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CORA Apartments 1701 N Rancho Dr 30 Unit Apartment Building $4,900,000 ($163,333/Unit) 6.10% Cap Rate Las Vegas, NV 89106
Investment Highlights
- Recent Renovations: Significant interior and exterior upgrades position the property for continued rent growth and improved tenant retention.
- Emerging Submarket: Positioned in a rapidly improving submarket benefiting from ongoing residential, retail, and infrastructure development.
- Redevelopment Proximity: Located within 0.5 miles of a 73-acre mixed-use project expected to drive long-term demand and area revitalization.
- Value-Add Upside: Opportunity to increase rents through continued unit improvements, operational efficiencies, and market repositioning.
Executive Summary
The Holden Group of Marcus & Millichap, as the exclusive listing group, is pleased to present CORA Apartments, a 30-unit multifamily investment opportunity located in an emerging submarket of Las Vegas, positioned to benefit from ongoing residential and commercial development activity. The property has recently undergone significant capital improvements, including exterior enhancements and modernized unit interiors, creating a strong foundation for continued rent growth and operational upside. Its location along a primary corridor provides direct access to major employment centers, Downtown Las Vegas, and key transportation routes, enhancing long-term tenant demand and accessibility.
Strategically situated within 0.5 miles of the planned Hylo Park redevelopment, a 73-acre mixed-use project featuring residential, retail, hospitality, and entertainment components, CORA Apartments stands to benefit from a transformative influx of new amenities and economic activity. This redevelopment is expected to significantly improve neighborhood connectivity, increase employment opportunities, and elevate the overall appeal of the surrounding area. As the submarket continues to evolve, the property is well-positioned to capture demand from tenants seeking quality housing near new lifestyle and employment hubs.
With a proven renovation program already implemented and additional value-add potential remaining, CORA Apartments offers investors a clear path to enhanced cash flow and long-term appreciation. Continued interior upgrades and operational efficiencies present an opportunity to further increase rental income and align the asset with market rents. Combined with strong demand drivers, improving submarket fundamentals, and proximity to large-scale redevelopment, the property represents a compelling investment opportunity in one of Las Vegas’ most actively improving corridors.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent for a copy of the Offering Memorandum.*
Strategically situated within 0.5 miles of the planned Hylo Park redevelopment, a 73-acre mixed-use project featuring residential, retail, hospitality, and entertainment components, CORA Apartments stands to benefit from a transformative influx of new amenities and economic activity. This redevelopment is expected to significantly improve neighborhood connectivity, increase employment opportunities, and elevate the overall appeal of the surrounding area. As the submarket continues to evolve, the property is well-positioned to capture demand from tenants seeking quality housing near new lifestyle and employment hubs.
With a proven renovation program already implemented and additional value-add potential remaining, CORA Apartments offers investors a clear path to enhanced cash flow and long-term appreciation. Continued interior upgrades and operational efficiencies present an opportunity to further increase rental income and align the asset with market rents. Combined with strong demand drivers, improving submarket fundamentals, and proximity to large-scale redevelopment, the property represents a compelling investment opportunity in one of Las Vegas’ most actively improving corridors.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent for a copy of the Offering Memorandum.*
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$429,708
|
$20.06
|
| Other Income |
$20,820
|
$0.97
|
| Vacancy Loss |
$19,337
|
$0.90
|
| Effective Gross Income |
$431,191
|
$20.13
|
| Taxes |
$17,987
|
$0.84
|
| Operating Expenses |
$114,428
|
$5.34
|
| Total Expenses |
$132,415
|
$6.18
|
| Net Operating Income |
$298,776
|
$13.95
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $429,708 |
| Annual Per SF | $20.06 |
| Other Income | |
|---|---|
| Annual | $20,820 |
| Annual Per SF | $0.97 |
| Vacancy Loss | |
|---|---|
| Annual | $19,337 |
| Annual Per SF | $0.90 |
| Effective Gross Income | |
|---|---|
| Annual | $431,191 |
| Annual Per SF | $20.13 |
| Taxes | |
|---|---|
| Annual | $17,987 |
| Annual Per SF | $0.84 |
| Operating Expenses | |
|---|---|
| Annual | $114,428 |
| Annual Per SF | $5.34 |
| Total Expenses | |
|---|---|
| Annual | $132,415 |
| Annual Per SF | $6.18 |
| Net Operating Income | |
|---|---|
| Annual | $298,776 |
| Annual Per SF | $13.95 |
Property Facts
| Price | $4,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $163,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.07 AC |
| Cap Rate | 6.10% | Building Size | 21,422 SF |
| Gross Rent Multiplier | 10.88 | Average Occupancy | 95% |
| No. Units | 30 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1985/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.54/1,000 SF |
| Zoning | R-4 - High Density Residential | ||
| Price | $4,900,000 |
| Price Per Unit | $163,333 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 10.88 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.07 AC |
| Building Size | 21,422 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1985/2024 |
| Parking Ratio | 1.54/1,000 SF |
| Zoning | R-4 - High Density Residential |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Grill
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | 400 |
| 2+2 | 20 | - | 865 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 139-19-812-058 | Total Assessment | $593,639 |
| Land Assessment | $231,000 | Annual Taxes | $17,987 ($0.84/SF) |
| Improvements Assessment | $362,639 | Tax Year | 2026 |
Property Taxes
Parcel Number
139-19-812-058
Land Assessment
$231,000
Improvements Assessment
$362,639
Total Assessment
$593,639
Annual Taxes
$17,987 ($0.84/SF)
Tax Year
2026
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CORA Apartments | 1701 N Rancho Dr
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