4-Unit
New
For Sale
$675,000
6940 Hopkins Dr, Las Vegas, NV 89156
Four residential units share a two-bedroom, two-bathroom layout with no HOA association.
Property Size4,072 SF
Days on Market3
Property Features for 6940 Hopkins Dr
General Information
Standard status
Active
Size
4,072 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,886
Building Details
Building Size
4,072 SF
Year Built
1983
Stories
2
Units
4
Listing Agency:
Executive Realty Services
(702) 885-3013
Listed By:
Justin Bezanski · License #S.0184531
(702) 885-3013
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 7:50AM
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 Executive Realty Services
Investment Insights
Based on property information with market context.
This 4-unit quadplex contains four residential units, each configured with 2 bedrooms and 2 bathrooms. The property was built in 1983, and the absence of an HOA provides a straightforward ownership structure without association oversight.
Located at 6940 Hopkins Dr in Las Vegas, Nevada 89156, the property records a Walk Score of 53, a Bike Score of 43, and a Transit Score of 32. These scores indicate some walkability, limited bike infrastructure, and some transit availability in the surrounding area.
Located at 6940 Hopkins Dr in Las Vegas, Nevada 89156, the property records a Walk Score of 53, a Bike Score of 43, and a Transit Score of 32. These scores indicate some walkability, limited bike infrastructure, and some transit availability in the surrounding area.
Key Highlights
- Four residential units in one quadplex property
- Each unit includes 2 bedrooms and 2 bathrooms
- No HOA association
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
$46,869
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
6.94%
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%
$937,380
$937.4K
Cap Rate 7%
$669,557
$669.6K
Cap Rate 9%
$520,767
$520.8K
Market Conditions
NOI Build-Up for 4,072 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
$70.9K $17.40/SF
− Vacancy
−$3.9K −$0.96/SF
EGI
$67.0K $16.44/SF
− OpEx
−$20.1K −$4.93/SF
NOI
$46.9K $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%
$937,380
Cap Rate 7%
$669,557
Cap Rate 9%
$520,767
Alternative Uses
Best Use
Multifamily LT 5
$669.6K
$585.9K – $781.2K
NOI $46,869 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$618.7K
$541.4K – $721.9K
NOI $43,312 @ 7.0% cap · market cap 6.42%
Theoretical Best
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,493 @ 7.0% cap · market cap 14.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units share a two-bedroom, two-bathroom layout with no HOA association.
Where is this quadplex located?
The property is located at 6940 Hopkins Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four residential units in one quadplex property; Each unit includes 2 bedrooms and 2 bathrooms; No HOA association
