Updated Split-Entry
New
For Sale
$250,000
11906 S 33 Street, Bellevue, NE 68123
RESIDENTIAL, Split Entry, Bellevue, NE
Property Size1,399 SF
Lot Size0.14 Acres
Price / SF$178.70
Days on Market2
Property Features for 11906 S 33 Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Basement, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Laundry Room, Bathroom 1
Parking features
Garage
Patio and Porch features
Deck, Patio, Porch
Interior features
Ceiling Fan, Garage Door Opener, LL Daylight Windows
Exterior features
Deck/Balcony, Patio, Porch, Storage Shed
Fencing
Chain Link
Fireplace
1
Appliances
Dishwasher, Disposal, Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
Granada II
Lot features
In City, Public Sidewalk
Elementary school
Golden Hills
Middle school
Papillion
High school
Papillion-La Vista South
Elementary school district
Papillion-La Vista
Middle school district
Papillion-La Vista
High school district
Papillion-La Vista
Directions
36th St and Hwy 370. South to Granada Pkwy. Left to 33rd St. Right to home.
Standard status
Active
APN
010920455
Size
1,399 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 65, Granada II, an Addition to the City of Bellevue, as surveyed, platted and recorded in Douglas County, Nebraska.
Tax Annual Amount
3494
Legal Description
Lot 65, Granada II, an Addition to the City of Bellevue, as surveyed, platted and recorded in Douglas County, Nebraska.
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1981
Flooring type
Carpet, Tile - Ceramic, Vinyl
Roof type
Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
BHHS Ambassador Real Estate · Berkshire Hathaway HomeServices
(402) 493-4663
Listed By:
Trina Leech
(402) 203-4870
Added: Sep 3
Last Checked: Sep 4 at 7:06AM
MLS# 22625382
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 duplex property includes a 1,399-square-foot split-entry home with three bedrooms, two bathrooms, a laundry room, basement space, and a garage. The kitchen has been updated with new appliances, while fresh paint, new flooring, and an updated water heater contribute to the refreshed interior. Ceramic tile, carpet, and vinyl flooring are present throughout, with forced-air heating and central air conditioning. Additional features include a fireplace, ceiling fan, garage door opener, and lower-level daylight windows.
The property occupies 0.144 acres in Bellevue, Nebraska, with convenient access to Highway 370 and Highway 75. Exterior improvements include a deck, patio, porch, storage shed, and chain-link fencing. The home was built in 1981 and includes a composition roof.
The property occupies 0.144 acres in Bellevue, Nebraska, with convenient access to Highway 370 and Highway 75. Exterior improvements include a deck, patio, porch, storage shed, and chain-link fencing. The home was built in 1981 and includes a composition roof.
Key Highlights
- 1,399‑square‑foot split‑entry duplex property
- Three bedrooms, two bathrooms, basement, laundry room, and garage
- Updated kitchen with new appliances
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
$15,314
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
6.13%
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%
$306,280
$306.3K
Cap Rate 7%
$218,771
$218.8K
Cap Rate 9%
$170,156
$170.2K
Market Conditions
NOI Build-Up for 1,399 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
$22.8K $16.32/SF
− Vacancy
−$954 −$0.68/SF
EGI
$21.9K $15.64/SF
− OpEx
−$6.6K −$4.69/SF
NOI
$15.3K $10.95/SF
Area
Sarpy County, NE
Vacancy
4.18%
Lease Rate
$16.32 /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%
$306,280
Cap Rate 7%
$218,771
Cap Rate 9%
$170,156
Alternative Uses
Best Use
Multifamily LT 5
$218.8K
$191.4K – $255.2K
NOI $15,314 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$190.4K
$166.6K – $222.2K
NOI $13,329 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$375.4K
$328.5K – $438.0K
NOI $26,280 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 68123, NE
32,203
Population
12,963
Households
2.5
Avg Household Size
32
Median Age
39%
College-Educated
95%
High-School Grad
24.9 sq mi
ZIP Area
1,293
Density / Sq Mi
$96,188
Median Household Income
$48,253
Median Earnings
$1,395
Median Rent
$273,100
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?
Duplex - Refreshed interiors feature an improved kitchen, new flooring, and a spacious fenced backyard.
Where is this duplex located?
The property is located at 11906 S 33 Street Bellevue, NE.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,399‑square‑foot split‑entry duplex property; Three bedrooms, two bathrooms, basement, laundry room, and garage; Updated kitchen with new appliances
