2213 Sunrise Ave, Las Vegas, NV 89101

Description

2213 Sunrise Avenue, an eight-unit multifamily community in Las Vegas' Downtown East corridor offering stable in-place income, hands-on ownership, and a clearly quantified path to higher returns. The property carries a genuinely desirable unit mix: four three-bedroom / two-bath residences and four two-bedroom / one-bath residences. Three-bedroom apartments are scarce in 1950s Downtown Las Vegas stock, which is dominated by studios and one-bedrooms. That mix widens the tenant pool to families and shared households and is the single biggest reason this asset rents and holds occupancy the way it does. 2213 Sunrise is 100% occupied and operating at a 7.4% cap rate on in-place rents of $9,850 per month. Every tenancy is month-to-month, with residency dating back as far as January 2022. The current owner has managed the building personally, maintaining a direct relationship with residents and giving consistent attention to the units and common areas. The building is a single two-story masonry structure of approximately 8,264 square feet on a 0.20-acre R-4 lot, built in 1957, with on-site surface parking, an interior courtyard, gated access, and a common laundry room.
At $1,150,000 ($143,750 per unit and $139 per square foot) the offering prices to a 7.4% cap today.