214 13Th St Las Vegas, NV 89101
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 214 13Th St
- Year built
- 1952
- Property type
- Commercial real estate
Description
This four-unit apartment building, located at 214 N 13th Street in Las Vegas, Nevada, presents a compelling value-add investment opportunity. Built in 1952 and extensively renovated in 2020, the property boasts a garden-style, two-story design constructed of masonry and wood-frame. The building comprises four spacious two-bedroom, one-bathroom units, each offering ample living space. Situated on a 0.16-acre lot, the property provides residents with convenient parking. The asking price is $700,000, representing a price per unit of $175,000. The current Net Operating Income (NOI) is $32,000, yielding a 4.57% cap rate. However, a pro-forma NOI of $49,400 projects a significantly higher 7.06% cap rate, highlighting the property's substantial upside potential. Recent improvements include exterior painting (three years ago), a new roof (three years ago), and complete renovations to all four units (three years ago). Its central downtown location offers unparalleled access to the Fremont Street Experience, Container Park, the Arts District, and Premium Outlets, placing it within walking distance of a vibrant array of shopping, dining, and entertainment options. The Downtown Las Vegas submarket has experienced remarkable growth over the past decade and remains a highly sought-after area for investors. This property offers a rare blend of strong current performance and significant future growth potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Las Vegas
- County
- Clark
- State
- Nevada
- Longitude
- -115.1300069
- Latitude
- 36.1668119
