Building new 4 plexes in Las Vegas, Nevada

Building new 4 plexes in Las Vegas, Nevada

Investor · Las Vegas, NV · Member since 2015 · 30 posts · 10 votes

I am considering building 6 four plexes or 12 duplexes..in Las Vegas, Nevada. I would like to hear from other investors that either are in Las Vegas as far as to the pros and cons, type of renter, and location they think would be the best. 

I was driving down Nellis and came to a section of that street that was all duplexes as far as the eye could see. It was a large Hispanic community with the chairs out on the patio with people conversing and enjoying a nice afternoon....the clothes drying on the clothesline. The houses were kept clean and orderly with exception of the one the one that I went to look at. They were simple construction with either a 3 bed 2 bath and a 2 bed 1 bath side by side. From what I could see...99% occupied or owned. That set me off thinking about building. I have an excellent very reasonable Architect.

Thanks for your comments and information. 

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  • Realtor · Las Vegas, NV · Member since 2016 · 33 posts · 8 votes
    10y

    I'm no expert, but you might have be on the right track. I live on the west side of town and all you see are several new construction large apartment projects being built up in the last 8 months. 2 large new construction apartment sites along 215 near Sunset, another new at near Red Rock Casino, and a couple off Tropicana & 215. The big investors seem to be moving big and fast towards large multi-families near and around Summerlin. Pre-crash it was mostly new SFH developments and now it's multi-families springing up like wildfire. There is obviously a need or higher demand for multi-families at least on the west side of town.

  • Wholesaler · Las Vegas, NV · Member since 2014 · 104 posts · 38 votes
    10y

    @Alisha Wagner I have noticed the new apartments as well. The new community on 215 West is called Elysian West. I believe they have 3 locations in town now. Really nice I would say high end niche. @Victor Gesmundo if you would want to go in a similar route perhaps you should call them and offer to give them a percentage of equity and /or pay them for their knowledge and advise. I am sure they have a LOT of research/study/knowledge on multiple family behind them. 

    Looks like Elysian is owned by The Calida Group. They are in SF and LV. You can read about them here: http://thecalidagroup.com/our-team/

  • Investor · Las Vegas, NV · Member since 2015 · 30 posts · 10 votes
    10y

    All real good suggestions and information. Yes the due diligence is very important. Location Location and Location and demographics, saturation, doors available in the area for rent, absorption, economic impact, job resources, and so on. There are a couple of good economic firms and feasibility study companies that do just that and a group like the Calida with a larger project and deep pockets would use. Much of that research I can do myself.

  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    10y

    I am curious as to what the requirements would be to build a 4plex. Also the 4plexes in Vegas were built decades ago mostly between the 60s and 80s. To my knowledege no one has built any new 4plexes in the valley for decades. I beileve there may be issues preventing the building of new 4plexes. Does anyone have any further details about this?

    The Adams Team at Rothwell Gornt Companies4.970 Reviews
  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    10y

    PS @Victor Gesmundo I received your email...as soon as I slow down enough to come up for air I will look into it in more detail and get back to you. Thank you.

    The Adams Team at Rothwell Gornt Companies4.970 Reviews
  • Investor · Las Vegas, NV · Member since 2015 · 30 posts · 10 votes
    10y

    Hi Robert,

    You have a good point on the zoning etc. My architect is in the know about this and I will check with him before embarking on a chase without a finish line. I know that a small apartment complex whether built as two plexes or 4 plexes depending on location would be possible. 

  • Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
    10y

    Is the cost to construct less than the inventory on the current market now?

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