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Powerful real estate search engines and options for your property searches in Las Vegas / Henderson Nevada.
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MultiFamily Market Review
Multifamily vacancy declined in the fourth quarter of 2011, dropping to 7.3 percent, a decline of 0.7
points from the third quarter of 2011. Performance was positive for all property classes, with the
largest decline in vacancy being experienced in Class C product. Quarterly net absorption was
positive for all classes of multifamily, but not in all submarkets. Negative net absorption was
experienced in the East, Northeast and Southwest submarkets in the fourth quarter of 2011. For the
year as a whole, Southern Nevada’s multifamily market absorbed 1,238 units, most of this in the
Summerlin West, Downtown and Henderson/Green Valley submarkets. Class A multifamily had
positive net absorption of 199 units for the fourth quarter, but year-to-date net absorption was a
negative 56 units. Asking rents remained stable for one-bedroom apartments in the fourth quarter of
2011 and were down for two- and three-bedroom units. The only market segments to see rising
asking rents in the fourth quarter were one-bedroom apartments in the Downtown and Henderson/
Green Valley submarkets.
Class A multifamily now has the highest vacancy among classes in Southern Nevada, possibly from
a combination of high-end renters cycling back into single family residences and others moving into
Class B properties, which now have the lowest vacancy among classes at 6.2 percent.
Over the past 12 months, Southern Nevada added 9,000 new jobs, primarily in leisure and hospitality
and the professional and business services sectors.
The big job losers these past twelve months have
been financial activities, trade, transportation and utilities and government. Unemployment in the Las
Vegas-Paradise MSA stood at 12.5 percent as of November 2011. As people get back to work, the
multifamily they seek out may shift from older Class C to newer Class B or A properties.
SEE ATTACHMENT FOR REST OF MARKET REVIEW
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MARKET SNAPSHOT: Las Vegas Recovers Select Jobs, Increasing Multifamily Sales
Feature - Daily Newsletter, Market Data, News, West
Feb 1, 2012
By Philip Shea, Associate Editor
Multifamily sales in the Las Vegas metro area increased by 59.6
percent between the third quarters of 2010 and 2011, this in concurrence
with the overall unemployment rate dropping from 15.5 percent to 14.2
percent. According to Real Capital Analytics, 4,612 units were sold
during the first three quarters of 2011, and the average unit price rose
to $51,082 from $43,560 the previous year. 
The rise in employment occurred mostly in the services industry,
while jobs in finance and construction remained stagnant. Colliers
International expects population growth in Southern Nevada to accelerate
in order to accommodate a return of employment along the strip, likely
rekindling development that was halted by the recession.
According to Colliers International, Class A properties saw vacancy
rates rise from Q1 to Q3 of 2011, while Class B and C properties saw
these rates decline substantially. As might be expected, the overall
decrease in vacancy rates caused asking rates for rentals to increase
considerably. The downtown area saw the average asking rate for a
one-bedroom apartment rise from $520 to $623. The Henderson and Green
Valley area saw these rates jump even higher, from $589 to $736.
Gary Banner, vice president of the multifamily division at Colliers,
does not foresee any improvement in the single-family market that might
affect trends in multifamily. “I don’t believe houses should be
investment property,” Banner says. “They’re not made for that.”
Banner adds that the vacancy rate for single-family homes in today’s
market stands at around 50 percent. “Those average rents typically start
at about $1,200 a month,” Banner says. “A Class A apartment tops out at
about $1,400. For those that do not have school-age children at home,
it would be wiser to rent in a market where the housing prices are still
falling.”
With respect to multifamily, downtown continues to be the area with
the highest renter occupancy rate, coming in at 63 percent in the third
quarter of 2011. Banner says that “momentum is building” in downtown,
and that this will only continue with the relocation of Zappos.com from
Henderson, Nev. to the former City Hall building at Las Vegas Boulevard
and Stewart Avenue.
 Tony
Hsieh, the 37 year-old CEO of the online company, has already leased
incubator space for the building, as well as three floors of living
space in a high-rise condo for employees. Banner says that the overall
employee count will be around 2,000.
CLICK HERE FOR REST OF STORY
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83 UNIT LAS VEGAS MOTEL - DELINQUENT PROPERTY TAX SALE
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Estimated Size |
0.65 Acres |
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Original Const. Year |
1953 |
Last Sale Price
Month/Year |
3350000
08/06 |
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Land Use |
3-12 COMMERCIAL HOTELS |
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Dwelling Units |
83 |
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Mabry Mgmt Buys Kensington Suites for $4.4MMabry
Management purchased the Kensington Suites at 2200 W. Bonanza Rd. in
Las Vegas, NV from Capsource, Inc. for $4.4 million, or about $23,000
per unit.
Built in 1998, the 192-unit, 89,472-square-foot
multifamily building had been listed with for just six weeks as the
seller needed to release this property by then or would face financing
charges.
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STONEGATE APARTMENTS - NOD FILED 2.2.12
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Estimated Size |
10.53 Acres |
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Original Const. Year |
1991 |
Last Sale Price
Month/Year |
44660000
12/05 |
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Land Use |
1-50 RESIDENTIAL APARTMENTS |
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Dwelling Units |
248 |
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SAFARI APARTMENTS - NOD FILED 2.2.2012
Loan: $12,700,000
Estimated Size |
14.36 Acres |
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Original Const. Year |
1990 |
Last Sale Price
Month/Year |
14700000
10/99 |
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Land Use |
1-50 RESIDENTIAL APARTMENTS |
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Dwelling Units |
352 |
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LAS VEGAS COMFORT INN FORECLOSURE - NOD 1.19.12
Show on Google Maps
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Estimated Lot Size and Appraisal Information |
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Estimated Size |
1.50 Acres |
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Original Const. Year |
1997 |
Last Sale Price
Month/Year |
3544000
09/04 |
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Land Use |
3-21 COMMERCIAL MOTELS |
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Dwelling Units |
1 |
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COMFORT INN - NOD FILED 1.19.2012
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Estimated Lot Size and Appraisal Information |
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Estimated Size |
1.66 Acres |
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Original Const. Year |
1996 |
Last Sale Price
Month/Year |
3390000
11/03 |
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Land Use |
3-21 COMMERCIAL MOTELS |
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Dwelling Units |
59 |
LOAN AMOUNT $ 2 4OO OOO
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PARADISE SUITES - NOD 1.18.12
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Estimated Size |
1.66 Acres |
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Original Const. Year |
1987 |
Last Sale Price
Month/Year |
5500000
06/05 |
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Land Use |
1-50 RESIDENTIAL APARTMENTS |
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Dwelling Units |
123 |
EGAS 123 UNIT APARTMENT
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BOULDER MANOR SUITES - NOD FILED - 1.18.12
211 UNITS
BOUGHT 10.2005 FOR $ 6 200 000
SQUARE FEET 84,616
BUILT 1988
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Distressed Las Vegas Apartment Complex
• 2 story
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$4,400,000
- $ 28 000 per unit - 156
Las Vegas, Clark County
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Offered at $4,400,000
Site Tours Jan. 25th & 26th
Offers Due Jan. 31st 2012
¨ $28,205 per unit
¨ $31 per square foot
¨ 7.49% Cap Rate
¨ 87% Occupied
¨ Built 1984
¨ On-Site Laundry Facilities
Consists of 25 two-story buildings of one, two, and three bedroom floor plans. Amenities include a swimming pool and spa, barbecue areas, and on-site laundry facilities. The property is near employment centers, parks, golf courses, restaurants, shopping centers and entertainment options and is within 5 minutes of US 95 which leads to all other major arterials in the city, including I-15 and the 215 Beltway.
Property information
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Las Vegas, Clark County
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Announcing a price reduction
on N Pecos Road, a 2 story. Now
$4,400,000
- $ 28 000 per unit - 156.
Property information
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Las Vegas, Clark County
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Announcing a price reduction
on N 28th Street, a 2 story. Now
$3,995,000
- $ 25 608 / DOOR-156 UNITS.
Property information
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LAS VEGAS DISTRESSED MULTI FAMILY
• 2 story
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$3,995,000
- $ 25 608 / DOOR-156 UNITS
Las Vegas, Clark County
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FOR SALE $4,100,000
$25 608 PER UNIT
Apartments Las Vegas NV
A three-story monthly rental
property located in Las Vegas’ Eastside submarket. The
property was built in 1986 and consists of three spacious
floor plans averaging 885 sq.ft. The property is considered
Class C in quality and C as it relates to location
The overall condition of the building is fair. Based on a brief
walk through inspection it appears the property is in need of
capital enhancements and management/operational
repositioning. The parking lot needs to be re-sealed and
striped and landscaping could also use some attention.
3.3
PROPERTY OVERVIEW
Value Abstract: This is a Value-Add investment and provides
affordable residences to local tenants. Conveniently located
adjacent to Downtown Las Vegas and its districts.
Convenient to employment, shopping and public services.
Attractive Floor Plans averages 885 sq.ft. Total SF 141,072 SF
3-Story improvements with Décor Facade Rentable SF 138,072 SF
Nearby Public Schools Number of Units 156
Ideal Value-Add Investment Occupancy 51%
Land Area 2.95 Acres
Year Built 1986
Property information
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156 unit Las Vegas apartment complex.
Price has just been reduced to $ 3 995 000 ( $ 25 608 / unit ).
Show on Google Maps
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