Brick Duplex with Detached
New
For Sale
$425,000
122 N 38th Street, Omaha, NE 68131
RESIDENTIAL, 2 Story, Omaha, NE
Property Size2,410 SF
Lot Size0.17 Acres
Price / SF$176.35
Days on Market3
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 4, Bedroom 5, Basement, Bedroom 2, Bathroom 2, Dining Room, Bathroom 1, Bedroom 6, Bedroom 3, Bedroom 1
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
Additional Details
Tenant in Place
Yes
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
Building Details
Year built
1926
Floors in Building
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Buildings
1
Listing Agency:
Nebraska Realty
(402) 491-0100
Listed By:
Jessica Marin Bravo · License #20230482
(402) 718-6621
Added: Nov 4
Last Checked: Nov 6 at 9:06AM
MLS# 22631559
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.
Built in 1926, this brick duplex contains 2,410 square feet across two units. Each unit has three bedrooms, one bathroom, living areas, and hardwood floors. Interior features include formal dining rooms, pantries, and walk-up attic access. One unit is occupied; the other is vacant. The property sits on a 0.17-acre lot and includes a detached four-car garage and a parking pad with space for four additional vehicles.
The property is minutes from UNMC, Clarkson, and Mutual of Omaha. A porch and deck provide additional exterior features.
The property is minutes from UNMC, Clarkson, and Mutual of Omaha. A porch and deck provide additional exterior features.
Key Highlights
- Two units, each with 3 bedrooms and 1 bathroom
- 2,410‑square‑foot duplex on a 0.17‑acre lot
- Detached 4‑car garage plus a parking pad for 4 vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,059
Cap Rate
4.96%
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 4.96%
Second Best
Apartment 5plus
$277.4K
$242.8K – $323.7K
NOI $19,421 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$634.1K
$554.8K – $739.7K
NOI $44,384 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
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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 - Two residential units offer three bedrooms and one bathroom apiece, with one unit vacant and the other occupied.
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 $425,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1 bathroom; 2,410‑square‑foot duplex on a 0.17‑acre lot; Detached 4‑car garage plus a parking pad for 4 vehicles
