224 N 13th St — Sale in Las Vegas, NV
- Price: Contact for price
- Listing type: For sale
- Asset type: Multifamily Property
- Location: Las Vegas, NV 89101
Photos
Investment Figures
- Cap rate
- 4.80%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap, as the exclusive listing broker, is pleased to present 224 North 13th Street, a four-unit multifamily property located in Downtown Las Vegas. The two-story fourplex consists entirely of two-bedroom, one-bath residences and underwent a comprehensive rebuild in 2018 that addressed both major building systems and unit interiors. The improvements modernized the property, resulting in updated mechanical, electrical, plumbing, roofing, and interior components throughout the asset. Combined with light gray finishes, white cabinetry and appliances, quartz countertops, ceramic tile flooring, and a gated outdoor area, the renovation program provides a substantially modernized residential product with reduced near-term capital exposure. The property benefits from an infill Downtown location near Fergusons Downtown, Downtown Container Park, Fremont Street Experience, the Arts District, neighborhood retail, and everyday services. This concentration of employment, dining, entertainment, cultural destinations, and resident conveniences provides a connected urban environment within the Downtown Las Vegas corridor. The location also offers convenient access to major transportation routes serving the broader Las Vegas Valley, strengthening connectivity to additional employment and commercial centers. These attributes reinforce the property’s rental positioning while providing residents with access to an established mix of neighborhood amenities. The property’s four-unit, fee-simple configuration and absence of a homeowners association provide a straightforward ownership structure with meaningful operational flexibility. A consistent two-bedroom unit mix supports streamlined leasing and maintenance, while the comprehensive 2018 rebuild provides a strong physical foundation for continued operations without requiring a major repositioning program. The compact configuration also allows for direct asset oversight while retaining the income characteristics of a multi-fa
Market Context
This multifamily in Las Vegas, NV is listed for sale. It is offered at an approximate 4.8% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Las Vegas, NV — view the full market.
As of Q1 2026, the Las Vegas multifamily market showed a 10.4% vacancy rate, average asking rents near $1455.50/unit/mo, and cap rates around 5.5%. Source: multiple brokerage reports, Q1 2026.
Its 4.8% asking cap rate is below the Las Vegas multifamily market average of about 5.5%, reflecting premium pricing relative to comparable assets.
Multifamily market FAQ
- What is the typical cap rate for multifamily in Las Vegas?
- About 5.5% as of Q1 2026, per multiple brokerage reports.
- Is the Las Vegas multifamily market tightening or softening?
- Vacancy is around 10.4% (Q1 2026).
Contact
- Drew Holden · (702) 215-7118 · drew.holden@marcusmillichap.com
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