Duplex with Detached
New
For Sale
$390,000
1223 1223-1225 N 66th St, Omaha, NE 68132
Fully occupied two-unit property with month-to-month leases, private patios, yard areas, and extensive on-site parking.
Property Size3,270 SF
Price / SF$119.27
Days on Market4
Property Features for 1223 1223-1225 N 66th St
General Information
Standard status
Active
Size
3,270 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Amenities
private covered patio
generous yard space
Building Details
Year Built
1973
Listing Agency:
RE/MAX Results
(402) 719-4176
Listed By:
Sherryl Longacre · License #20120584
Source:
Thatcheromaha
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 12:28PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 3,270-square-foot duplex was built in 1973 and contains two three-bedroom units. Both residences are leased on a month-to-month basis and include a private covered patio, yard space, and an attached garage. The configuration provides separate living spaces with substantial supporting improvements for occupants and vehicles.
Positioned on a corner lot at 1223-1225 N 66th St in Omaha, the property also includes an oversized detached two-car garage and additional parking. The existing lease structure and multiple garage areas are central features of this residential income property.
Positioned on a corner lot at 1223-1225 N 66th St in Omaha, the property also includes an oversized detached two-car garage and additional parking. The existing lease structure and multiple garage areas are central features of this residential income property.
Key Highlights
- Two three‑bedroom units within a 3,270‑square‑foot duplex
- Both units currently leased month‑to‑month
- Private covered patio and yard space for each unit
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
7.33%
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 7.33%
Second Best
Apartment 5plus
$376.5K
$329.4K – $439.2K
NOI $26,352 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$860.3K
$752.8K – $1.00M
NOI $60,222 @ 7.0% cap · market cap 15.44%
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
270
Businesses Nearby
Explore this area
Business Placement
Demographics for 68132, NE
13,729
Population
6,856
Households
2
Avg Household Size
35
Median Age
63%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
5,280
Density / Sq Mi
$81,556
Median Household Income
$51,430
Median Earnings
$979
Median Rent
$324,600
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 - Fully occupied two-unit property with month-to-month leases, private patios, yard areas, and extensive on-site parking.
Where is this duplex located?
The property is located at 1223 1223-1225 N 66th St Omaha, NE.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two three‑bedroom units within a 3,270‑square‑foot duplex; Both units currently leased month‑to‑month; Private covered patio and yard space for each unit
