The term multi-family encompasses apartments, duplexes, townhouses and condo’s. With March 2010 showing the median sales price in the Las Vegas area of $130,000.00 or $91.00 per square foot now is the time to buy. Many buildings or units are priced under the median price per square foot. Growth in the multi-family units is expected to continue through 2013 as Las Vegas has no new projects slated for completion. Add in the fact over 16,000 apartments were converted to condo’s. Multi-family units have been shown to be a good investment in Las Vegas as there are more people to rent than buy. This will yield more rental for the investor. Many multi-family units choices are now available in and around Las Vegas both on and off the strip.
Multi-family units are available with two and three bedrooms per unit or whole buildings with 8 bedrooms to 134 units which can be leased, time shared or rented. Units are available with 750 square feet to a spacious 5,000 plus square feet.
Amenities included with some multi-family buildings are pools, parks, carports, patio’s/balconies and vaulted ceilings. Many are close to bus stops, highways, shopping, casino’s, and major hotels.
Many buildings are foreclosure sales while others offer owner financing. Financing through FHA is available as long as certain criteria is met. The owner must reside in one of the units as a primary residence. Private financing, if available, is an excellent option. Or low interest rate financing is available through a bank with at least twenty percent down.