Five-Unit Apartment Building with
For Sale
$361,350
1309 S 32nd Street, Omaha, NE 68105
Historic multifamily property with off-street parking and access to Midtown Omaha amenities, universities, dining, entertainment, and public transportation.
Property Size2,610 SF
Days on Market44
Property Features for 1309 S 32nd Street
General Information
Standard status
Active
Size
2,610 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,842
Amenities
full-length front porch
tall ceilings
oversized windows
original wood trim
Building Details
Building Size
2,610 SF
Year Built
1890
Units
5
Listing Agency:
Realty ONE Group Authentic
(402) 672-6588
Listed By:
Scott Bergmann
(402) 672-6588
Source:
Burrowstracts
Added: Jun 30
Changed: Aug 9
Last Checked: Aug 11 at 2:25PM
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 Realty ONE Group Authentic
Investment Insights
Based on property information with market context.
Built in 1890, this five-unit multifamily property combines historic character with practical rental features. The building includes a full-length front porch, tall ceilings, oversized windows, original wood trim, and spacious living areas. Unit 4 has refreshed flooring, neutral paint, generous room sizes, and abundant natural light while retaining the property’s established architectural character. Off-street parking is available for tenants.
The property is located near Midtown Crossing, UNMC, Creighton University, the Blackstone District, and downtown Omaha. Shopping, dining, entertainment, and public transportation are also nearby, providing convenient access to services and activity throughout Midtown Omaha.
The property is located near Midtown Crossing, UNMC, Creighton University, the Blackstone District, and downtown Omaha. Shopping, dining, entertainment, and public transportation are also nearby, providing convenient access to services and activity throughout Midtown Omaha.
Key Highlights
- Five‑unit multifamily property built in 1890
- Full‑length front porch with tall ceilings and oversized windows
- Original wood trim and historic architectural character
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
$21,033
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
5.82%
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%
$420,660
$420.7K
Cap Rate 7%
$300,471
$300.5K
Cap Rate 9%
$233,700
$233.7K
Market Conditions
NOI Build-Up for 2,610 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
$41.3K $15.84/SF
− Vacancy
−$3.1K −$1.19/SF
EGI
$38.2K $14.65/SF
− OpEx
−$17.2K −$6.59/SF
NOI
$21.0K $8.06/SF
Area
Omaha, NE
Vacancy
7.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
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%
$420,660
Cap Rate 7%
$300,471
Cap Rate 9%
$233,700
Alternative Uses
Best Use
Apartment 5plus
$300.5K
$262.9K – $350.6K
NOI $21,033 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$686.7K
$600.8K – $801.1K
NOI $48,067 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
606
Businesses Nearby
Explore this area
Business Placement
Demographics for 68105, NE
22,669
Population
10,633
Households
2.1
Avg Household Size
32
Median Age
35%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
6,297
Density / Sq Mi
$53,253
Median Household Income
$36,969
Median Earnings
$1,010
Median Rent
$187,600
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?
Apartment building - Historic multifamily property with off-street parking and access to Midtown Omaha amenities, universities, dining, entertainment, and public transportation.
Where is this apartment building located?
The property is located at 1309 S 32nd Street Omaha, NE.
What is the asking price?
The asking price for this property is $361,350.
What are key features of this property?
This property features: Five‑unit multifamily property built in 1890; Full‑length front porch with tall ceilings and oversized windows; Original wood trim and historic architectural character
