La Esperanza Apartments
La Esperanza Apartments presents a compelling opportunity to acquire a multifamily asset positioned for a lease-up and repositioning strategy in North Las Vegas. Situated on a large 4+ acre parcel with strong street visibility along East Carey Avenue, the property offers investors multiple paths for income upside through operational improvements and targeted capital upgrades.
The asset benefits from a desirable unit mix that caters to workforce housing demand, proximity to schools and major employment centers, and immediate access to public transit. With in-place vacancy and a low-density layout across 18 single-story buildings, the property is well suited for efficient renovations, simplified operations and reduced maintenance costs, providing a clear path to significant operational upside.
Additionally, the property’s RAR3 zoning and sizable land footprint provides future flexibility for investors seeking longer-term repositioning or redevelopment potential, subject to zoning and municipal approvals. La Esperanza is well-suited for opportunistic investors seeking a centrally located North Las Vegas asset with multiple value-add levers.
Property Description
- Strategic North Las Vegas Location
- Close proximity to the North Las Vegas City Hall and Municipal Court, providing access to municipal services, transit, and steady jobs and foot traffic.
- Minutes from the Downtown Las Vegas and Symphony Park, a global hub for tourism, hospitality, and the Smith Center for the Performing Arts.
- Easy access to major transportation arteries including I-15, Carey Ave, and Civic Center Dr.
- Strong Employment & Workforce Housing Demand
- Near major employment centers such as hospitality, logistics, manufacturing, industrial parks, and public-sector facilities.
- Surrounded by businesses that support consistent renter demand and stable occupancy.
- Adjacent to Quality Education Options
- Across from Civica Academy (Elementary & Middle School)—a major Charter School for families seeking accessible education.
- Nearby UNLV Reno Extension Campus
- Additional nearby public schools and community resources reinforce long-term tenant stability.
- Desirable Unit Mix for Broad Tenant Appeal
- 21 one-bed/one-bath units (~500 sq ft each)
- 41 two-bed/one-bath units (~575 sq ft each)
- 10 three-bed/one-bath units (~650 sq ft each)
- Offers a well-balanced spread for singles, couples, and families—key for workforce housing markets.
- Large 4.21 Acre Parcel with Low-Density Layout
- 18 single-story buildings, ideal for reduced maintenance, simpler management, and lower turnover costs.
- Valuable land repositioning, with an RAR3 zoning, allowing for future redevelopment, higher-density expansion, or added amenities (subject to zoning approvals).
- Operational Upside & Value-Add Potential
- Lease up opportunity with room for exterior upgrades, interior renovations, amenity enhancement, and rent optimization.
- Two on-site laundry rooms with potential for modernization and additional income.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $10,440,000 |
| No. of Units: | 72 |
| Cap Rate: | 1% |
| Year Built: | 1962 |
| Building Size: | 40,575 Sq ft |
| Lot Size: | 4.21 Acres |
| No. of Stories: | 1 |
| Zoning Code: | RAR3 |
| Opportunity Zone: | Yes |
| Price per unit: | $145,000 |
| Parking Spaces: | 72 |
| Property Website | Click Here |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| 1+1 | 21 | 500 | 1000 |
| 2+1 | 41 | 757 | 1100 |
| 3+1 | 10 | 650 | 1200 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Bill Ketcham | 702-763-2881 | [email protected] |
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