What is the average cap rate for multifamily in Las Vegas?

The average multifamily cap rate in Las Vegas is currently around 5.4%, down slightly from the previous quarter. Class A properties trade closer to 4.5-5%, while value-add and older stock can offer 6-7%+.

What is a rent gap analysis for multifamily property?

A rent gap analysis compares your current in-place rents to market rents for similar units. The gap represents unrealised income — and since multifamily is valued on NOI divided by cap rate, closing that gap directly increases property value. For example, raising rents by $200/month across 10 units adds $2,400/month in NOI, which at a 5.5% cap rate adds over $523,000 in property value.

Is Las Vegas a good market for multifamily investment?

Yes. Las Vegas has 2.8% annual population growth (top 5 US metro), zero state income tax compared to California's 13.3%, strong rental demand driven by migration from high-cost states, and a vacancy rate around 4.9%. These fundamentals support both rent growth and asset appreciation.

Should I sell, hold, or 1031 exchange my Las Vegas multifamily property?

It depends on your rent gap, current cap rate, and equity position. If your rents are significantly below market, a value-add hold strategy can increase property value before selling. If you have substantial equity and want to defer capital gains, a 1031 exchange into a larger asset is often the right move. Jason Helliwell provides free property analysis to help owners make this decision with real numbers.

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MF cap rate avg

5.4%

▼ 0.2% from Q4

Avg price / unit

$148K

▲ +8% YOY

Pop growth YOY

2.8%

Top 5 US metro

State income tax

vs CA 13.3%

Vacancy rate

4.9%

▼ 0.3% QOQ

Avg rent 2BR

$1,780

▲ +5% YOY

Commercial MF listed

▼ Entire LV metro

4-unit & under listed

136

Residential market

MF cap rate avg

5.4%

▼ 0.2% from Q4

Avg price / unit

$148K

▲ +8% YOY

Pop growth YOY

Commercial MF listed

▼ Entire LV metro

4-unit & under listed

136

Residential market

2.8%

Top 5 US metro

State income tax

vs CA 13.3%

Vacancy rate

4.9%

▼ 0.3% QOQ

Avg rent 2BR

$1,780

▲ +5% YOY

What's included in your analysis

Our comprehensive property analysis gives you the insights to make confident investment decisions.

📈

Rent gap analysis

Discover the gap between current rent and market rates. Identify underperforming units and revenue opportunities.

Current vs. market rent comparison
Unit-by-unit breakdown
Revenue optimization potential

📊

Property valuation

Accurate market valuation based on comparable properties, cap rates, and Las Vegas market conditions.

Market-based valuation
Cap rate analysis
Price per unit metrics

🏠

Strategic recommendations

Clear guidance on whether to buy, sell, hold, or 1031 exchange into another asset class.

Buy / sell / hold analysis
1031 exchange guidance
Action plan for optimization

Jason Helliwell

Las Vegas Multifamily Investment Specialist · 30+ Years CRE Experience

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Property details

Property type

Purchase price ($)

Down payment ($)

Interest rate (%)

Loan term (yrs)

Market cap rate (%)

Annual gross rent ($)

Vacancy rate (%)

Operating expenses ($)

Investment summary

Cap rate

—

Annual cash flow

—

DSCR

—

Est. value

—

Rent gap & value-add analysis

1-bedroom units

Number of units

Current rent ($/mo)

Market rent ($/mo)

2-bedroom units

Number of units

Current rent ($/mo)

Market rent ($/mo)

Other units (studios / 3BR)

Number of units

Current rent ($/mo)

Market rent ($/mo)

Value-add opportunity

Raising rents to market rate could increase property value by $0

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Canadian investors

3 fourplexes sold

Above market

San Francisco investor

2 buildings sold

2x purchase price

Newport Beach 1031

8 simultaneous closings

Full exchange

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Investment fourplex in Las Vegas — no HOA

100 UNITS

Terravita 1031 Eligible

📍 Las Vegas, Nevada · Near Nellis AFB

Asking price

$17.0M

Total units

100 units

Annual NOI

$42,800

🔒

Cap rate

6.1%

🔒

Est. annual cash flow

$18,400 / yr

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100-unit condo-style multifamily community with six unique 1BR and 2BR floor plans. Located 5 minutes from Nellis Air Force Base and Las Vegas Motor Speedway — providing strong, consistent military and workforce rental demand. Ideal 1031 exchange replacement property for California investors.

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"We'd been sitting on a 12-unit property for two years unsure whether to hold or sell. Jason ran the numbers, showed us what the real upside was, and we made the right call. Sold in 30 days."

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Multifamily Owner · Henderson

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"I contacted three brokers. Jason was the only one who told me my property wasn't ready to sell yet — and explained exactly what needed to change first. That honesty is why I came back and listed with him exclusively. Sold above asking."

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Multifamily Owner · Las Vegas

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What's included in your analysis

Rent gap analysis

Property valuation

Strategic recommendations

Jason Helliwell

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1-bedroom units

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Other units (studios / 3BR)

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