All-Brick Duplex with
For Sale
$449,950
120 N 38th St, Omaha, NE 68131
Two vacant units offer separate basements and off-street parking.
Property Size3,096 SF
Price / SF$145.33
Days on Market76
Property Features for 120 N 38th St
General Information
Standard status
Active
Size
3,096 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,663
Building Details
Buildings
1
Construction
brick
Listing Agency:
WHY USA Independent Brokers Re
(402) 706-5100
Listed By:
John C Clark
(402) 706-5100
Source:
Exprealty
Added: Jun 16
Changed: Aug 30
Last Checked: Aug 30 at 7:39PM
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 WHY USA Independent Brokers Re
Investment Insights
Based on property information with market context.
This all-brick duplex contains two vacant units, with each side offering 3 bedrooms, 2 baths, and a basement. The building totals 3,096 SF and includes off-street parking along with 4 reserved parking stalls.
Located at 120 N 38th St in Omaha, the property is near the Blackstone district, with restaurants, entertainment, and shops nearby. A new streetcar is planned to the south, adding another stated access feature to the surrounding area.
Located at 120 N 38th St in Omaha, the property is near the Blackstone district, with restaurants, entertainment, and shops nearby. A new streetcar is planned to the south, adding another stated access feature to the surrounding area.
Key Highlights
- 3,096 SF all‑brick duplex at 120 N 38th St, Omaha, NE
- Each side includes 3 bedrooms, 2 baths, and a basement
- Both units are currently vacant
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
$27,053
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
6.01%
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%
$541,060
$541.1K
Cap Rate 7%
$386,471
$386.5K
Cap Rate 9%
$300,589
$300.6K
Market Conditions
NOI Build-Up for 3,096 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
$41.6K $13.44/SF
− Vacancy
−$3.0K −$0.96/SF
EGI
$38.6K $12.48/SF
− OpEx
−$11.6K −$3.74/SF
NOI
$27.1K $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%
$541,060
Cap Rate 7%
$386,471
Cap Rate 9%
$300,589
Alternative Uses
Best Use
Multifamily LT 5
$386.5K
$338.2K – $450.9K
NOI $27,053 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$356.4K
$311.9K – $415.8K
NOI $24,949 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$814.5K
$712.7K – $950.3K
NOI $57,018 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,644
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two vacant units offer separate basements and off-street parking.
Where is this duplex located?
The property is located at 120 N 38th St Omaha, NE.
What is the asking price?
The asking price for this property is $449,950.
What are key features of this property?
This property features: 3,096 SF all‑brick duplex at 120 N 38th St, Omaha, NE; Each side includes 3 bedrooms, 2 baths, and a basement; Both units are currently vacant
