4-Unit Quadplex Near Fremont
For Sale
$490,000
905 E Bonanza Road, Las Vegas, NV 89101
Residential, Las Vegas, NV
Property Size2,999 SF
Lot Size0.15 Acres
Price / SF$163.39
Days on Market206
Property Features for 905 E Bonanza Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Window features
Blinds
Interior features
Window Treatments
Subdivision
Stewart Add
Elementary school
,
Directions
North on Las Vegas Blvd, Right on Bonanza
Standard status
Active
APN
139-26-410-020
Size
2,999 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
1446
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Wall Furnace
Cooling system
Evaporative Cooling
Water source
Public
Building Details
Year built
1959
Floors in Building
1
Number of units
4
Flooring type
Tile, Carpet
Building materials
Stucco
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Keller Williams MarketPlace · Keller Williams Realty
(702) 939-0000
Listed By:
Richard J. Brenkus · License #BS.0016186
(702) 752-0044
Added: Feb 3
Changed: Aug 19
Last Checked: Aug 28 at 8:06PM
MLS# 2753416
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-unit multifamily property contains 2,999 square feet on a 0.15-acre parcel. Each residence is configured with 2 bedrooms and 1 bath. Interior finishes include tile and carpet flooring, window treatments, electric heating with wall furnaces, and evaporative cooling. Stucco construction is topped by a shingle and composition roof, with public water and public sewer serving the property. Built in 1959, the property includes ample parking and currently has 2 occupied units.
The property is located at 905 E Bonanza Road in Las Vegas, across the street from a Metro substation and a short distance from Fremont Street. Its four-unit configuration and uniform floor plans provide a straightforward multifamily layout in an established central Las Vegas setting.
The property is located at 905 E Bonanza Road in Las Vegas, across the street from a Metro substation and a short distance from Fremont Street. Its four-unit configuration and uniform floor plans provide a straightforward multifamily layout in an established central Las Vegas setting.
Key Highlights
- 4‑unit multifamily property with 2,999 square feet
- Each unit includes 2 bedrooms and 1 bath
- 0.15‑acre parcel with ample parking
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
$34,519
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
7.04%
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%
$690,380
$690.4K
Cap Rate 7%
$493,129
$493.1K
Cap Rate 9%
$383,544
$383.5K
Market Conditions
NOI Build-Up for 2,999 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
$52.2K $17.40/SF
− Vacancy
−$2.9K −$0.96/SF
EGI
$49.3K $16.44/SF
− OpEx
−$14.8K −$4.93/SF
NOI
$34.5K $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%
$690,380
Cap Rate 7%
$493,129
Cap Rate 9%
$383,544
Alternative Uses
Best Use
Multifamily LT 5
$493.1K
$431.5K – $575.3K
NOI $34,519 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$455.7K
$398.7K – $531.7K
NOI $31,899 @ 7.0% cap · market cap 6.51%
Theoretical Best
Specialty Retail
$1.04M
$906.8K – $1.21M
NOI $72,540 @ 7.0% cap · market cap 14.80%
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
2,982
Businesses Nearby
Explore this area
Business Placement
Demographics for 89101, NV
42,465
Population
18,258
Households
2.3
Avg Household Size
35
Median Age
11%
College-Educated
66%
High-School Grad
5.4 sq mi
ZIP Area
7,864
Density / Sq Mi
$38,653
Median Household Income
$29,471
Median Earnings
$1,008
Median Rent
$258,100
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 offer a consistent two-bedroom, one-bath layout with on-site parking and public utilities.
Where is this quadplex located?
The property is located at 905 E Bonanza Road Las Vegas, NV.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 4‑unit multifamily property with 2,999 square feet; Each unit includes 2 bedrooms and 1 bath; 0.15‑acre parcel with ample parking
