Multiple Family Dwellings in Las Vegas
If you have visited of lived in Las Vegas you may have noticed that we have very few small, multiple-family buildings around. While we have our share of apartment complexes, most are relatively large with 100 units to 350 units in size, small buildings are rare.
If you are used to the typical Midwest or East Coast Town mix with a downtown area filled with mid-rise and low-rise apartments, you will be surprise to find relatively few in Las Vegas. Here you move from your typical subdivisions filled with ranch-style homes until you reach a high-rise building, It’s usually a stark transition from a 1 to 2 story subdivision to a 20+ story high-rise.
There are a few developments filled with duplex units, or two family “townhome” buildings, that have sprouted up over the last few years during the boom. There are also a few developments that focused on four-plex units or buildings with four dwelling units that have been sold to a single investor. If you have really taken the time to look around, however, you would find that there are relatively few and far between.
Las Vegas was built almost without regard for sprawl. Builders assumed that everyone wanted a one or two story single-family residence and subdivision after subdivision offers just that. You may have to drive the better part of an hour to get from one side of town to another, but you don’t have the population density in Las Vegas that you find in the eastern cities. In my opinion, the relatively low density is beneficial, and it is worth the extra travel time.
The development of high-rise condominium buildings in Las Vegas began only a few years ago, and we already have several thousand condominiums developed. The typical condominium building in town has around 200 to 300 units and 20+ floors. There are a few that cater to the low-end, local buyer, but typically they were constructed as Las Vegas getaways for the wealthy.
If you are looking for a small multiple family investment property, it will take a bit more effort here than in many other towns, but they can be found.
Copyright 2008, Glenn Rigdon, Horizon Village Realty
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