Midtown Omaha Multifamily
For Sale
Contact for pricing
1310 S 31 St, Omaha, NE 68105
Solid brick 4-unit property with recent renovations and improvements.
Property Size2,680 SF
Price / SF$166.04
Days on Market331
Property Features for 1310 S 31 St
General Information
Standard status
Active
Size
2,680 SF
Total Parking Spaces
3
Property subtype
Multifamily
Zoning
R7
Building Details
Year Built
1890
Buildings
1
Stories
2
Units
4
Listing Agency:
Nebraska Realty
(402) 517-0918
Listed By:
Yelena Eveloff · License #NE 20150267
Source:
Crexi
Added: Sep 15, 2025
Changed: Aug 8
Last Checked: Jul 19 at 3:39AM
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 Nebraska Realty
Investment Insights
Based on property information with market context.
This is a 4-unit multifamily property located in Midtown Omaha. The solid brick building has undergone several improvements, including copper piping throughout, no-hub cast iron waste, flex gas supply, separate metering, gutters, and windows installed between 2013 and 2014. The roof was replaced in May 2025. Unit 1 has been recently renovated and features a new laundry center installed in 2021, new kitchen appliances, and a furnace and AC unit from 2013. Unit 2 has also been recently renovated, with a new gas range, refrigerator, and stacked washer/dryer installed in 2019, along with a new furnace and AC unit in 2019. Units 3 and 4 each feature a new kitchen installed in 2018, luxury vinyl plank flooring, and electric heat and AC paid by the tenant; these units do not have gas service. Exterior improvements include new windows for the back stairwell and garage, as well as a new concrete sidewalk and window wells installed in 2020. Units 1 and 2 have central heat and air, gas furnaces, and gas ranges. Units 3 and 4 have electric service only, with baseboard heat and Packaged Terminal Air Conditioner (PTAC) units. There are three garage spaces; two are currently in use, and one is rented for $30 per month. The garage has its own electric meter. Units #1, #2, and #4 are 1-bedroom, 1-bathroom units, while Unit #3 is a studio. The property size is 2680 square feet.
Key Highlights
- Solid brick 4‑unit multifamily property in Midtown Omaha with only 2 vacancies.
- Recent renovations to all units, including new kitchens and appliances in select units.
- Significant infrastructure improvements: copper piping, no‑hub cast iron waste, flex gas supply, separate metering, gutters, and windows (2013‑2014).
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
$23,418
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
5.26%
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%
$468,360
$468.4K
Cap Rate 7%
$334,543
$334.5K
Cap Rate 9%
$260,200
$260.2K
Market Conditions
NOI Build-Up for 2,680 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
$36.0K $13.44/SF
− Vacancy
−$2.6K −$0.96/SF
EGI
$33.5K $12.48/SF
− OpEx
−$10.0K −$3.74/SF
NOI
$23.4K $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%
$468,360
Cap Rate 7%
$334,543
Cap Rate 9%
$260,200
Alternative Uses
Best Use
Multifamily LT 5
$334.5K
$292.7K – $390.3K
NOI $23,418 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$308.5K
$270.0K – $360.0K
NOI $21,597 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$705.1K
$617.0K – $822.6K
NOI $49,357 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
147
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?
Quadplex - Solid brick 4-unit property with recent renovations and improvements.
Where is this quadplex located?
The property is located at 1310 S 31 St Omaha, NE.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Solid brick 4‑unit multifamily property in Midtown Omaha with only 2 vacancies.; Recent renovations to all units, including new kitchens and appliances in select units.; Significant infrastructure improvements: copper piping, no‑hub cast iron waste, flex gas supply, separate metering, gutters, and windows (2013‑2014).
