Month-to-Month Leased
New
For Sale
$425,000
1223-1225 N 66th Street, Omaha, NE 68137
DUPLEX - Omaha, NE
Property Size3,270 SF
Lot Size0.23 Acres
Price / SF$129.97
Days on Market7
Property Features for 1223-1225 N 66th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 4, Bedroom 5, Bathroom 2
Parking features
Garage - Attached, Off Street, Garage - Detached
Patio and Porch features
Patio, Porch
Exterior features
Porch, Patio
Fencing
Chain Link
Subdivision
Morningside Add
Elementary school
Western Hills
Middle school
Lewis and Clark
High school
Benson
Elementary school district
Omaha
Middle school district
Omaha
High school district
Omaha
Directions
Take Dodge St east to Cass and Cass east to 72nd St. Turn north to Western and east to 66th. North on 66th to the property.
Standard status
Active
APN
1813440000
Size
3,270 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MORNINGSIDE ADD LOT 918 BLOCK 0 VAC ALLEY ADJ & W 23 N 81.5 FT LOT 915 & ALL LTS 916 & 917 & N 1.5 FT
Tax Annual Amount
5623
Legal Description
MORNINGSIDE ADD LOT 918 BLOCK 0 VAC ALLEY ADJ & W 23 N 81.5 FT LOT 915 & ALL LTS 916 & 917 & N 1.5 FT
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1973
Floors in Building
2
Architectural style
Other
Listing Agency:
RE/MAX Results · RE/MAX International
(402) 884-7707
Listed By:
Sherryl Longacre · License #20120584
(402) 719-4176
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 11 at 9:06PM
MLS# 22622587
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 duplex contains two three-bedroom units within 3,270 square feet of building area. Both units are leased on a month-to-month basis and include a private covered patio and yard space. The property was built in 1973 and is equipped with forced-air heating and central air conditioning.
Set on a 0.23-acre corner lot at 1223-1225 N 66th Street in Omaha, the property provides substantial on-site parking. Each unit has an attached garage, complemented by an oversized detached two-car garage and additional off-street parking. Chain-link fencing, porches, and patios are also included.
Set on a 0.23-acre corner lot at 1223-1225 N 66th Street in Omaha, the property provides substantial on-site parking. Each unit has an attached garage, complemented by an oversized detached two-car garage and additional off-street parking. Chain-link fencing, porches, and patios are also included.
Key Highlights
- Two three‑bedroom units totaling 3,270 square feet
- Both units leased month to month
- Each unit includes an attached garage and private covered patio
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
$28,574
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
6.72%
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%
$571,480
$571.5K
Cap Rate 7%
$408,200
$408.2K
Cap Rate 9%
$317,489
$317.5K
Market Conditions
NOI Build-Up for 3,270 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
$43.9K $13.44/SF
− Vacancy
−$3.1K −$0.96/SF
EGI
$40.8K $12.48/SF
− OpEx
−$12.2K −$3.74/SF
NOI
$28.6K $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%
$571,480
Cap Rate 7%
$408,200
Cap Rate 9%
$317,489
Alternative Uses
Best Use
Multifamily LT 5
$408.2K
$357.2K – $476.2K
NOI $28,574 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$376.5K
$329.4K – $439.2K
NOI $26,352 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$860.3K
$752.8K – $1.00M
NOI $60,222 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
856
Businesses Nearby
Explore this area
Business Placement
Demographics for 68137, NE
26,537
Population
10,834
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
95%
High-School Grad
8.4 sq mi
ZIP Area
3,159
Density / Sq Mi
$82,256
Median Household Income
$49,784
Median Earnings
$1,337
Median Rent
$232,800
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 - Both three-bedroom units are leased month to month and include private covered patios and yard space.
Where is this duplex located?
The property is located at 1223-1225 N 66th 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 three‑bedroom units totaling 3,270 square feet; Both units leased month to month; Each unit includes an attached garage and private covered patio
