239 New York AveLas Vegas, NV 89102

Property Details for 239 New York Ave

Year built

1961

Property type

Apartment buildings

Description

This exceptional investment opportunity presents an eight-unit apartment building located at 239 W New York Ave, Las Vegas, NV 89102. The property, built in 1961 and recently renovated, boasts a 100% occupancy rate, generating a current net operating income (NOI) of $61,000. The pro-forma NOI is projected at $83,000, resulting in a compelling pro-forma capitalization rate of 6.64%. The asking price for this stabilized multifamily investment is $1,250,000, translating to $156,250 per unit. All eight units are one-bedroom apartments, situated within a two-story building on a single lot. The property is classified as Class C and sits on APN 162-04-710-138. The current cap rate stands at 4.88%. The permitted zoning is residential, ensuring the continued viability of the property's use. This turnkey investment offers immediate cash flow and significant upside potential, making it an attractive addition to any portfolio. The property's strong performance and prime location in Las Vegas, Clark County, Nevada, contribute to its desirability. This is a rare opportunity to acquire a fully occupied, renovated multifamily asset in a thriving market.

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Latitude

36.1507

Longitude

-115.16

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