Duplex with Separate
For Sale
$240,000
233-235 N Boggs Ave, Grand Island, NE 68803
Residential Income, Ranch, Bungalow, Grand Island, NE
Property Size1,364 SF
Lot Size0.23 Acres
Price / SF$175.95
Days on Market48
Property Features for 233-235 N Boggs Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Basement, Bedroom 4, Bedroom 1
Appliances
Applies to All Units, Refrigerator, Stove
Elementary school
Jefferson
Middle school
Walnut
High school
Grand Island Senior High
Subdivision
NW
Standard status
Active
APN
400070251
Size
1,364 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PACKER & BARR'S SECOND ADD S 1/2 LT 8 & ALL LT 9 BLK18
Tax Annual Amount
2052
Legal Description
PACKER & BARR'S SECOND ADD S 1/2 LT 8 & ALL LT 9 BLK18
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1916
Number of units
2
Roof type
Composition
Architectural style
Ranch, Bungalow
Listing Agency:
Keller Williams Heartland · Keller Williams Realty
(402) 328-0200
Listed By:
Rosa John
(308) 258-2523
Added: Aug 5
Changed: Sep 18
Last Checked: Sep 21 at 11:06PM
MLS# 20262837
Copyright © 2026 Grand Island Board of Realtors. 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 duplex includes two separate residences with independent entrances and driveways. The larger home at 233 N Boggs Ave has three bedrooms, two bathrooms, and two additional non-conforming basement bedrooms. Its improvements include new flooring and carpet, renovated bathrooms, a new AC unit, and updated electrical and plumbing. The second residence at 235 N Boggs Ave offers one bedroom and one bathroom and is tenant occupied.
Each unit has separate heat and electric responsibility, with new electrical service lines and individual meters serving both residences. The property also includes refrigerators and stoves, public water, public sewer, and a composition roof. Built in 1916, the duplex occupies 0.2314 acres and includes 1,364 square feet of property size.
Each unit has separate heat and electric responsibility, with new electrical service lines and individual meters serving both residences. The property also includes refrigerators and stoves, public water, public sewer, and a composition roof. Built in 1916, the duplex occupies 0.2314 acres and includes 1,364 square feet of property size.
Key Highlights
- Two‑unit duplex with separate living spaces
- Larger residence includes 3 bedrooms, 2 bathrooms, and 2 non‑conforming basement bedrooms
- Second residence has 1 bedroom and 1 bathroom with its own entrance and driveway
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
$10,317
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
4.30%
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%
$206,340
$206.3K
Cap Rate 7%
$147,386
$147.4K
Cap Rate 9%
$114,633
$114.6K
Market Conditions
NOI Build-Up for 1,364 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
$15.5K $11.40/SF
− Vacancy
−$812 −$0.60/SF
EGI
$14.7K $10.80/SF
− OpEx
−$4.4K −$3.24/SF
NOI
$10.3K $7.56/SF
Area
Hall County, NE
Vacancy
5.22%
Lease Rate
$11.40 /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%
$206,340
Cap Rate 7%
$147,386
Cap Rate 9%
$114,633
Alternative Uses
Best Use
Multifamily LT 5
$147.4K
$129.0K – $172.0K
NOI $10,317 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$136.1K
$119.1K – $158.8K
NOI $9,528 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$341.4K
$298.7K – $398.3K
NOI $23,895 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
922
Businesses Nearby
Explore this area
Business Placement
Demographics for 68803, NE
26,487
Population
11,188
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
86.9 sq mi
ZIP Area
305
Density / Sq Mi
$70,040
Median Household Income
$44,795
Median Earnings
$888
Median Rent
$224,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences provide distinct entrances, utilities, and living arrangements within one duplex property.
Where is this duplex located?
The property is located at 233-235 N Boggs Ave Grand Island, NE.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two‑unit duplex with separate living spaces; Larger residence includes 3 bedrooms, 2 bathrooms, and 2 non‑conforming basement bedrooms; Second residence has 1 bedroom and 1 bathroom with its own entrance and driveway
