Building Details

Year Built 1912

Listing Agency: Platinum Realty LLC c***@theigniteteam.com Show Phone

Listed By: Chrissy Bushnell

Source: Thatcheromaha

Added: Aug 5 Changed: Aug 29 Last Checked: Aug 25 at 5:35AM

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Investment Insights

Based on property information with market context.

This 7-unit apartment property was built in 1912 and includes four residences on the ground level and three on the second floor. Unit sizes range from 510 SF to 1310 SF, providing a varied mix of living spaces within the building. Each unit is separately metered for utilities, and laundry facilities are available in most residences.

The property is located at 14220 Kenilworth Street in Waverly, Nebraska. Its two-story configuration and range of unit layouts support a diversified apartment offering within the local residential market.

Key Highlights

• 7‑unit apartment property built in 1912
• Four ground‑level units and three second‑floor units
• Unit sizes range from 510 SF to 1310 SF

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

$43,626

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

8.23%

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%

$872,520 $872.5K

Cap Rate 7%

$623,229 $623.2K

Cap Rate 9%

$484,733 $484.7K

Market Conditions

NOI Build-Up for 5,154 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

$83.5K $16.20/SF

− Vacancy

−$4.2K −$0.81/SF

EGI

$79.3K $15.39/SF

− OpEx

−$35.7K −$6.93/SF

NOI

$43.6K $8.46/SF

Area

Lancaster County, NE

Vacancy

5.00%

Lease Rate

$16.20 /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%

$872,520

Cap Rate 7%

$623,229

Cap Rate 9%

$484,733

Alternative Uses

Best Use

Apartment 5plus

$623.2K

$545.3K – $727.1K (±1% cap)

NOI $43,626 @ 7.0% cap · market cap 8.23%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.26M

$1.11M – $1.47M (±1% cap)

NOI $88,448 @ 7.0% cap · market cap 16.69%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Restaurant Auto Parts Store Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Residential units

Location Intelligence

Trade Area within ½ mile

219

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Two-level apartment property with separate utilities and laundry in most units.

Where is this apartment building located?

The property is located at 14220 Kenilworth St Waverly, NE.

What is the asking price?

The asking price for this property is $530,000.

What are key features of this property?

This property features: 7‑unit apartment property built in 1912; Four ground‑level units and three second‑floor units; Unit sizes range from 510 SF to 1310 SF