Four-Unit
New
For Sale
$500,000
705 Morgan Avenue, Las Vegas, NV 89106
Residential, Las Vegas, NV
Property Size3,008 SF
Lot Size0.16 Acres
Price / SF$166.22
Days on Market7
Property Features for 705 Morgan Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Las Vegas Orig Townsite 2nd Amd
Elementary school
,
Directions
FROM MLK. EAST ON BONANZA, LEFT ON H ST, Right on Morgan.
Standard status
Active
APN
139-27-310-013
Size
3,008 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
1258
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
1
Number of units
4
Flooring type
Vinyl
Building materials
Stucco
Roof type
Flat
Architectural style
Other
Listing Agency:
Vice Realty
Listed By:
Derek Moellinger · License #B.1006381
(702) 825-4663
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 27 at 1:06PM
MLS# 2820524
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 quadplex at 705 Morgan Avenue contains four 2-bedroom, 1-bathroom units, totaling 8 bedrooms and 4 bathrooms across 3,008 square feet. Built in 1963, the property occupies 0.16 acres and features stucco construction, vinyl flooring, a flat roof, central heating with natural gas, and central air conditioning.
Public water and public sewer serve the property. The Las Vegas location places the four-unit asset near shopping, dining, schools, and major roadways, providing access to a range of everyday services and transportation routes.
Public water and public sewer serve the property. The Las Vegas location places the four-unit asset near shopping, dining, schools, and major roadways, providing access to a range of everyday services and transportation routes.
Key Highlights
- Four 2‑bedroom, 1‑bathroom units
- 8 bedrooms and 4 bathrooms in total
- 3,008 square feet on 0.16 acres
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
$34,622
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
6.92%
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%
$692,440
$692.4K
Cap Rate 7%
$494,600
$494.6K
Cap Rate 9%
$384,689
$384.7K
Market Conditions
NOI Build-Up for 3,008 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
$52.3K $17.40/SF
− Vacancy
−$2.9K −$0.96/SF
EGI
$49.5K $16.44/SF
− OpEx
−$14.8K −$4.93/SF
NOI
$34.6K $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%
$692,440
Cap Rate 7%
$494,600
Cap Rate 9%
$384,689
Alternative Uses
Best Use
Multifamily LT 5
$494.6K
$432.8K – $577.0K
NOI $34,622 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$457.1K
$399.9K – $533.3K
NOI $31,995 @ 7.0% cap · market cap 6.40%
Theoretical Best
Specialty Retail
$1.04M
$909.5K – $1.21M
NOI $72,757 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 89106, NV
27,695
Population
10,906
Households
2.5
Avg Household Size
33
Median Age
11%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
5,430
Density / Sq Mi
$38,848
Median Household Income
$31,265
Median Earnings
$1,169
Median Rent
$263,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 two-bedroom units offer a compact multifamily configuration with central heating and air conditioning.
Where is this quadplex located?
The property is located at 705 Morgan Avenue Las Vegas, NV.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bathroom units; 8 bedrooms and 4 bathrooms in total; 3,008 square feet on 0.16 acres
