72-Unit Townhome-Style Apartment
517 N 28th St, Las Vegas, NV 89101
For Sale
$9,500,000
A gated residential property with landscaped grounds, a courtyard, on-site laundry, and surface parking.
Property Size53,848 SF
Lot Size3.36 Acres
Days on Market50
Property Features for 517 N 28th St
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Site & Location
Neighborhood
Additional Details
Multifamily Units
Amenities
gated access
central courtyard
on-site laundry
surface parking
landscaped grounds
Townhome Mix: A majority of the community consists of two-bedroom townhome-style residences, complemented by one-bedroom floor plans that broaden the potential renter base.
Low-Density Design: A low-density arrangement of nine two-story buildings across a ± 3.36-acre site creates an open residential environment centered around a spacious courtyard.
Growth Corridor: Green Tree is positioned near the Desert Pines redevelopment, where a mixed-use community is planned to introduce new housing and retail.
Central Connectivity: Green Tree's East Las Vegas location provides convenient access to Downtown Las Vegas and surrounding employment, retail, schools, parks, and community services.
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Las Vegas Office
Listed By:
Drew Holden · License NV S.0189703
(702) 215-7118
Source:
Marcusmillichap
Added: Sep 26
Changed: Nov 4
Last Checked: Nov 12 at 4:17AM
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
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Investment Insights
Based on property information with market context.
Green Tree is a 72-unit apartment community on approximately 3.36 acres, arranged across nine two-story buildings. Built in 1978, it offers one-bedroom apartments and two-bedroom townhome-style residences, with the townhomes making up the larger share of the mix. Features in the townhome residences include vaulted ceilings, walk-in closets, and private backyards. Gated entry, a central courtyard, laundry facilities, surface parking, and landscaped grounds serve the community.
The property is at 517 N 28th Street in East Las Vegas, with access to Downtown Las Vegas, neighborhood retail, schools, parks, community services, and major transportation corridors. It is also near the planned Desert Pines redevelopment, a mixed-use, mixed-income project incorporating housing, retail and services, educational uses, community facilities, and open space.
The property is at 517 N 28th Street in East Las Vegas, with access to Downtown Las Vegas, neighborhood retail, schools, parks, community services, and major transportation corridors. It is also near the planned Desert Pines redevelopment, a mixed-use, mixed-income project incorporating housing, retail and services, educational uses, community facilities, and open space.
Key Highlights
- 72 residential units across nine two‑story buildings
- Approximately 3.36 acres; built in 1978
- Mix of one‑bedroom apartments and two‑bedroom townhome‑style residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$572,757
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,455,140
$11.5M
Cap Rate 7%
$8,182,243
$8.2M
Cap Rate 9%
$6,363,967
$6.4M
Market Conditions
NOI Build-Up for 53,848 SF
Gross rent
$1.10M $20.40/SF
− Vacancy
−$57.1K −$1.06/SF
EGI
$1.04M $19.34/SF
− OpEx
−$468.6K −$8.70/SF
NOI
$572.8K $10.64/SF
Area
Las Vegas, NV
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 Rate 5%
$11,455,140
Cap Rate 7%
$8,182,243
Cap Rate 9%
$6,363,967
Alternative Uses
Best Use
Apartment 5plus
$8.18M
$7.16M – $9.55M
NOI $572,757 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$18.61M
$16.28M – $21.71M
NOI $1,302,473 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
72
Residential units
Location Intelligence
Trade Area within ½ mile
728
Businesses Nearby
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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
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Market
Properties on Market for Apartment buildings in Las Vegas
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - A gated residential property with landscaped grounds, a courtyard, on-site laundry, and surface parking.
Where is this apartment building located?
The property is located at 517 N 28th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 72 residential units across nine two‑story buildings; Approximately 3.36 acres; built in 1978; Mix of one‑bedroom apartments and two‑bedroom townhome‑style residences
