Range Hood
Elementary school
,
Directions
From Flamingo and Las Vegas Blvd go east to Palos Verdes, north on Palos Verdes, make a left onto McKellar to the property.
Standard status
Active
APN
162-15-411-022
Size
2,520 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
1662
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
2
Number of units
4
Flooring type
Tile, Tile - Ceramic, Carpet, Wood
Building materials
Stucco
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Key Realty
(702) 313-7003
Listed By:
Ayele Endalkachew · License #S.0076014
(702) 325-8943
Added: May 14
Changed: Aug 20
Last Checked: Aug 24 at 12:06AM
MLS# 2782427
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.
Investment Insights
Based on property information with market context.
This 4-unit quadplex contains 2,520 square feet on a 0.1-acre lot and was built in 1963. The property has stucco construction, tile, carpet, and wood flooring, along with central air and electric heating. Appliances include an oven, range, refrigerator, disposal, range hood, and exhaust fan. The composition shingle roof was installed in 2019.
All four units are leased. Public water and public sewer serve the property. The location is described as near UNLV, schools, shopping, freeways, entertainment, and employment, with the Las Vegas Strip about 1 mile away.
All four units are leased. Public water and public sewer serve the property. The location is described as near UNLV, schools, shopping, freeways, entertainment, and employment, with the Las Vegas Strip about 1 mile away.
Key Highlights
- 4 leased units in a quadplex configuration
- 2,520 square feet on a 0.1‑acre lot
- Roof installed in 2019
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
$29,005
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
4.30%
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%
$580,100
$580.1K
Cap Rate 7%
$414,357
$414.4K
Cap Rate 9%
$322,278
$322.3K
Market Conditions
NOI Build-Up for 2,520 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
$43.8K $17.40/SF
− Vacancy
−$2.4K −$0.96/SF
EGI
$41.4K $16.44/SF
− OpEx
−$12.4K −$4.93/SF
NOI
$29.0K $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%
$580,100
Cap Rate 7%
$414,357
Cap Rate 9%
$322,278
Alternative Uses
Best Use
Multifamily LT 5
$414.4K
$362.6K – $483.4K
NOI $29,005 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$382.9K
$335.1K – $446.7K
NOI $26,804 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$870.8K
$761.9K – $1.02M
NOI $60,954 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,500
Businesses Nearby
Explore this area
Business Placement
Demographics for 89119, NV
48,895
Population
24,756
Households
2
Avg Household Size
36
Median Age
20%
College-Educated
84%
High-School Grad
12.9 sq mi
ZIP Area
3,790
Density / Sq Mi
$46,472
Median Household Income
$32,590
Median Earnings
$1,184
Median Rent
$301,000
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 - All four units are leased, with central heating and cooling and public utilities.
Where is this quadplex located?
The property is located at 509 McKellar Circle Las Vegas, NV.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 4 leased units in a quadplex configuration; 2,520 square feet on a 0.1‑acre lot; Roof installed in 2019
