Three-Property Multifamily
For Sale
$1,325,000
51 E Texas Ave, Henderson, NV 89015
Three newly built multifamily communities totaling 17 units with one- and two-bedroom residences and in-unit laundry.
Property Size4,530 SF
Days on Market50
Property Features for 51 E Texas Ave
General Information
Standard status
Active
Size
4,530 SF
Property subtype
Multifamily
Occupancy
97%
Additional Details
Cap Rate
5.32%
Highway Access
Yes
Multifamily Units
17
Amenities
private in-unit laundry
Modern Construction: Built between 2022 and 2024, the portfolio offers contemporary construction with modern interiors and minimal deferred maintenance.
Limited Supply: The portfolio represents the only three multifamily developments consisting of 5 to 25 units completed in the City of Henderson in more than 15 years.
Urban Lifestyle: Located within walking distance of Henderson's Water Street District, residents enjoy convenient access to dining, entertainment, retail, and community events.
Portfolio Scale: Seventeen units across three neighboring properties provide operational efficiencies while maintaining the flexibility of smaller multifamily assets.
Building Details
Building Size
4,530 SF
Units
6
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: Sep 2
Last Checked: Sep 5 at 4:05AM
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.
Marcus & Millichap presents the Crown Portfolio, a three-property multifamily offering consisting of 17 units across recently constructed communities. The properties were completed in 2022 and 2024 and feature one- and two-bedroom residences with in-unit private laundry, contemporary finishes, and low-maintenance construction.
The communities are located in Downtown Henderson within walking distance of the Water Street District, and are positioned less than one-half mile apart, creating potential operational efficiencies while keeping the assets in smaller multifamily configurations. The portfolio also provides connectivity to Interstate 11 and Interstate 215, offering convenient access to Downtown Las Vegas, the Las Vegas Strip, Harry Reid International Airport, and Henderson Executive Airport.
Collectively, the Crown Portfolio represents an opportunity to acquire multiple modern multifamily developments in close proximity, with the combined unit count totaling 17.
The communities are located in Downtown Henderson within walking distance of the Water Street District, and are positioned less than one-half mile apart, creating potential operational efficiencies while keeping the assets in smaller multifamily configurations. The portfolio also provides connectivity to Interstate 11 and Interstate 215, offering convenient access to Downtown Las Vegas, the Las Vegas Strip, Harry Reid International Airport, and Henderson Executive Airport.
Collectively, the Crown Portfolio represents an opportunity to acquire multiple modern multifamily developments in close proximity, with the combined unit count totaling 17.
Key Highlights
- Crown Portfolio: three newly constructed multifamily communities totaling 17 units
- Unit mix includes one- and two‑bedroom residences with private in‑unit laundry
- Construction completed in 2022 and 2024
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
$48,184
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
3.64%
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%
$963,680
$963.7K
Cap Rate 7%
$688,343
$688.3K
Cap Rate 9%
$535,378
$535.4K
Market Conditions
NOI Build-Up for 4,530 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
$92.4K $20.40/SF
− Vacancy
−$4.8K −$1.06/SF
EGI
$87.6K $19.34/SF
− OpEx
−$39.4K −$8.70/SF
NOI
$48.2K $10.64/SF
Area
ZIP 89015
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%
$963,680
Cap Rate 7%
$688,343
Cap Rate 9%
$535,378
Alternative Uses
Best Use
Apartment 5plus
$688.3K
$602.3K – $803.1K
NOI $48,184 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.59M
$1.39M – $1.85M
NOI $111,082 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 89015, NV
41,203
Population
16,812
Households
2.5
Avg Household Size
41
Median Age
20%
College-Educated
89%
High-School Grad
37.3 sq mi
ZIP Area
1,105
Density / Sq Mi
$71,300
Median Household Income
$41,509
Median Earnings
$1,324
Median Rent
$373,700
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 - Three newly built multifamily communities totaling 17 units with one- and two-bedroom residences and in-unit laundry.
Where is this apartment building located?
The property is located at 51 E Texas Ave Henderson, 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: Crown Portfolio: three newly constructed multifamily communities totaling 17 units; Unit mix includes one- and two‑bedroom residences with private in‑unit laundry; Construction completed in 2022 and 2024
