Updated Fourplex with Private
For Sale
$700,000
6938 Issac Ave, Las Vegas, NV 89156
Four two-bedroom residences feature fireplaces, in-unit laundry appliances, granite kitchens, and private outdoor space.
Property Size3,692 SF
Price / SF$189.60
Days on Market35
Property Features for 6938 Issac Ave
General Information
Standard status
Active
Size
3,692 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Additional Details
Furnished
No
Public Transit
Yes
Amenities
fireplaces
private balconies
granite countertops
washer
dryer
Building Details
Year Built
1983
Listing Agency:
Century 21 Americana
(702) 409-1187
Listed By:
Evon Reiber-Nava · License #BS.0145510
Source:
Findavegashouse
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 30 at 6:58PM
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 Century 21 Americana
Investment Insights
Based on property information with market context.
This fourplex contains four two-bedroom, two-bathroom apartments with approximately 950 square feet per residence. Each unit includes a primary suite with a walk-in closet, a second bedroom, two full bathrooms, a living room fireplace, formal dining space, and a kitchen with granite countertops. Private balconies extend from the apartments through sliding glass doors, while abundant closets and storage provide additional utility. Stoves, refrigerators, washers, and dryers are included in every unit. Interior updates include refreshed paint and flooring.
Building systems include a Neptune Wetsuit waterproof roofing system installed in November 2019 with an eight-year warranty, along with four Goodman packaged gas HVAC units installed on the roof during the same month. The HVAC equipment consists of 14-SEER, two-ton units. Ceramic-tile tub surrounds and cast-iron porcelain bathtubs are provided in each apartment. The property was built in 1983 and is located near Nellis Air Force Base, public transportation, shopping, dining, and essential services. Sunrise Plaza Shopping Center is nearby with grocery, pharmacy, restaurant, fitness, personal-care, and retail offerings.
Building systems include a Neptune Wetsuit waterproof roofing system installed in November 2019 with an eight-year warranty, along with four Goodman packaged gas HVAC units installed on the roof during the same month. The HVAC equipment consists of 14-SEER, two-ton units. Ceramic-tile tub surrounds and cast-iron porcelain bathtubs are provided in each apartment. The property was built in 1983 and is located near Nellis Air Force Base, public transportation, shopping, dining, and essential services. Sunrise Plaza Shopping Center is nearby with grocery, pharmacy, restaurant, fitness, personal-care, and retail offerings.
Key Highlights
- Four apartments, each with two bedrooms and two full bathrooms
- Approximately 950 square feet per apartment
- Neptune Wetsuit waterproof roofing system installed in November 2019 with an eight‑year warranty
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
$42,495
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
6.07%
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%
$849,900
$849.9K
Cap Rate 7%
$607,071
$607.1K
Cap Rate 9%
$472,167
$472.2K
Market Conditions
NOI Build-Up for 3,692 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
$64.2K $17.40/SF
− Vacancy
−$3.5K −$0.96/SF
EGI
$60.7K $16.44/SF
− OpEx
−$18.2K −$4.93/SF
NOI
$42.5K $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%
$849,900
Cap Rate 7%
$607,071
Cap Rate 9%
$472,167
Alternative Uses
Best Use
Multifamily LT 5
$607.1K
$531.2K – $708.3K
NOI $42,495 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$561.0K
$490.9K – $654.5K
NOI $39,270 @ 7.0% cap · market cap 5.61%
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,302 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Explore this area
Business Placement
Demographics for 89156, NV
30,067
Population
10,413
Households
2.9
Avg Household Size
33
Median Age
14%
College-Educated
74%
High-School Grad
44.7 sq mi
ZIP Area
673
Density / Sq Mi
$69,783
Median Household Income
$36,342
Median Earnings
$1,354
Median Rent
$288,800
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?
Quadplex - Four two-bedroom residences feature fireplaces, in-unit laundry appliances, granite kitchens, and private outdoor space.
Where is this quadplex located?
The property is located at 6938 Issac Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Four apartments, each with two bedrooms and two full bathrooms; Approximately 950 square feet per apartment; Neptune Wetsuit waterproof roofing system installed in November 2019 with an eight‑year warranty
