4-Unit Quadplex with
For Sale
$635,000
5227 Greene Lane, Las Vegas, NV 89119
Fully leased residential income property in a gated community with pool access and dedicated garage parking for each residence.
Property Size3,648 SF
Days on Market50
Property Features for 5227 Greene Lane
General Information
Standard status
Active
Size
3,648 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Occupancy
100%
Lease Term
Current Rental/Lease Agreement
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
4
Parking per Unit
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,890
Amenities
gated community
community pool
Building Details
Building Size
3,648 SF
Year Built
1977
Buildings
1
Stories
2
Units
4
Listing Agency:
Atlas Group
(702) 916-2200
Listed By:
Corbin Raines
(702) 916-2200
Source:
Landandmore
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 23 at 1:12PM
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 Atlas Group
Investment Insights
Based on property information with market context.
Built in 1977, this quadplex contains four leased residences with a mix of two one-bedroom, one-bath units; one two-bedroom, two-bath unit; and one three-bedroom, two-bath unit. Each residence includes its own one-car garage. A roof replacement was completed in October 2024.
The property is located within a gated community that provides access to a community pool. Its Las Vegas setting places it near Harry Reid International Airport, the Las Vegas Strip, major freeways, shopping, dining, schools, and parks.
The property is located within a gated community that provides access to a community pool. Its Las Vegas setting places it near Harry Reid International Airport, the Las Vegas Strip, major freeways, shopping, dining, schools, and parks.
Key Highlights
- Four units, all currently leased
- Unit mix includes two 1‑bedroom/1‑bath, one 2‑bedroom/2‑bath, and one 3‑bedroom/2‑bath residence
- Each unit includes a 1‑car garage
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
$41,989
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
6.61%
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%
$839,780
$839.8K
Cap Rate 7%
$599,843
$599.8K
Cap Rate 9%
$466,544
$466.5K
Market Conditions
NOI Build-Up for 3,648 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
$63.5K $17.40/SF
− Vacancy
−$3.5K −$0.96/SF
EGI
$60.0K $16.44/SF
− OpEx
−$18.0K −$4.93/SF
NOI
$42.0K $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%
$839,780
Cap Rate 7%
$599,843
Cap Rate 9%
$466,544
Alternative Uses
Best Use
Multifamily LT 5
$599.8K
$524.9K – $699.8K
NOI $41,989 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$554.3K
$485.0K – $646.7K
NOI $38,802 @ 7.0% cap · market cap 6.11%
Theoretical Best
Specialty Retail
$1.26M
$1.10M – $1.47M
NOI $88,238 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,162
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 - Fully leased residential income property in a gated community with pool access and dedicated garage parking for each residence.
Where is this quadplex located?
The property is located at 5227 Greene Lane Las Vegas, NV.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Four units, all currently leased; Unit mix includes two 1‑bedroom/1‑bath, one 2‑bedroom/2‑bath, and one 3‑bedroom/2‑bath residence; Each unit includes a 1‑car garage
