Brick Duplex with Detached
For Sale
$438,500
122 N 38th Street, Omaha, NE 68131
RESIDENTIAL, 2 Story, Omaha, NE
Property Size2,410 SF
Lot Size0.17 Acres
Price / SF$181.95
Days on Market34
Property Features for 122 N 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 2, Bedroom 4, Basement, Dining Room, Bathroom 1, Bedroom 1, Bedroom 6, Bedroom 2, Bedroom 5, Bedroom 3
Parking features
Garage - Detached
Patio and Porch features
Porch, Deck
Interior features
Formal Dining Room, Pantry, Walk-Up Attic
Exterior features
Accessible, Deck/Balcony, Extra Parking Slab, Porch
Fencing
Privacy
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
KILBY PLACE
Lot features
Alley, In City
Elementary school
Kellom
Middle school
Lewis and Clark
High school
Central
Elementary school district
Omaha
Middle school district
Omaha
High school district
Omaha
Directions
Use GPS.
Standard status
Active
APN
1444470000
Size
2,410 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KILBY PLACE LOT 5 BLOCK 2 50 X 155
Tax Annual Amount
4421
Legal Description
KILBY PLACE LOT 5 BLOCK 2 50 X 155
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
hardwood floors
basement storage
large backyard
Building Details
Year built
1926
Floors in Building
2
Flooring type
Carpet, Vinyl
Architectural style
Other
Listing Agency:
Nebraska Realty
(402) 491-0100
Listed By:
Jessica Marin Bravo · License #20230482
(402) 718-6621
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 29 at 12:06PM
MLS# 22621457
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.
Built in 1926, this brick duplex contains 2,410 square feet across two residential units. Each unit offers 3 bedrooms, 1 bathroom, formal dining space, hardwood floors, and basement storage. The property also includes a walk-up attic, central air, forced-air heat, porches, decks, and a privacy-fenced backyard.
Each unit has its own detached 2-car garage, providing 4 garage spaces total. An additional parking pad accommodates 4 vehicles. HVAC service was completed in 2024, and the water heaters were replaced in 2020. The 0.17-acre property is located in Midtown Omaha near UNMC, Clarkson, and Mutual of Omaha.
Each unit has its own detached 2-car garage, providing 4 garage spaces total. An additional parking pad accommodates 4 vehicles. HVAC service was completed in 2024, and the water heaters were replaced in 2020. The 0.17-acre property is located in Midtown Omaha near UNMC, Clarkson, and Mutual of Omaha.
Key Highlights
- Brick duplex with 2,410 square feet built in 1926
- Two units, each with 3 bedrooms, 1 bathroom, formal dining, and basement storage
- Two detached 2‑car garages provide 4 garage spaces total
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
$21,059
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
4.80%
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%
$421,180
$421.2K
Cap Rate 7%
$300,843
$300.8K
Cap Rate 9%
$233,989
$234.0K
Market Conditions
NOI Build-Up for 2,410 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
$32.4K $13.44/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$30.1K $12.48/SF
− OpEx
−$9.0K −$3.74/SF
NOI
$21.1K $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%
$421,180
Cap Rate 7%
$300,843
Cap Rate 9%
$233,989
Alternative Uses
Best Use
Multifamily LT 5
$300.8K
$263.2K – $351.0K
NOI $21,059 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$277.4K
$242.8K – $323.7K
NOI $19,421 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$634.1K
$554.8K – $739.7K
NOI $44,384 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,487
Businesses Nearby
Explore this area
Business Placement
Demographics for 68131, NE
13,609
Population
7,861
Households
1.7
Avg Household Size
29
Median Age
46%
College-Educated
91%
High-School Grad
2.1 sq mi
ZIP Area
6,480
Density / Sq Mi
$47,800
Median Household Income
$30,808
Median Earnings
$1,081
Median Rent
$224,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include formal dining, basement storage, and dedicated detached-garage parking.
Where is this duplex located?
The property is located at 122 N 38th Street Omaha, NE.
What is the asking price?
The asking price for this property is $438,500.
What are key features of this property?
This property features: Brick duplex with 2,410 square feet built in 1926; Two units, each with 3 bedrooms, 1 bathroom, formal dining, and basement storage; Two detached 2‑car garages provide 4 garage spaces total
