Duplex with Upper-Level
New
For Sale
$210,000
1103 S 22 Street, Omaha, NE 68108
RESIDENTIAL, 2 Story, Omaha, NE
Property Size1,563 SF
Lot Size0.11 Acres
Price / SF$134.36
Days on Market6
Property Features for 1103 S 22 Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement, Bedroom 2, Bedroom 1, Bedroom 3
Parking features
Off Street
Patio and Porch features
Patio
Exterior features
Patio
Fencing
Chain Link
Subdivision
SHULLS ADD
Elementary school
Liberty
Middle school
Norris
High school
Central
Elementary school district
Omaha
Middle school district
Omaha
High school district
Omaha
Directions
Traveling north on s 22nd Street home is on the corner of 22nd and Pierce.
Standard status
Active
APN
2216360000
Size
1,563 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SHULLS ADD LOT 10 BLOCK 1 N 40 FT LTS 9 & 40 X 120
Tax Annual Amount
2915
Legal Description
SHULLS ADD LOT 10 BLOCK 1 N 40 FT LTS 9 & 40 X 120
Utilities
Heating system
Steam
Building Details
Year built
1910
Floors in Building
2
Architectural style
Other
Listing Agency:
Realty ONE Group Sterling
(402) 934-0074
Listed By:
Austin Compton
(402) 953-6192
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 3 at 1:06AM
MLS# 22627982
Copyright © 2026 Great Plains Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,563-square-foot duplex contains a two-bedroom, one-bathroom unit on the main level and a one-bedroom apartment on the second floor. The basement is unfinished, and the property also includes a patio, off-street parking, and chain-link fencing. Steam heat serves the building, which was built in 1910.
The parcel measures 0.11 acres and is located in Omaha, Nebraska. Showings require 24 hours’ advance scheduling.
The parcel measures 0.11 acres and is located in Omaha, Nebraska. Showings require 24 hours’ advance scheduling.
Key Highlights
- Two‑bedroom, one‑bathroom main‑floor unit and one‑bedroom upper apartment
- 1,563 square feet on a 0.11‑acre lot
- Unfinished basement
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,658
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$273,160
$273.2K
Cap Rate 7%
$195,114
$195.1K
Cap Rate 9%
$151,756
$151.8K
Market Conditions
NOI Build-Up for 1,563 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.0K $13.44/SF
− Vacancy
−$1.5K −$0.96/SF
EGI
$19.5K $12.48/SF
− OpEx
−$5.9K −$3.74/SF
NOI
$13.7K $8.74/SF
Area
Omaha, NE
Vacancy
7.12%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$273,160
Cap Rate 7%
$195,114
Cap Rate 9%
$151,756
Alternative Uses
Best Use
Multifamily LT 5
$195.1K
$170.7K – $227.6K
NOI $13,658 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$179.9K
$157.5K – $209.9K
NOI $12,596 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$411.2K
$359.8K – $479.8K
NOI $28,785 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,278
Businesses Nearby
Explore this area
Business Placement
Demographics for 68108, NE
15,623
Population
6,084
Households
2.6
Avg Household Size
30
Median Age
24%
College-Educated
76%
High-School Grad
3.3 sq mi
ZIP Area
4,734
Density / Sq Mi
$47,255
Median Household Income
$34,693
Median Earnings
$1,128
Median Rent
$124,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The occupied property has a two-bedroom main-floor unit and a separate one-bedroom apartment upstairs.
Where is this duplex located?
The property is located at 1103 S 22 Street Omaha, NE.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom main‑floor unit and one‑bedroom upper apartment; 1,563 square feet on a 0.11‑acre lot; Unfinished basement
