5156 Gray Lane F, Las Vegas, NV 89119, Las Vegas, 89119 - 1 bed, 1 bath
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Las Vegas, NV 89119
This property presents a Strong Value Opportunity with a List Price of $138,000—positioned well below the $127,478 Fair Market Value by -8%. While the property requires aesthetic updates given its Fair Condition Rating, it features a Private Garage and a Patio, which are rare amenities for this segment. Recent capital improvements, including a two-year-old roof and new water heater, mitigate immediate maintenance risks. This asset is ideal for Buy-and-Hold Investors seeking rental demand or first-time buyers looking for a central, entry-level Las Vegas residence.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5156 Gray Lane F Subject | $138,000* List Price | 1 | 1 | 702 | $182 | - |
A 5167 Greene Lane L Sold | $110,000 | 1 | 1 | 702 | $157 | 0.0 mi |
B 5167 Greene Lane L Sold | $110,000 | 1 | 1 | 702 | $157 | 0.0 mi |
C 5167 Greene Lane L Sold | $110,000 | 1 | 1 | 702 | $157 | 0.0 mi |
D 5125 Gray Lane B Active | $159,900 List Price | 1 | 1 | 702 | $228 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1977, the property is significantly dated with original-style bathroom fixtures, laminate countertops, and older checkered tile flooring. While the roof and water heater are recently updated (within 2 years), the interior living spaces and bathroom exceed the 30-year mark without a full renovation, placing it in the 'Fair' category as it is functional but needs aesthetic modernization.
Situated minutes from the Las Vegas Strip, UNLV, and Harry Reid International Airport, this property offers exceptional convenience for commuters and high potential for rental demand.
Unlike most area condominiums, this unit includes a private garage with a new opener, providing highly sought-after secure parking and additional storage space that is rare for this property type.
Key high-ticket maintenance items including a two-year-old roof, a new water heater, and a new washer offer peace of mind and reduced immediate capital expenditure for the buyer.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =4287, other record lot size in square feet = 432.
With 84 days on the market and three consecutive price reductions from the original $150,000, the property has faced challenges in gaining traction at its initial valuation.
The assigned public schools, particularly the high school and one elementary school, carry low performance ratings (2/10), which may limit appeal for long-term owner-occupants with families.
Move in ready! This well-located 1-bedroom, private garage offers convenience and lifestyle in the heart of Las Vegas. New water heater, new washer, roof just two years old, new garage opener. Situated inside a gated community, the property is just minutes from the world-famous Las Vegas Strip, UNLV and Harry Reid Airport. The layout features a spacious primary bedroom, a full bathroom. The private garage provides secure parking and additional storage, a rare find for condo living in this area. Ideal for a primary residence, second home, or investment opportunity thanks to its central location near major entertainment, dining, and transportation hubs. Enjoy the privacy of a gated community while being just minutes from everything Las Vegas has to offer.
No exterior & parking available.
Grades PK-5 • 0.5 mi
Grades PK-5 • 0.9 mi
Grades 6-8 • 1.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 2.0 | 41% |
| Baths | 1.0 | 1.0 | 50% |
| Square foot | 702 | 800 | 35% |
| Lot Size | 4,287 | - | 87% |
| Price | $138.0K | $107.5K | 76% |
| Price per sq ft | $197 | $159 | 71% |
| Built year | 1977 | 1980 | 40% |
| HOA | $267 | $175 | 76% |
| Days on market | 93 | 1491 | 1% |
May 5, 2026
$138,000
$145,000
-5% Price Drop
Initial Listing
Apr 9, 2026
$145,000
$150,000
-3% Price Drop
Initial Listing
Mar 6, 2026
$150,000
Initial Listing