12-Unit Apartment
For Sale
$870,000
1014 N 48th Avenue, Omaha, NE 68132
Fully occupied property with one-bedroom residences, private tenant parking, and completed exterior and concrete improvements.
Property Size3,969 SF
Days on Market88
Property Features for 1014 N 48th Avenue
General Information
Standard status
Active
Size
3,969 SF
Total Parking Spaces
12
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
12 x 1BR/1BA
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$8,728
Amenities
private parking lot
Building Details
Building Size
3,969 SF
Year Built
1965
Buildings
1
Stories
3
Units
12
Listing Agency:
Nebraska Realty
(402) 310-3717
Listed By:
Nick Gollin · License #20210327
(402) 310-3717
Source:
Burrowstracts
Added: Jun 3
Changed: Aug 27
Last Checked: Aug 28 at 11:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Nebraska Realty
Investment Insights
Based on property information with market context.
This 12-unit apartment property was built in 1965 and is fully occupied. Every residence provides a one-bedroom, one-bath layout, while a private parking lot serves the tenants. The building has undergone significant exterior and site work, including replacement stairs and balconies completed in 2023 and concrete improvements performed from 2017 through 2024.
A basement area contains existing hookups for a paid laundry installation. The property has been owner-operated since 2001 and is positioned near Dundee, Blackstone, and UNMC in Omaha. Current operations include tenant parking and established residential occupancy, with the building’s uniform unit configuration supporting straightforward management.
A basement area contains existing hookups for a paid laundry installation. The property has been owner-operated since 2001 and is positioned near Dundee, Blackstone, and UNMC in Omaha. Current operations include tenant parking and established residential occupancy, with the building’s uniform unit configuration supporting straightforward management.
Key Highlights
- 12‑unit apartment building with all units configured as 1‑bed/1‑bath residences
- Fully occupied residential property near Dundee, Blackstone, and UNMC
- New stairs and balconies completed in 2023
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
$31,985
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
3.68%
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%
$639,700
$639.7K
Cap Rate 7%
$456,929
$456.9K
Cap Rate 9%
$355,389
$355.4K
Market Conditions
NOI Build-Up for 3,969 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
$62.9K $15.84/SF
− Vacancy
−$4.7K −$1.19/SF
EGI
$58.2K $14.65/SF
− OpEx
−$26.2K −$6.59/SF
NOI
$32.0K $8.06/SF
Area
Omaha, NE
Vacancy
7.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
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%
$639,700
Cap Rate 7%
$456,929
Cap Rate 9%
$355,389
Alternative Uses
Best Use
Apartment 5plus
$456.9K
$399.8K – $533.1K
NOI $31,985 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$913.7K – $1.22M
NOI $73,096 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
746
Businesses Nearby
Explore this area
Business Placement
Demographics for 68132, NE
13,729
Population
6,856
Households
2
Avg Household Size
35
Median Age
63%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
5,280
Density / Sq Mi
$81,556
Median Household Income
$51,430
Median Earnings
$979
Median Rent
$324,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property with one-bedroom residences, private tenant parking, and completed exterior and concrete improvements.
Where is this apartment building located?
The property is located at 1014 N 48th Avenue Omaha, NE.
What is the asking price?
The asking price for this property is $870,000.
What are key features of this property?
This property features: 12‑unit apartment building with all units configured as 1‑bed/1‑bath residences; Fully occupied residential property near Dundee, Blackstone, and UNMC; New stairs and balconies completed in 2023
