5361 Indian River Dr Las Vegas, NV 89103

Property Details for 5361 Indian River Dr

Year built

1982

Property size

2,553 SF

Property type

Residential income homes

Property subtype

Apartment buildings

Description

This exceptional investment opportunity presents a portfolio of three meticulously maintained condominiums in desirable Las Vegas locations. The portfolio comprises three units totaling 2,553 square feet, boasting a current 100% occupancy rate as of February 7, 2024. Built in 1982 and renovated in 2021, these Class B properties offer a compelling blend of established rental income and future appreciation potential. The current Net Operating Income (NOI) stands at $32,244, with a pro-forma NOI projected at $35,186, resulting in a current cap rate of 5.70% and a pro-forma cap rate of 6.22%. The asking price for the entire portfolio is $566,000, translating to a price per square foot of $221.70 and a price per unit of $188,667. Two of the units are situated in the Southwest Valley's Spring Valley neighborhood, offering resort-style amenities including a tennis court, fitness center, pool, and spa. Their convenient location provides easy access to schools, shopping, restaurants, and the Las Vegas Strip, with proximity to major highways and Allegiant Stadium. The third unit enjoys a prime location near the Wynn, Convention Center, MSG Sphere, and High Roller, also with convenient access to Allegiant Stadium. This unit's community boasts a heated pool, spa, clubhouse, gym, tennis courts, putting green, and extensive park-like grounds. The properties are zoned 21.170.C - SFR UNIT IN MULTI UNIT BLDG. CONDO OWNERSHIP, and the APNs are 163-24-612-816, 163-24-611-296, and 162-15-215-073. This stabilized investment is ideal for 1031 exchange opportunities.

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Longitude

-115.208

Latitude

36.1101