Clark County, NV Cap Rates by Neighborhood

County-Wide Gross Yield: A Starting Point, Not an Answer

Clark County's median home price sits at $430,634 against a median rent of $1,737 per month, producing a gross yield of 4.84% on an aggregate basis. That number is directionally useful but operationally misleading. It blends Summerlin South luxury product trading at $680,000 with North Las Vegas workforce housing at $370,000, and it averages SFR cash-flow assets with a condo/townhome segment that dropped 5.2% in price last year. The actual investable range across submarkets and asset types spans from about 4.0% gross on premium master-planned communities to 6%+ on well-selected North Las Vegas SFRs. The spread between top and bottom of that range is larger than the number itself.

The county's institutional buyer cohort accounts for 23% of transactions, which means professional capital has already priced into much of the market. Finding yield requires going submarket-specific and asset-specific.

Neighborhood-by-Neighborhood Breakdown

North Las Vegas: Highest Actionable Yield

North Las Vegas is the clearest yield story in the county. With a median near $370,000 and sub-3-month inventory below $400,000 (the tightest supply tier in the metro), the implied gross yield on a $370,000 asset at the county median rent of $1,737 per month lands at about 5.64%. That rent figure likely understates achievable rents for a well-conditioned 3-bedroom SFR in the submarket given how fast qualifying properties move (well-priced SFRs county-wide rent in under 14 days), but using the county median is the conservative underwrite.

Price appreciation of 3.8% year-over-year adds total return optionality on top of the yield. Proximity to Nellis Air Force Base generates a consistent VA loan buyer pool that underpins exit liquidity. For investors working a sub-$400,000 budget, North Las Vegas is the most direct path to a 5.5%+ gross cap with sub-5% vacancy exposure.

Henderson (Green Valley): Balanced, Lower-Yield Profile

Green Valley's median of $470,000 with 2.4% price appreciation tells a different story. At $1,737 monthly rent (county median), the gross yield compresses to about 4.43%. Henderson attracts a more affluent renter profile and strong owner-occupant demand, which keeps vacancy low but also keeps prices elevated relative to rent. This is a wealth-preservation submarket with appreciation upside, not a cash-flow-first acquisition.

Summerlin South: Appreciation Play, Thin Yield

At a median of $680,000 and 3% year-over-year price growth, Summerlin South produces a gross yield of roughly 3.06% at the county median rent. Even if achieved rents in Summerlin run 20% above the county median (a generous assumption), the gross yield clears only about 3.67%. Investors buying here are making a long-duration appreciation bet on the county's premier master-planned address, not a cap rate decision.

Downtown Las Vegas and Sunrise Manor: Early-Stage Appreciation Signal

Downtown Las Vegas posted 8.5% year-over-year price appreciation through February 2025, and Sunrise Manor matched that at 8.5% with faster days on market (57 days versus 69 days a year prior). These are the fastest-appreciating pockets in the county. The Maryland Parkway BRT corridor, currently under construction, runs through both areas, and BRT groundbreaking triggers density upzonings for 3,000+ parcels within half a mile of planned stations.

Investors buying now along the BRT corridor are accepting current yields (likely in the 4.5%–5.0% range given price run-up) in exchange for redevelopment optionality and above-average near-term appreciation. Vacancy risk is slightly higher than North Las Vegas, which is the trade-off.

Neighborhood Comparison Table

*Gross yield calculated using county median ZORI of $1,737/month. Achievable rents vary by submarket and unit type.

Property Tax Impact on Net Cap Rate

Nevada's 0.48% effective property tax rate is one of the more landlord-favorable structures in the western US. On a representative $430,000 purchase (near the county median), annual property taxes run about $2,064. Against gross annual rent of $20,844 (12 x $1,737), that tax load consumes about 9.9% of gross rent, or roughly 48 basis points off the gross yield.

For a $370,000 North Las Vegas purchase, annual taxes fall to about $1,776, reducing their drag slightly in absolute dollar terms. The state caps annual property tax increases at 8% for investor-owned rentals, providing predictable carrying costs across a hold period. Investors renting below HUD Fair Market Rent thresholds can qualify for the lower 3% residential cap via the county assessor's annual affidavit process, which limits tax escalation risk on workforce-priced SFRs in a real and measurable way.

Net operating cap rates, after property tax, operating expenses, and a standard vacancy reserve, realistically land in the 3.5%–4.5% range for well-located SFRs. The gross 4.5%–6.0% range cited by local operators narrows considerably once you run actual expenses.

Cap Rate Compression vs. Decompression

The county-wide ZHVI is down 2.70% year-over-year as of June 2026 while the market's rental base remains relatively stable. When prices fall faster than rents, gross yields expand. That is what is happening at the county aggregate level: the same $1,737 monthly rent buys more cap rate today than it did in 2024.

However, the dynamic is uneven by segment. The condo and townhome sector saw a 5.2% median price decline, and the multifamily apartment market is actively offering concessions (one developer cited six weeks free on market-rate units) as new apartment supply delivered in late 2025. Those concessions put downward pressure on achievable rents in apartment-competitive configurations, even as SFR rents stay firmer under sub-5% vacancy.

The SFR segment is seeing mild cap rate expansion driven by price softening, not rent collapse. That is a more defensible yield expansion than one driven by falling rents.

Flood-Risk Adjustment to Net Yield

FEMA's National Risk Index flags Clark County among Nevada's highest-risk counties for inland flooding, with about 5% of properties facing severe flood risk over 30 years. The average NFIP annual premium statewide runs $869. On a $370,000 North Las Vegas SFR producing $20,844 in gross annual rent, an $869 flood insurance premium represents a 42-basis-point hit to gross yield. Properties inside FEMA Special Flood Hazard zones in the Clark County Regional Flood Control District wash corridors carry higher premiums and require verification before underwriting.

For the 95% of county properties outside the high-risk flood category, this cost is negligible. Verify FEMA zone designation at the parcel level before closing.

Cap Rate Outlook

The near-term yield environment for SFR in Clark County is modestly improving on the buy side, with prices down 2.70% year-over-year and inventory still tight below $400,000. The multifamily oversupply and apartment concessions are a headwind for apartment-facing investors through at least mid-2026 but are creating displaced renters who need SFRs.

Two supply-side risks will reshape the North Las Vegas and Enterprise submarket yield profile by 2027–2028. The October 2025 Enterprise upzoning from RS-20 to RS-2 standards (a tenfold increase in permitted units per acre) with Richmond American Homes and Millrose Properties holding large development agreements will add new SFR-adjacent inventory. Investors buying in affected Enterprise parcels today should model for moderate rent softening within two to three years.

The Maryland Parkway BRT (groundbreaking August 2024, $378 million, 12.5-mile corridor) is the most concrete transit catalyst. Properties within half a mile of planned BRT stations sit inside a density upzoning perimeter affecting 3,000+ parcels. Investors who can identify station-adjacent parcels with ADU development potential gain a second income stream: Clark County removed minimum lot size requirements for ADUs with no owner-occupancy requirement, making a two-unit income strategy viable on qualifying lots.

Google's $400 million data center expansion (part of $2.2 billion in total state investment) and the broader wave of AI, health, and automotive company expansions represent demand-side support that will take two to four years to show up in submarket rent growth. These are not 2026 yield stories; they are 2028–2030 stories.

Model your specific deal with our investment property calculator to stress-test these assumptions against your actual purchase price, financing terms, and target submarket.