Two-Story Six-Unit Apartment
For Sale
Contact for pricing
537 Calcaterra Cir, Las Vegas, NV 89119
Two-story multifamily property with one- and two-bedroom residences near UNLV.
Property Size4,308 SF
Price / SF$174.09
Days on Market153
Property Features for 537 Calcaterra Cir
General Information
Standard status
Active
Size
4,308 SF
Class
C
Property subtype
Multifamily
Zoning
Muti
Occupancy
100%
Additional Details
Multifamily Units
6
Building Details
Year Built
1963
Buildings
1
Stories
2
Units
6
Listing Agency:
Vice Realty Group
(702) 825-4663
Listed By:
Derek Moellinger · License #NV B.1006381
Source:
Crexi
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 4:49AM
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 Vice Realty Group
Investment Insights
Based on property information with market context.
Built in 1963, this two-story apartment property contains six units within 4,308 square feet. The unit mix includes one- and two-bedroom residences, providing a varied configuration for multifamily ownership and operation. The property is identified with Muti zoning.
Located at 537 Calcaterra Cir in Las Vegas, the asset sits in the University District near UNLV and the Las Vegas Strip. Its setting provides access to nearby employment, retail, and transportation corridors noted in the property information.
Located at 537 Calcaterra Cir in Las Vegas, the asset sits in the University District near UNLV and the Las Vegas Strip. Its setting provides access to nearby employment, retail, and transportation corridors noted in the property information.
Key Highlights
- Six‑unit apartment property with a mix of one- and two‑bedroom units
- 4,308‑square‑foot multifamily building
- Two‑story configuration
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
$45,822
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
6.11%
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%
$916,440
$916.4K
Cap Rate 7%
$654,600
$654.6K
Cap Rate 9%
$509,133
$509.1K
Market Conditions
NOI Build-Up for 4,308 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
$87.9K $20.40/SF
− Vacancy
−$4.6K −$1.06/SF
EGI
$83.3K $19.34/SF
− OpEx
−$37.5K −$8.70/SF
NOI
$45.8K $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 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%
$916,440
Cap Rate 7%
$654,600
Cap Rate 9%
$509,133
Alternative Uses
Best Use
Apartment 5plus
$654.6K
$572.8K – $763.7K
NOI $45,822 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,202 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,308
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story multifamily property with one- and two-bedroom residences near UNLV.
Where is this apartment building located?
The property is located at 537 Calcaterra Cir Las Vegas, NV.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Six‑unit apartment property with a mix of one- and two‑bedroom units; 4,308‑square‑foot multifamily building; Two‑story configuration
