Home Buying in 89134>Question Details

Bill, Home Buyer in spugadiccio

why are there practically no multi family properties for sale in any of the better Las Vegas neighborhoods ?

Asked by Bill, spugadiccio Sun Mar 31, 2013

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10
Nakia Woodson’s answer
Hello,

There are multifamiliy units in Las Vegas. I have located them and can forward them to you.

However, if a property is in a "better' location, as you indicate, and the vacancy rate is low...why would a landlord sale? This illustrates why you want to purchase similar properties for yourself.

Thanks,

Nakia Woodson
Wardley Real Estate
702-318-1244
NakiaWoodson@yahoo.com
0 votes Thank Flag Link Mon Apr 1, 2013
It also has a lot to do with the County and City Zoning Code. There are designated areas for multi-family, likewise with single family homes and also commercial and industrial. And oh, by the way, in your question you mentioned the "better Las Vegas neighborhoods." Typically better neighborhoods comprise mostly if not exclusively of single family homes (higher end condos and townhomes excluded).
0 votes Thank Flag Link Sat Jun 1, 2013
Lots of foreclosed homes and wall street equity firms now in the home rental business driving rents down. Most new apartment projects don't give the kind of return and appreciation potential of SFR in Las Vegas


David Cooper
0 votes Thank Flag Link Fri May 10, 2013
Hi Bill,

I am not sure of the exact type of investment you want to make, but I know of an investor package of 50 condos all fully leased and in the same condo community for $4.4 million. At list price this package has a 7 CAP including property management already in place.

The community was built in 1989 and the HOA just approved the project to repaint all of the buildings in the community which will likely increase the attactiveness to new tenants and owners (potential for higher rents). Also, this community is located in a fantastic area in Las Vegas and within 2 blocks of the lakes in the Desert Shores area (Yes there are lakes in Las Vegas).

If you are interested, please call me.

Brett Gordon, Broker-Salesman
Platinum R.E. Professionals
(702) 283-1960
0 votes Thank Flag Link Mon Apr 1, 2013
Bill, all the Multi Family were built back in the 50's, 60's, 70's then builders focused on large appartment buildings, condo, town house, single family projects and it's just a matter of ROI. When the market crashed, 90% of construction stoped as far as commercial and single family. Building has now been active again because prices are going up becuase of supply/demand. If you would like to talk about the market please call me for more details, market, areas, prices, etc. We've been here since 1976 and in the real estate business since 1985. Hope we can help you. Thanks, Matt and Kim D'Ercole 702.501.0973
0 votes Thank Flag Link Mon Apr 1, 2013
Maintenance and lower rents are not s good prospect for Reutrn on Equity. Buying 4 condos will get you more gross rent and less maintenance


David Cooper 702.499.7037
http://www.lasvegaswinner.org
0 votes Thank Flag Link Mon Apr 1, 2013
4 plexes in Las Vegas are mostly in older neighborhoods. There haven't been any new ones built for many years.
0 votes Thank Flag Link Mon Apr 1, 2013
To answer your question 4 plexes etc are only found in older neighrborhoods due to laws pertaining to multifamily properties. If you are looking for multifamily properties built in 2000 or newer you will not find it because they don't exsist. Are you open to older neighborhoods? Or are you open to other types of properties such as townhomes, condos, SFR?

Let me know a little more about your investment goals and I would be happy to further assist you in creating an investment strategy that works to meet those goals. The easiest way to get me you info is to fill out our buyer's form here: http://goo.gl/jeq0r


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
Web Reference: http://goo.gl/jeq0r
0 votes Thank Flag Link Sun Mar 31, 2013
ROI is better on SFR. Thats what the Wall Street equity Firms are doing.


David Cooper 702.499.7037
http://www.lasvegaswinner.org
0 votes Thank Flag Link Sun Mar 31, 2013
Institutional investors, investment funds, REITS are buying up multifamily properties as well as large numbers of single family houses to build out their portfolios. Institutional investors used to look for 10 CAPs or above but there are some that will now go as low a 6 CAPs. Institutional investors are one of the biggest challenges to private investors and regular home owners in the Vegas area. There is too much money going after too few assets. Hence the prices in the Vegas area have gone up dramatically and the ROIs have come down.

Brett Gordon, Broker-Salesman
(702) 283-1960
0 votes Thank Flag Link Sun Mar 31, 2013
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