Brick Duplex with Detached
For Sale
$438,500
122 N 38th Street, Omaha, NE 68131
RESIDENTIAL, 2 Story, Omaha, NE
Property Size2,410 SF
Lot Size0.17 Acres
Price / SF$181.95
Days on Market97
Property Features for 122 N 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Basement, Bathroom 1, Bedroom 3, Bedroom 6, Dining Room
Parking features
Garage - Detached
Patio and Porch features
Porch, Deck
Interior features
Formal Dining Room, Pantry, Walk-Up Attic
Exterior features
Accessible, Deck/Balcony, Extra Parking Slab, Porch
Fencing
Privacy
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
KILBY PLACE
Lot features
Alley, In City
Elementary school
Kellom
Middle school
Lewis and Clark
High school
Central
Elementary school district
Omaha
Middle school district
Omaha
High school district
Omaha
Directions
Use GPS.
Standard status
Active
APN
1444470000
Size
2,410 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KILBY PLACE LOT 5 BLOCK 2 50 X 155
Tax Annual Amount
4421
Legal Description
KILBY PLACE LOT 5 BLOCK 2 50 X 155
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
hardwood floors
basement storage
large backyard
Building Details
Year built
1926
Floors in Building
2
Flooring type
Carpet, Vinyl
Architectural style
Other
Buildings
1
Listing Agency:
Nebraska Realty
(402) 491-0100
Listed By:
Jessica Marin Bravo · License #20230482
(402) 718-6621
Added: Jul 27
Changed: Oct 28
Last Checked: Oct 31 at 12:06PM
MLS# 22621457
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.
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Investment Insights
Based on property information with market context.
This 1926 brick duplex contains 2,410 square feet across two residences, each with three bedrooms, one bathroom, a formal dining room, and basement storage. Detached garages provide two spaces per residence, with an additional parking pad for four vehicles. The property occupies a 0.17-acre lot with a backyard, porch, deck, and privacy fencing. HVAC was serviced in 2024, and the water heaters were replaced in 2020.
At 122 N 38th Street in Omaha, the property is minutes from UNMC, Clarkson, and Mutual of Omaha.
At 122 N 38th Street in Omaha, the property is minutes from UNMC, Clarkson, and Mutual of Omaha.
Key Highlights
- Two residences, each with 3 bedrooms and 1 bathroom
- 2,410 square feet in a brick building constructed in 1926
- 0.17‑acre lot with two detached garages totaling 4 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.
How Realmo checks its estimates
Property Analytics
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Lease Details
2
Residential units
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 - Both residences offer three bedrooms, formal dining rooms, and private two-car garage capacity.
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 residences, each with 3 bedrooms and 1 bathroom; 2,410 square feet in a brick building constructed in 1926; 0.17‑acre lot with two detached garages totaling 4 spaces
