5250 S Rainbow Boulevard 1012, Las Vegas, NV 89118, Las Vegas, 89118 - 1 bed, 1 bath
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Las Vegas, NV 89118
This Spring Valley Condominium is a Strong Value Opportunity, listed at $189,999—positioned well below the $211,331 Fair Market Value by 10%. This valuation gap provides $21,332 in Instant Equity for a buyer. While the unit maintains a Fair Condition Rating with original 1997 finishes, it features a rare attached 1-car garage and a private patio. Residents benefit from guard-gated security and resort amenities near Marion B Earl Elementary. This is an ideal acquisition for Buy-and-Hold Investors or first-time buyers looking to modernize a well-located asset.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5250 S Rainbow Boulevard 1012 Subject | $189,999* List Price | 1 | 1 | 744 | $284 | - |
A 5250 S RAINBOW Boulevard 2156 Sold | $139,900 List Price | 1 | 1 | 744 | 0.2 mi | |
B 5250 S RAINBOW Boulevard 2033 Sold | $144,500 List Price | 1 | 1 | 744 | 0.1 mi | |
C 5250 S Rainbow Boulevard 2033 Sold | $205,000 List Price | 1 | 1 | 744 | 0.1 mi | |
D 5250 S Rainbow Boulevard 2133 Sold | $215,000 List Price | 1 | 1 | 744 | 0.2 mi | |
E 5250 S Rainbow Boulevard 2038 Active | $195,000 List Price | 1 | 1 | 744 | $262 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property, built in 1997, is in mostly original condition and shows signs of age consistent with its 27-year history. While it features updated stainless steel kitchen appliances, there is visible damage to a kitchen cabinet door under the sink, and the carpeting and bathroom fixtures appear dated. It fits the 'fair' category as it is functional and maintained but requires minor cosmetic updates and repairs to meet modern standards.
A rare and highly desirable feature for a one-bedroom condo, providing both convenience and added security with direct entry into the home.
The guard-gated Spanish Palms community offers an extensive amenity package including two pools, a fitness center, a dog park, and a putting green, significantly enhancing the lifestyle value.
Ideally situated just 10 minutes from the Las Vegas Strip, this property offers unbeatable access to world-class dining, shopping, and entertainment while maintaining a serene residential feel.
The monthly HOA fee of $448 is relatively high for a one-bedroom unit at this price point, which may impact the overall affordability and monthly carrying costs for some buyers.
Built in 1997, the property may require cosmetic updates or modernization to meet current market trends compared to newer luxury developments in the surrounding area.
Welcome home to the Spanish Palms community! This first-floor, 1-bedroom, 1-bathroom condo offers comfortable single-level living with an attached 1-car garage with direct access. The open-plan living room with fireplace and dining area flows seamlessly to a covered patio. The guard-gated neighborhood provides peace of mind and a host of resort-style amenities, including two pools, a spa, clubhouse, fitness center, dog park, putting green, lush landscaping, and serene park-like surroundings. Enjoy the unbeatable convenience of being just 10 minutes west of the Strip, close to shopping, dining, and entertainment. With so many community perks and a prime location in the heart of Spring Valley, this gem is a must-see!
No exterior & parking available.
Grades PK-5 • 0.4 mi
Grades 6-8 • 0.4 mi
Grades 9-12 • 0.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 1.0 | 2.0 | 29% |
| Baths | 1.0 | 2.0 | 31% |
| Square foot | 744 | 1,034 | 20% |
| Lot Size | 23,308 | - | 94% |
| Price | $190.0K | $184.5K | 52% |
| Price per sq ft | $255 | $205 | 88% |
| Built year | 1997 | 1996 | 52% |
| HOA | $448 | $220 | 98% |
| Days on market | 43 | 986 | 2% |
Mar 10, 2026
$189,999
Initial Listing