506 S 11th Street

Las Vegas, NV 89101

HUGE POTENTIAL INCOME: Never mind the current owner's rental income. These units need to be rehabbed. Adjacent properties, exact same building age/style/size, are getting $1250 to $1650 per month, per unit. Each apartment is 2 bdrm, 1 bath with small yard. Current owner has not raised rent on some tenants since 2005. Check website of apts at Bonneville & 11th St. for photos and rents for what can be done with this property. Their website says $1500-1750 per month, no vacancy. When rehabbed, each unit would have new kitchen, new bath, washer/dryer, new flooring, new cabinets, counters, lighting, etc. When rented at $1000 per month, that would be a $36,000 income. NOI would be $30,527, Cap Rate would be .06, GRM would be 13.5. Make offer subject to viewing/inspection. One unit avail to be shown end of Nov. Do not contact tenants! Drive by only. This is sold ONLY with adjacent unit at 506 S 11th. Buy one unit outright and owner will consider carrying 2nd unit, great terms.