247 W Chicago Ave

247 W Chicago Ave, Las Vegas, NV 89102

  • For Sale $1,599,000
  • Property Type Multi-Family
  • Property Size 6,528 SF
  • Units 19
  • Lot Size 0.32 Acre
  • Year Built 1960
  • Date Updated May 22, 2025
-Prime Multi-Family Opportunity - 247 West Chicago represents an exceptional investment as a 12-unit garden-style apartment community (7 one-bedroom, 5 two-bedroom units) strategically positioned on a 13,939 square foot lot in the historic Naked City neighborhood, which is currently experiencing significant revitalization as part of Las Vegas's urban renewal initiatives. Priced at $1,597,000 ($133,083 per unit) with a solid 6.91% cap rate on current operations, this single-story complex sits at the epicenter of an emerging redevelopment zone where developers are actively transforming the once-notorious area into a thriving residential community catering to Strip employees and young professionals. The property's location in the path of Downtown Las Vegas's expansion offers tremendous upside potential, as the neighborhood benefits from nearby developments including The Philly at 215 residential project, Atomic Golf, and numerous Arts District investments that are elevating property values throughout the area. With city officials and private developers committing substantial resources to rebranding and revitalizing Naked City, this well-maintained apartment community presents both immediate cash flow advantages and exceptional long-term appreciation prospects as the neighborhood continues its transformation into one of Las Vegas's next up-and-coming residential hotspots.
Want more info on this listing?

Reach out to the broker for more info on lease terms and amenities

Highlights

  • Building Style: Single-story garden-style apartments
  • Cap Rate: 6.91%
  • Growth Drivers: City-supported neighborhood redevelopment initiatives, expanding Arts District, and increasing demand for workforce housing
  • Investment Type: Value-add opportunity with stable current income
  • Lot Size: 13,939 square feet
  • Neighborhood Momentum: Multiple new residential and commercial projects underway
  • Price Per Unit: $133,083
  • Purchase Price: $1,597,000
  • Redevelopment Zone: Located in Naked City, a designated revitalization area
  • Strategic Location: Minutes from Downtown Las Vegas, Arts District, and the Strip
  • Tenant Profile: Ideal for Strip employees and young professionals
  • Unit Mix: 7 one-bedroom units, 5 two-bedroom units

Contacts

broker
Tom Watkins

Centennial Advisers

Location

Getting Around

  • Walk Score ®

    65/100 Somewhat Walkable

  • Transit Score ®

    48/100 Some Transit

  • Bike Score ®

    52/100 Bikeable
Powered by Walk Score ®
  • City Las Vegas, NV
  • Neighborhood Gateway District
  • Zip Code 89102
  • Market Las Vegas

Points of Interest

  • Sahara

    0.60 miles

  • LVCC West Station

    1.17 miles

  • LVCC Central Station

    1.36 miles

  • Boingo/Las Vegas Convention Center

    1.45 miles

  • Rideshare Pickup

    2.52 miles

  • Bellagio Tram Station

    2.92 miles

  • The Crystals Tram Station

    3.02 miles

  • Park MGM Tram Station

    3.17 miles

  • MGM Grand

    3.30 miles

  • Excalibur North

    3.54 miles

  • 7-Eleven

    0.21 miles

  • Circle K

    0.37 miles

  • Arco

    0.46 miles

  • Rebel

    0.71 miles

  • 76

    0.80 miles

  • Chevron

    0.92 miles

  • Tesla Supercharger

    1.53 miles

  • Tesla Destination Charger

    2.33 miles

  • Linq High Roller Supercharger

    2.34 miles

  • ChargePoint

    2.53 miles

  • Las Vegas North Premium Outlets Self Parking

    0.79 miles

  • Regional Transportation Commission of Southern Nevada Self Parking

    0.94 miles

  • LVCC - Diamond Lot

    1.07 miles

  • Clark County Government Center Self Parking

    1.09 miles

  • Mon Bel Ami Parking

    1.26 miles

  • Strat Hotel, Casino and Tower

    0.31 miles

  • Aztec Inn

    0.33 miles

  • El Mirador Motel Las Vegas

    0.38 miles

  • Ahern

    0.39 miles

  • Holiday Motel

    0.39 miles

  • Oasis Motel

    0.41 miles

  • St. Louis Manor

    0.42 miles

  • Fun City Motel

    0.42 miles

  • Tod Motor Motel

    0.50 miles

  • Travelers Bed & Breakfast Hostel

    0.51 miles

  • El Nopal Mexican Grill

    0.23 miles

  • McDonald's

    0.25 miles

  • Nunzio Pizzaria

    0.27 miles

  • Roxy's Diner

    0.27 miles

  • Fellini’s Ristorante Italiano

    0.28 miles

  • McCall’s Heartland Grill

    0.29 miles

  • Top of The World

    0.30 miles

  • Denny's

    0.34 miles

  • Amancer

    0.34 miles

  • Tacos Mexico

    0.35 miles

  • CLAY ARTS VEGAS

    0.41 miles

  • First Presbyterian Church Pre-School and Day Care Center

    0.55 miles

  • Arizona College - Las Vegas

    0.70 miles

  • UNLV Shadow Lane Campus

    0.75 miles

  • Litl Scholar School

    0.95 miles

  • John S Park Elementary School

    1.06 miles

  • Imagination Plus Child Care Center

    1.12 miles

  • John C Fremont Middle School

    1.15 miles

  • Trinity Christian Schools

    1.15 miles

  • Childrens Choice Kindergarten

    1.20 miles

  • KinderCare

    4.75 miles

  • La Petite Academy

    6.36 miles

  • Sekuritie Child Care LLC

    7.20 miles

  • Childtime

    7.67 miles

Frequently Asked Questions

How much does 247 W Chicago Ave cost?

The space currently listed for sale at 247 W Chicago Ave asks for $1,599,000.

What is the total square footage of 247 W Chicago Ave?

247 W Chicago Ave totals 6,528 square feet.

When was this property built?

247 W Chicago Ave was built in 1960.

Looking for more in-depth information on this property?

Looking for more in-depth information on this property? Find property characteristics, ownership, tenant details, local market insights and more. Unlock data on CommercialEdge.

Contact Listing Broker
broker
Tom Watkins

Centennial Advisers

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.