3116 Kings Way, Las Vegas, NV 89102, Las Vegas, 89102 - 5 bed, 6 bath
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Las Vegas, NV 89102
This property presents a High-Potential Investment Opportunity with a List Price of $219,000—positioned well below the $226,987 Fair Market Value by 3%. This valuation gap offers $7,987 in Instant Equity for buyers. With a Condition Rating of 6, the home requires substantial renovation, yet its 5-bedroom, 6-bathroom layout is optimized for high-yield co-living or PadSplit models. This is a value-add asset ideal for Buy-and-Hold Investors or Contractors seeking to maximize rental density in a high-demand area.
Property is land value only, full reconstruction required.
The property was built in 1963 (61 years old) with no evidence of recent renovations. Interior images show a completely unlivable state with gutted walls, exposed framing, and significant debris. The exterior is boarded up, and the listing explicitly states it needs 'substantial renovation,' effectively valuing the property at land value for an investor-led redevelopment.
The property is positioned as a prime co-living or PadSplit candidate with a projected Net Operating Income of approximately $49,000 per year, offering an exceptionally high potential cap rate for savvy investors.
Featuring a rare 5-bedroom, 6-bathroom layout, the interior is uniquely structured to maximize rental doors and income density, which is highly uncommon for a property at this price point.
With zero association fees, the property offers lower monthly overhead and greater operational flexibility for creative housing models without the oversight of a restrictive homeowners association.
The home requires significant capital improvement and substantial renovation to become habitable or income-ready, which may complicate traditional financing and increase upfront costs.
The listing indicates a unique seller situation involving creative options and potential fractional interest, which could lead to a more complicated closing process compared to a standard fee-simple sale.
This is a unique situation. The seller would like to discuss all creative options. The home is going to need substantial renovation. Property taxes 4%–6% Insurance 2%–4% Utilities (if owner-paid) 10%–15% Repairs & maintenance reserve 5%–10% Vacancy & credit loss 5%–10% Landscaping/pest control 1%–3% Capital reserves (future HVAC, roof, appliances, etc.) 5%–10% Total (self-managed) 25%–40% Gross Potential Income 5 bedrooms + studio = $6,500/month Annual = $78,000 Adjust for 90% occupancy Effective Gross Income = about $70,200/year Example expense budget (30%) Expenses ˜ $21,000/year Net Operating Income Approximately $49,000/year Using common investor cap rates: Cap Rate Value 10% $490,000 8% $612,000 A one-third interest before any minority discount would be approximately: $163,000 at a $490k valuation
No exterior & parking available.
Grades PK-5 • 0.3 mi
Grades 6-8 • 1.4 mi
Grades 9-12 • 0.9 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 5.0 | 0.0 |
| Baths | 6.0 | 0.0 |
| Square foot | 1,434 | - |
| Lot Size | 6,970 | - |
| Price | $219.0K | $474.8K |
| Price per sq ft | $153 | $257 |
| Built year | 1963 | 0 |
| HOA | $0 | $0 |
| Days on market | 38 | 526 |
Jun 14, 2026
$219,000
Initial Listing