Brick Duplex with Detached
For Sale
$438,500
122 N 38th Street, Omaha, NE 68131
Two updated residences offer hardwood interiors, basement storage, and substantial off-street parking in Midtown Omaha.
Property Size2,410 SF
Price / SF$181.95
Days on Market83
Property Features for 122 N 38th Street
General Information
Standard status
Active
Size
2,410 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Site & Location
Neighborhood
Joslyn Castle Neighborhood Association Inc
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
hardwood floors
basement storage
large backyard
Building Details
Year Built
1926
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Nebraska Realty
(402) 690-4239
Listed By:
The Ignite Team
(402) 217-6250
Source:
Theigniteteam
Added: Aug 10
Changed: Oct 31
Last Checked: Oct 30 at 1:50PM
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
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Investment Insights
Based on property information with market context.
Located at 122 North 38th Street in Omaha, this 1926 brick duplex contains two residences with practical three-bedroom, one-bathroom layouts. Both units include formal dining areas, hardwood floors, basement storage, and access to a large backyard. Separate detached garages provide four covered parking spaces, while an additional parking pad accommodates four vehicles.
The property is positioned in Midtown Omaha near UNMC, Clarkson College, Mutual of Omaha, downtown Omaha, and major employment centers. HVAC service was completed in 2024, and the water heaters were replaced in 2020. The two-unit configuration supports continued rental use, with the option for an owner to occupy one residence while leasing the other.
The property is positioned in Midtown Omaha near UNMC, Clarkson College, Mutual of Omaha, downtown Omaha, and major employment centers. HVAC service was completed in 2024, and the water heaters were replaced in 2020. The two-unit configuration supports continued rental use, with the option for an owner to occupy one residence while leasing the other.
Key Highlights
- Two‑unit brick duplex built in 1926
- Each unit has 3 bedrooms, 1 bathroom, formal dining, hardwood floors, and basement storage
- Two detached garages provide 4 total garage spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,059
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$421,180
$421.2K
Cap Rate 7%
$300,843
$300.8K
Cap Rate 9%
$233,989
$234.0K
Market Conditions
NOI Build-Up for 2,410 SF
Gross rent
$32.4K $13.44/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$30.1K $12.48/SF
− OpEx
−$9.0K −$3.74/SF
NOI
$21.1K $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 Rate 5%
$421,180
Cap Rate 7%
$300,843
Cap Rate 9%
$233,989
Alternative Uses
Best Use
Multifamily LT 5
$300.8K
$263.2K – $351.0K
NOI $21,059 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$277.4K
$242.8K – $323.7K
NOI $19,421 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$634.1K
$554.8K – $739.7K
NOI $44,384 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,487
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two updated residences offer hardwood interiors, basement storage, and substantial off-street parking in Midtown Omaha.
Where is this duplex located?
The property is located at 122 N 38th Street Omaha, NE.
What is the asking price?
The asking price for this property is $438,500.
What are key features of this property?
This property features: Two‑unit brick duplex built in 1926; Each unit has 3 bedrooms, 1 bathroom, formal dining, hardwood floors, and basement storage; Two detached garages provide 4 total garage spaces
