Brick Duplex With Detached
New
For Sale
$438,500
122 N 38th Street, Omaha, NE 68131
DUPLEX - Omaha, NE
Property Size2,410 SF
Lot Size0.17 Acres
Price / SF$181.95
Days on Market4
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 1, Bathroom 1, Bedroom 6, Basement, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 4, 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
formal dining
hardwood floors
basement storage
large backyard
Building Details
Year built
1926
Floors in Building
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
Nebraska Realty
(402) 491-0100
Listed By:
Jessica Marin Bravo · License #20230482
(402) 718-6621
Added: Jul 27
Changed: Jul 30
Last Checked: Jul 30 at 9:06PM
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.
Investment Insights
Based on property information with market context.
This brick duplex offers two residential units designed for comfortable day-to-day living. Each unit includes three bedrooms and one bathroom, along with a formal dining room, hardwood floors, and basement storage. Interior features also include a pantry and a walk-up attic, and the property has forced-air heating with central air cooling. Each unit has its own two-car detached garage, for a total of four garage spaces, plus an additional parking pad that fits four more vehicles. Outdoors include a large backyard, a porch and deck/balcony areas, and privacy fencing.
Improvements include HVAC serviced in 2024 and water heaters replaced in 2020. The property was built in 1926 and totals 2,410 square feet on a 0.17-acre lot.
With its two separate unit layouts, detached garage parking, and maintained mechanical updates, the home is well suited for either owner-occupancy or long-term rental use.
Improvements include HVAC serviced in 2024 and water heaters replaced in 2020. The property was built in 1926 and totals 2,410 square feet on a 0.17-acre lot.
With its two separate unit layouts, detached garage parking, and maintained mechanical updates, the home is well suited for either owner-occupancy or long-term rental use.
Key Highlights
- Brick duplex with two units, each with three bedrooms and one bathroom
- Formal dining rooms, hardwood floors, and basement storage in each unit
- Each unit has a two‑car detached garage; four garage spaces total
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.4k | $13.44 |
| − Vacancy | −$2.3k | −$0.96 |
| EGI | $30.1k | $12.48 |
| − OpEx | −$9.0k | −$3.74 |
| NOI | $21.1k | $8.74 |
2,410 SF · lease $13.44/SF/yr · vacancy 7.12% · expense 30.00%
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.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,487
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-unit brick duplex with central air, forced-air heat, and detached two-car garages plus extra parking slab.
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: Brick duplex with two units, each with three bedrooms and one bathroom; Formal dining rooms, hardwood floors, and basement storage in each unit; Each unit has a two‑car detached garage; four garage spaces total
