*PRICE REDUCED* (45 Co-Op Units) | 521 S Maryland Pky
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*PRICE REDUCED* (45 Co-Op Units) 521 S Maryland Pky
45 Unit Apartment Building $4,500,000 ($100,000/Unit) Las Vegas, NV 89101
Investment Highlights
- Higher than average rents. The property supports community & state funded programs, such as, HopeLink of Southern NV, HELP of Southern NV and St. Jude
- Laundry Hook-ups in the units.
- Walking distance to over 100 restaurants, bars and coffee shops in the East Fremont and DTLV District.
- Buyer Option to purchase smaller portions of units.
- Each building has coin-based laundry room.
Executive Summary
Northcap Multifamily is pleased to present the Orleans Square co-op condo units. This portfolio consists of 45 units scattered through-out four buildings within the Co-Op community ideally situated in the heart of downtown Las Vegas. The community was built in 1962 and this portfolio consists of Studio, One bedroom, Two bedroom and Three bedroom units.
Orleans Square was converted from apartments to a deeded co-op in 1982. Each unit like a condo gets its own deed and grants 1/120th ownership of the common areas. It is not the same type of co-op as seen in New York and New Jersey.
The units are located at 501 S. Maryland Pkwy. and 500 S. 13th Street in the heart of Downtown Las Vegas. The community offers its tenants affordable units within close proximity to downtown employment centers, bus lines, shopping and entertainment, while less than a mile away from the Las Vegas Strip.
Orleans Square was converted from apartments to a deeded co-op in 1982. Each unit like a condo gets its own deed and grants 1/120th ownership of the common areas. It is not the same type of co-op as seen in New York and New Jersey.
The units are located at 501 S. Maryland Pkwy. and 500 S. 13th Street in the heart of Downtown Las Vegas. The community offers its tenants affordable units within close proximity to downtown employment centers, bus lines, shopping and entertainment, while less than a mile away from the Las Vegas Strip.
Data Room Click Here to Access
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,500,000 | Building Class | C |
| Price Per Unit | $100,000 | Lot Size | 2.87 AC |
| Sale Type | Investment | Building Size | 34,632 SF |
| No. Units | 45 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 0.3/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Price | $4,500,000 |
| Price Per Unit | $100,000 |
| Sale Type | Investment |
| No. Units | 45 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.87 AC |
| Building Size | 34,632 SF |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 0.3/1,000 SF |
| Opportunity Zone |
Yes |
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Walk Score ®
Very Walkable (89)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,476,433 | |
| Land Assessment | $640,500 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $835,933 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$640,500
Improvements Assessment
$835,933
Total Assessment
$1,476,433
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | R-4 (Co-Op Units) |
| R-4 (Co-Op Units) |
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*PRICE REDUCED* (45 Co-Op Units) | 521 S Maryland Pky
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