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2216-2224 Tam Dr
Las Vegas, NV 89102
**PRICE REDUCED BY $400K** Fortune Villas · Multifamily Property For Sale
·
24 Units
Investment Highlights
- Courtyard Design
- Multiple Buildings with Separation
- Walking Distance to Strip Employment
- Recently Renovated Units Available
- Public Transportation Access
- R-4 Zoning
Executive Summary
PROPERTY 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.
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.
Property Facts
| Price Per Unit | $149,890 CAD | Lot Size | 0.48 AC |
| Sale Type | Investment | Building Size | 10,515 SF |
| No. Units | 24 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 2.28/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | R-4, Las Vegas | ||
| Price Per Unit | $149,890 CAD |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 10,515 SF |
| No. Stories | 1 |
| Year Built | 1961 |
| Parking Ratio | 2.28/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-4, Las Vegas |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Window Coverings
Site Amenities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 520 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $147,114 CAD | |
| Land Assessment | $245,194 CAD | Total Assessment | $392,308 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$245,194 CAD
Improvements Assessment
$147,114 CAD
Total Assessment
$392,308 CAD
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