Multi-family homes in Las Vegas offer investors the chance for cash flow, appreciation and the ability to live in one unit and rent out the others to help cover the mortgage. Residential multi-unit homes consist of duplexes, triplexes and 4-unit properties. No matter what your goals are, be sure to check out multi-family properties for sale in Las Vegas.
Here we’ll be covering the types of residential multi-family real estate, which are buildings with 2, 3 or 4 units. Anything over 5 units is considered commercial real estate.
Duplexes are a multi-unit property with two units available to rent out. Las Vegas duplex homes for sale may start around $400,000, but price can vary significantly depending on the size of the units and location.
Duplex homes in Las Vegas are great for those who wish to live in one unit and rent out the other to help cover some or all of the mortgage. One drawback of being an owner/occupier of a duplex is that if you’re tenant moves out, you could be stuck paying all of the mortgage until you find another person to rent the unit.
Traditional investors benefit from having two tenants under one roof, which eliminates some property management work compared to having two single family homes. One thing to keep in mind is that with only two doors to rent out, should one tenant move out you’re now at only 50% occupancy and one tenant away from being at 0%. As with any investment, there’s always risk to consider.
Triplexes feature three units under one roof and like any residential multi-unit properties, create the possibility of owner/occupier or renting out all the units to tenants. Because there’s an extra unit, triplex homes in Las Vegas may cost a bit more than duplexes. However, that’s not always true, as it depends on size, location and cap rate.
Fourplexes in Las Vegas are also called “quadplexes” or simply 4-unit apartment buildings. This type of multi-family property has the highest amount of units to still be considered “residential” real estate vs commercial, which starts at 5-units. With a 4-unit apartment building in Las Vegas you can still qualify for a traditional mortgage instead of having to qualify for commercial real estate debt.
If you’re looking for a multi-family real estate investment in the greater Las Vegas area, submit the form below to get in contact with a local real estate agent who specializes in Las Vegas multi-unit properties.
Blog: Las Vegas Market Report