Listed by Northcap Commercial
$2,760,000
Fortune Villas Apartments
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 10,515
Net Rentable (SqFt) 10,515
Units 24
Occupancy 92%
Pro-Forma Cap Rate 6.30%
Pro-Forma NOI $173,751
Year Built 1961
Acreage 0.480
Zoning R-4
Price Reduced by $240K | 24 Units | $118,750/unit
Marketing description
Fortune Villas Apartments is a 24-unit garden-style multifamily property situated on three parcels totaling 0.48 acres in Las Vegas' evolving Naked City neighborhood. Built in 1961 with 10,515 square feet of rentable area, the property features a single-story courtyard design with multiple wood and stucco buildings creating a community style open space with separation between units. The community comprises 21 one-bedroom/one-bathroom units averaging 465 square feet and 3 studios at 250 square feet, commanding an average rent of $913 per month with strong 91% occupancy. Several units have been recently renovated, demonstrating the property's significant value-add potential through systematic interior upgrades and rent optimization. Fortune Villas's central location provides exceptional connectivity to the Las Vegas Strip employment corridor while serving a diverse tenant base of hospitality workers, service professionals, and urban residents seeking affordability and accessibility in one of the city's most centrally located neighborhoods.
Location Description
Ideally located at the heart of the north Las Vegas Strip and flourishing south Downtown District, Fortune Villas Apartments offers unparalleled proximity to Las Vegas' premier employment and entertainment areas. The property sits just blocks away from the world-famous STRAT Hotel & Casino, among numerous other entertainment venues, local restaurants, and shops. Residents benefit from exceptional public transportation access with multiple RTC bus routes along Las Vegas Boulevard and Sahara Avenue, along with the ACE Rapid Transit system providing express service to major employment centers.
The surrounding south Downtown Las Vegas neighborhood is in active revitalization with existing properties experiencing massive rehabilitation and flooding new developments that have not been seen in the area for decades. This central location serves the substantial workforce employed along the Strip corridor while offering the urban connectivity, making Fortune Villas an ideal choice for hospitality employees, service workers, and professionals seeking accessibility Las Vegas' economic core.
Investment highlights
- Courtyard Design
- Multiple Buildings with Separation
- Recently Renovated Units Available
- Public Transportation Access
- Walking Distance to Strip Employment
- R-4 Zoning
Listing Contacts
Listed by Northcap Commercial
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