Updated Four-Unit
For Sale
$679,000
6982 Hopkins Dr, Las Vegas, NV 89156
Renovated interiors, ample parking, and a low-maintenance yard support immediate occupancy.
Property Size4,072 SF
Price / SF$166.75
Days on Market32
Property Features for 6982 Hopkins Dr
General Information
Standard status
Active
Size
4,072 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 3BR/2BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Building Details
Year Built
1983
Listing Agency:
Rothwell Gornt Companies
(702) 217-1048
Listed By:
Ryan Crighton · License #BS.0000254
Source:
Teamdrivenrealestate
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 28 at 1:04PM
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 Rothwell Gornt Companies
Investment Insights
Based on property information with market context.
This 4,072-square-foot quadplex contains four three-bedroom, two-bathroom units, offering a consistent layout across the property. Built in 1983, the asset has updated kitchens and bathrooms, bright living spaces, and generously sized bedrooms. The improvements are described as move-in ready, while the exterior includes abundant parking and a low-maintenance yard.
The property is located in the Sierra Sunrise Community of Las Vegas at 6982 Hopkins Dr. Major corridors, shopping, schools, and Downtown are identified as accessible from the property, providing convenient connections to everyday services and the city center.
The property is located in the Sierra Sunrise Community of Las Vegas at 6982 Hopkins Dr. Major corridors, shopping, schools, and Downtown are identified as accessible from the property, providing convenient connections to everyday services and the city center.
Key Highlights
- Four units, each with 3 bedrooms and 2 bathrooms
- 4,072 SF quadplex built in 1983
- Updated kitchens and bathrooms throughout
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
6.90%
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 6.90%
Second Best
Apartment 5plus
$618.7K
$541.4K – $721.9K
NOI $43,312 @ 7.0% cap · market cap 6.38%
Theoretical Best
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,493 @ 7.0% cap · market cap 14.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
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 - Renovated interiors, ample parking, and a low-maintenance yard support immediate occupancy.
Where is this quadplex located?
The property is located at 6982 Hopkins Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Four units, each with 3 bedrooms and 2 bathrooms; 4,072 SF quadplex built in 1983; Updated kitchens and bathrooms throughout
