Updated Triplex with In-Unit
For Sale
$949,000
615 S 10th Street, Las Vegas, NV 89101
Residential, Las Vegas, NV
Property Size2,972 SF
Lot Size0.16 Acres
Price / SF$319.31
Days on Market132
Property Features for 615 S 10th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Window features
Blinds
Interior features
Ceiling Fan(s), Storage, Window Treatments
Exterior features
Private Yard
Appliances
Dishwasher
Subdivision
Wardie Add
Elementary school
,
Directions
From the 95 South freeway, take Exit 75 to Las Vegas Blvd, Turn right onto Las Vegas Blvd South, turn left onto Charleston Blvd, Turn right onto 10th Street. Property will be on your right.
Standard status
Active
APN
139-34-810-112
Size
2,972 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
1655
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
in-unit washer/dryer
central air conditioning
quartz countertops
new flooring
ceiling fans
private storage
Building Details
Year built
1971
Floors in Building
1
Number of units
3
Flooring type
Vinyl
Building materials
Block
Roof type
Shingle, Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Huntington & Ellis, A Real Est
(702) 583-3030
Listed By:
Sam Cohen · License #BS.0144984
(702) 884-8276
Added: May 19
Changed: Sep 21
Last Checked: Sep 27 at 3:06PM
MLS# 2783856
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 three-unit property includes 2,972 square feet on a 0.16-acre lot in Las Vegas. The unit mix consists of one three-bedroom, two-bath residence and two two-bedroom, one-bath residences. Interior improvements include quartz countertops, appliances, vinyl flooring, ceiling fans, new windows, and individual central air conditioning. Each unit has its own washer and dryer, while the two-bedroom units also include private storage areas. Bathrooms feature glass-enclosed shower and tub combinations.
Recent exterior work includes new stucco, paint, and concrete parking slabs at both the front and rear of the property. The main sewer line is new, and natural gas service has been brought to the property. Built in 1971, the block-constructed building uses public water and public sewer and is located in Las Vegas's Downtown Arts District.
Recent exterior work includes new stucco, paint, and concrete parking slabs at both the front and rear of the property. The main sewer line is new, and natural gas service has been brought to the property. Built in 1971, the block-constructed building uses public water and public sewer and is located in Las Vegas's Downtown Arts District.
Key Highlights
- 2,972‑square‑foot triplex on a 0.16‑acre lot
- Unit mix includes one 3‑bedroom/2‑bath unit and two 2‑bedroom/1‑bath units
- Individual washers, dryers, and central air conditioning in every unit
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
$34,208
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
3.60%
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%
$684,160
$684.2K
Cap Rate 7%
$488,686
$488.7K
Cap Rate 9%
$380,089
$380.1K
Market Conditions
NOI Build-Up for 2,972 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
$51.7K $17.40/SF
− Vacancy
−$2.8K −$0.96/SF
EGI
$48.9K $16.44/SF
− OpEx
−$14.7K −$4.93/SF
NOI
$34.2K $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%
$684,160
Cap Rate 7%
$488,686
Cap Rate 9%
$380,089
Alternative Uses
Best Use
Multifamily LT 5
$488.7K
$427.6K – $570.1K
NOI $34,208 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$451.6K
$395.2K – $526.9K
NOI $31,612 @ 7.0% cap · market cap 3.33%
Theoretical Best
Specialty Retail
$1.03M
$898.6K – $1.20M
NOI $71,887 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,440
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property in the Downtown Arts District with refreshed interiors, private storage, and front and rear parking.
Where is this triplex located?
The property is located at 615 S 10th Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 2,972‑square‑foot triplex on a 0.16‑acre lot; Unit mix includes one 3‑bedroom/2‑bath unit and two 2‑bedroom/1‑bath units; Individual washers, dryers, and central air conditioning in every unit
