Four-Unit Quadplex with Refreshed
For Sale
$679,000
6982 Hopkins Drive, Las Vegas, NV 89156
Residential, Las Vegas, NV
Property Size4,072 SF
Lot Size0.16 Acres
Price / SF$166.75
Days on Market72
Property Features for 6982 Hopkins Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Interior features
Storage
Appliances
Dishwasher, Oven, Range, Refrigerator
Subdivision
Sierra Sunrise
Elementary school
,
Directions
Lake Mead and Hollywood
Standard status
Active
APN
140-23-111-020
Size
4,072 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
1854
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
2
Number of units
4
Flooring type
Tile, Vinyl
Building materials
Stucco, Wood Frame
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Rothwell Gornt Companies
(702) 932-8813
Listed By:
Ryan Crighton · License #BS.0000254
(702) 217-1048
Added: Jun 25
Changed: Aug 19
Last Checked: Sep 4 at 7:06PM
MLS# 2795079
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 4,072-square-foot quadplex contains four residences, each configured with three bedrooms and two bathrooms. The interiors include bright living areas, generously sized bedrooms, refreshed kitchens and bathrooms, tile and vinyl flooring, and storage. Appliances include dishwashers, ovens, ranges, and refrigerators. Central heating with natural gas and central air serve the property, which was built in 1983.
The 0.16-acre site includes abundant parking and a low-maintenance yard. Stucco and wood-frame construction, public water, and public sewer support the property’s existing residential configuration. The property is located in the Sierra Sunrise Community with access to major corridors, shopping, schools, and the Downtown district.
The 0.16-acre site includes abundant parking and a low-maintenance yard. Stucco and wood-frame construction, public water, and public sewer support the property’s existing residential configuration. The property is located in the Sierra Sunrise Community with access to major corridors, shopping, schools, and the Downtown district.
Key Highlights
- Four‑unit property with four 3‑bedroom, 2‑bathroom residences
- 4,072 square feet on a 0.16‑acre lot
- Refreshed 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
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 - All residences offer the same three-bedroom, two-bathroom layout with refreshed kitchens and bathrooms.
Where is this quadplex located?
The property is located at 6982 Hopkins Drive 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‑unit property with four 3‑bedroom, 2‑bathroom residences; 4,072 square feet on a 0.16‑acre lot; Refreshed kitchens and bathrooms throughout
