Nellis Gate Apartments | 4340 N Las Vegas Blvd
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Nellis Gate Apartments 4340 N Las Vegas Blvd
50 Unit Apartment Building $6,300,000 ($126,000/Unit) Las Vegas, NV 89115
Investment Highlights
- Strong Historical Operations
- Significant Discount to Replacement Cost
- High-Demand Workforce Housing
Executive Summary
Northmarq is pleased to present Nellis Gate Apartments, a 50-unit value-add opportunity located in the Sunrise Manor submarket of Las Vegas, Nevada. Built in 2002, the property consists entirely of one-bedroom units, each 550 SF.
All 50 units are currently in their 'classic' condition, featuring flat-panel cabinets, fluorescent box lighting, white appliances, and wood-look vinyl flooring. In addition to the significant value-add potential, there is considerable operational upside for prospective ownership. Currently, residents do not pay for any utilities, including electricity, plus fee income and market rents are well below market levels, offering investors ample opportunities to increase revenue and seek outsized returns.
Nellis Gate is located in Sunrise Manor, one of the most underserved submarkets in Las Vegas. The area benefits from strong employment trends, with significant economic developments and major employers nearby, including Apex Industrial Park, the VA Medical Center, Nellis Air Force Base, and Amazon.
Las Vegas offers a compelling supply narrative, particularly in workforce housing, where Nellis Gate is ideally positioned to capitalize on demand. The valley is expected to see fewer than 14,000 new units delivered over the next three years, averaging 4,000 to 6,000 units annually—representing less than 3% of the existing stock added each year, with a notable decline anticipated after 2025. Furthermore, Las Vegas is projected to gain over 100,000 new residents and lead the nation in employment growth over the next two years, with Clark County alone experiencing a net migration of 36,500 in 2023. These factors provide Las Vegas with additional economic momentum, positioning the region to outperform in the coming years.
Nellis Gate presents a unique opportunity to acquire a value-add multifamily asset with significant operational upside in one of the fastest-growing metro areas in the country.
**NOTE: All site visits require prior authorization. Please reach out to the team to schedule a property tour.**
All 50 units are currently in their 'classic' condition, featuring flat-panel cabinets, fluorescent box lighting, white appliances, and wood-look vinyl flooring. In addition to the significant value-add potential, there is considerable operational upside for prospective ownership. Currently, residents do not pay for any utilities, including electricity, plus fee income and market rents are well below market levels, offering investors ample opportunities to increase revenue and seek outsized returns.
Nellis Gate is located in Sunrise Manor, one of the most underserved submarkets in Las Vegas. The area benefits from strong employment trends, with significant economic developments and major employers nearby, including Apex Industrial Park, the VA Medical Center, Nellis Air Force Base, and Amazon.
Las Vegas offers a compelling supply narrative, particularly in workforce housing, where Nellis Gate is ideally positioned to capitalize on demand. The valley is expected to see fewer than 14,000 new units delivered over the next three years, averaging 4,000 to 6,000 units annually—representing less than 3% of the existing stock added each year, with a notable decline anticipated after 2025. Furthermore, Las Vegas is projected to gain over 100,000 new residents and lead the nation in employment growth over the next two years, with Clark County alone experiencing a net migration of 36,500 in 2023. These factors provide Las Vegas with additional economic momentum, positioning the region to outperform in the coming years.
Nellis Gate presents a unique opportunity to acquire a value-add multifamily asset with significant operational upside in one of the fastest-growing metro areas in the country.
**NOTE: All site visits require prior authorization. Please reach out to the team to schedule a property tour.**
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $6,300,000 | Lot Size | 1.34 AC |
| Price Per Unit | $126,000 | Building Size | 36,124 SF |
| Sale Type | Investment | Average Occupancy | 98% |
| No. Units | 50 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2002 |
| Property Subtype | Apartment | Parking Ratio | 1.77/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Building Class | B |
| Price | $6,300,000 |
| Price Per Unit | $126,000 |
| Sale Type | Investment |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.34 AC |
| Building Size | 36,124 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built | 2002 |
| Parking Ratio | 1.77/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Cable Ready
- Microwave
- Tile Floors
- Kitchen
- Refrigerator
- Satellite TV
- Oven
- Range
- Walk-In Closets
- Wheelchair Accessible (Rooms)
- Window Coverings
Site Amenities
- Laundry Facilities
- Grill
- Pet Play Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 50 | - | 550 |
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PROPERTY TAXES
| Parcel Number | 140-04-302-008 | Improvements Assessment | $763,529 |
| Land Assessment | $183,750 | Total Assessment | $947,279 |
PROPERTY TAXES
Parcel Number
140-04-302-008
Land Assessment
$183,750
Improvements Assessment
$763,529
Total Assessment
$947,279
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Nellis Gate Apartments | 4340 N Las Vegas Blvd
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