2730 Bonanza Rd Las Vegas, NV 89101
- Commercial real estate
- 30,856 SF
- 1.52 lot acres
Current Use by Public Records
- The Whites / Apartment Building
Property Details for 2730 Bonanza Rd
- Year built
- 1983
- Lot size
- 1.52 lot acres
- Property size
- 30,856 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 32-unit apartment complex in Las Vegas, Nevada, situated on a 1.52-acre lot. The property, built in 1983, comprises six buildings (two eightplexes and four fourplexes) totaling 30,856 square feet of net rentable space. Each of the 32 units boasts a spacious two-bedroom, one-bathroom floor plan, measuring 964 square feet, complete with a private patio. Amenities include a laundry room in each building, a sizable courtyard, and ample parking for 50 vehicles. Currently operating at 94% occupancy, the property generates a Net Operating Income (NOI) of $350,914, representing a 7.03% capitalization rate. A pro-forma analysis projects a significant increase in NOI to $414,289 and an 8.29% cap rate through strategic value-add improvements. These improvements could include exterior and interior renovations, rent increases to market rates, enhanced income streams, and optimized property management. The property is zoned for apartments and offers a compelling price per square foot of $161.88 and a price per unit of $156,093.75. The current tenant base largely consists of Section 8 tenants, providing a history of stable cash flow. The seller is actively pursuing market-rate rent increases on lease renewals and tenant turnovers, along with necessary unit upgrades. This property presents a strong value-add opportunity in a desirable Las Vegas location. The address is 2730 E Bonanza Rd, Las Vegas, NV 89101.
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
- -115.1128698
- Latitude
- 36.174172
