Four-Unit Apartment
For Sale
$490,000
905 East Bonanza Rd, Las Vegas, NV 89101
Four residential units offer a consistent two-bedroom, one-bath layout with on-site parking.
Property Size2,999 SF
Price / SF$163.39
Days on Market15
Property Features for 905 East Bonanza Rd
General Information
Standard status
Active
Size
2,999 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$21,600
Building Details
Year Built
1959
Listing Agency:
Keller Williams MarketPlace
(702) 939-0000
Listed By:
Richard J. Brenkus · License #BS.0016186
Source:
Cameronhardygroup
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 30 at 6:49PM
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 Keller Williams MarketPlace
Investment Insights
Based on property information with market context.
This four-unit apartment property was built in 1959 and includes a uniform configuration of two bedrooms and one bathroom in each residence. On-site parking serves the building, while the compact multifamily layout supports straightforward management across the unit mix.
The property is located at 905 East Bonanza Rd in Las Vegas, directly across from a Metro substation and a short distance from Fremont Street. Two of the four units are occupied, providing an existing residential tenancy profile within the building.
The property is located at 905 East Bonanza Rd in Las Vegas, directly across from a Metro substation and a short distance from Fremont Street. Two of the four units are occupied, providing an existing residential tenancy profile within the building.
Key Highlights
- Four‑unit multifamily property with 2 bedrooms and 1 bath per unit
- On‑site parking available for residents
- Two of four units are currently occupied
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.
Where is this quadplex located?
The property is located at 905 East Bonanza Rd 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: Four‑unit multifamily property with 2 bedrooms and 1 bath per unit; On‑site parking available for residents; Two of four units are currently occupied
