Brick Duplex with Detached
New
For Sale
Contact for pricing
122 North 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 Market7
Property Features for 122 North 38th Street
General Information
Standard status
Active
Size
2,410 SF
Total Parking Spaces
4
Property subtype
Multifamily
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
hardwood floors
basement storage
large backyard
Building Details
Year Built
1926
Buildings
1
Units
2
Tenancy
Multi
Construction
brick
Listing Agency:
Castro Realty Group
Listed By:
Jessica Marin-Bravo · License #20230482
Source:
Crexi
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 12 at 9:59AM
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 Castro Realty Group
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 = 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
$21,059
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
4.80%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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 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 North 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
