41-Unit Apartment
For Sale
Contact for pricing
120 S 36th Street, Omaha, NE 68131
Multifamily community with established nearby hospitality, dining, and entertainment destinations.
Property Size31,443 SF
Price / SF$125.62
Days on Market36
Property Features for 120 S 36th Street
General Information
Standard status
Active
Size
31,443 SF
Total Parking Spaces
39
Property subtype
Multifamily
Zoning
R8-ACI-1(PL)
Occupancy
90%
Investment Type
Value Add
Net Operating Income
$286,409
Additional Details
Multifamily Units
41
Building Details
Year Built
1974
Buildings
1
Stories
2
Units
41
Tenancy
Multi
Listing Agency:
Oak Investment Real Estate
(913) 669-7880
Listed By:
John Heine · License #NE 20051167
Source:
Crexi
Added: Jul 28
Changed: Aug 25
Last Checked: Aug 30 at 8:35PM
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 Oak Investment Real Estate
Investment Insights
Based on property information with market context.
This 41-unit apartment property contains 31,443 square feet and was constructed in 1974. The asset is situated within Omaha’s Blackstone area and carries R8-ACI-1(PL) zoning.
The property is near 36th and Farnam and directly across from the Kimpton Cottonwood Hotel, The Committee Chophouse, Crescent Moon, and HomeGrown. It is also positioned along Omaha’s future streetcar route, connecting the property with a planned transit corridor serving Downtown Omaha.
The property is near 36th and Farnam and directly across from the Kimpton Cottonwood Hotel, The Committee Chophouse, Crescent Moon, and HomeGrown. It is also positioned along Omaha’s future streetcar route, connecting the property with a planned transit corridor serving Downtown Omaha.
Key Highlights
- 41‑unit apartment property
- 31,443 square feet
- Built in 1974
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
$253,387
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
6.41%
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%
$5,067,740
$5.1M
Cap Rate 7%
$3,619,814
$3.6M
Cap Rate 9%
$2,815,411
$2.8M
Market Conditions
NOI Build-Up for 31,443 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
$498.1K $15.84/SF
− Vacancy
−$37.4K −$1.19/SF
EGI
$460.7K $14.65/SF
− OpEx
−$207.3K −$6.59/SF
NOI
$253.4K $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%
$5,067,740
Cap Rate 7%
$3,619,814
Cap Rate 9%
$2,815,411
Alternative Uses
Best Use
Apartment 5plus
$3.62M
$3.17M – $4.22M
NOI $253,387 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.27M
$7.24M – $9.65M
NOI $579,074 @ 7.0% cap · market cap 14.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
41
Residential units
Location Intelligence
Trade Area within ½ mile
2,637
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?
Apartment building - Multifamily community with established nearby hospitality, dining, and entertainment destinations.
Where is this apartment building located?
The property is located at 120 S 36th Street Omaha, NE.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 41‑unit apartment property; 31,443 square feet; Built in 1974
