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    Renovated Multifamily Investment Property Title is generated by Realmo AI

    1120 Park Avenue, Omaha, NE 68105

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    Claim this Listing
    For Sale
    $579,000

    Multi-Family - Omaha, NE

    Type:Multi Family
    Lot size:
    0.25 Acres
    Added:
    Mar 31, 2026
    Days on Market:
    42
    Last Refresh:
    May 11 at 5:06 am

    Property Features for 1120 Park Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Bedrooms
    7
    Bathrooms
    5
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking
    10
    Interior features
    Laundry Facilities
    Fireplace
    1
    Basement Y/N
    1
    Appliances
    Dryer
    Standard status
    Active
    APN
    1235580000
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6798.74

    Utilities

    Heating system
    Fireplace(s), Forced Air, Natural Gas

    Building Details

    Year built
    1900
    Number of units
    8
    Building materials
    Stucco
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Ted Kaasch

    Listing agent Ted Kaasch License #20230253

    Listing office Realty ONE Group Sterling 254 N 114 St, Omaha, NE

    Listing date Mar 31, 2026

    MLS# 22608438 Listing URL

    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.

    HighLights

    • Fully renovated and furnished 8‑unit multifamily investment property.
    • Located just 4 minutes (1.5 miles) from UNMC/Nebraska Medicine, a strong demand driver for rentals.
    • 100% rented with a gross monthly income of $8,700.
    • Professionally managed, turnkey asset suitable for mid or short‑term rentals.
    • Large tenant parking lot with 10+ off‑street spaces on over a 1/4‑acre lot.
    • Updated features include a new driveway & parking lot, updated roof, and laundry facilities.

    Overview

    This is an 8-unit multifamily investment property located in Omaha’s historic Hanscom Park / Field Club area, near Midtown, Downtown & I-480, and 4 minutes (1.5 miles) to UNMC/Nebraska Medicine. The property is 100% rented with current gross rents of $8,700/month. The buyer is responsible for verifying income, expenses, & lease terms. Each unit is furnished for mid or short-term rental use. The property features a large tenant parking lot with 10+ off-street spaces, sitting on over a 1/4-acre lot. Additional features include a new driveway & parking lot, updated roof, front/rear unit access, laundry facilities, basement shelter area & potential basement storage income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Omaha
    County
    Sarpy
    State
    Nebraska
    Longitude
    -95.956136
    Latitude
    41.2481492

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    FAQs

    What type of property is this?
    Apartment building - Fully renovated, furnished 8-unit multifamily property near UNMC/Nebraska Medicine.
    Where is this apartment building located?
    The property is located at 1120 Park Avenue Omaha, NE.
    What is the asking price?
    The asking price for this property is $579,000.
    What are key features of this property?
    This property features: Fully renovated and furnished 8‑unit multifamily investment property.; Located just 4 minutes (1.5 miles) from UNMC/Nebraska Medicine, a strong demand driver for rentals.; 100% rented with a gross monthly income of $8,700.
    (402) 990-9976
    We can help!
    Listing Contact
    Ted Kaasch
    Real Estate License ID: 20230253
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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