Two-Story Duplex with
For Sale
$365,000
2038 S 20th Street, Lincoln, NE 68502
RESIDENTIAL, 2 Story, Lincoln, NE
Property Size2,298 SF
Lot Size0.11 Acres
Price / SF$158.83
Days on Market48
Property Features for 2038 S 20th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 4, Basement, Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Patio and Porch features
Patio, Porch
Interior features
Cable Available
Exterior features
Patio, Porch, Storage Shed
Fencing
Chain Link
Appliances
Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
Beecher Heights
Lot features
In City
Elementary school
Prescott
Middle school
Irving
High school
Lincoln High
Elementary school district
Lincoln Public Schools
Middle school district
Lincoln Public Schools
High school district
Lincoln Public Schools
Directions
Please use GPS
Standard status
Active
APN
10-36-237-013-000
Size
2,298 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEECHER HEIGHTS, Lot 13, N64.5' & LOT 14 N64.5' W1/2
Tax Annual Amount
3801
Legal Description
BEECHER HEIGHTS, Lot 13, N64.5' & LOT 14 N64.5' W1/2
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
in-unit laundry
finished basement
Building Details
Year built
1935
Floors in Building
2
Flooring type
Carpet, Tile - Ceramic, Concrete, Wood
Roof type
Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Nebraska Realty
(402) 491-0100
Listed By:
Bryan Bell
(402) 297-4364
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 29 at 11:06AM
MLS# 22619728
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 two-story duplex provides 2,298 square feet across two residential units, with each unit offering 3 bedrooms, 2 bathrooms, in-unit laundry, and finished basement space with egress. Updated finishes complement wood, carpet, ceramic tile, and concrete flooring. The 1935 property also includes forced-air heat, central air, a composition roof, a patio, porch, storage shed, chain-link fencing, and appliances including washers, dryers, ranges, refrigerators, and microwaves.
Set on 0.11 acres at 2038 S 20th Street in Lincoln, the property is near Downtown, the University of Nebraska-Lincoln, Bryan Health, shopping, dining, parks, and major employers. Both units are fully occupied by long-term tenants, and showings require 24-hour notice.
Set on 0.11 acres at 2038 S 20th Street in Lincoln, the property is near Downtown, the University of Nebraska-Lincoln, Bryan Health, shopping, dining, parks, and major employers. Both units are fully occupied by long-term tenants, and showings require 24-hour notice.
Key Highlights
- 2,298‑square‑foot duplex on 0.11 acres
- Each unit has 3 bedrooms, 2 bathrooms, in‑unit laundry, and finished basement space with egress
- Fully occupied by long‑term tenants
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
$22,802
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
6.25%
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%
$456,040
$456.0K
Cap Rate 7%
$325,743
$325.7K
Cap Rate 9%
$253,356
$253.4K
Market Conditions
NOI Build-Up for 2,298 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
$34.5K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$32.6K $14.17/SF
− OpEx
−$9.8K −$4.25/SF
NOI
$22.8K $9.92/SF
Area
Lincoln, NE
Vacancy
5.50%
Lease Rate
$15.00 /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%
$456,040
Cap Rate 7%
$325,743
Cap Rate 9%
$253,356
Alternative Uses
Best Use
Multifamily LT 5
$325.7K
$285.0K – $380.0K
NOI $22,802 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$302.6K
$264.8K – $353.0K
NOI $21,180 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$563.4K
$493.0K – $657.3K
NOI $39,436 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
927
Businesses Nearby
Explore this area
Business Placement
Demographics for 68502, NE
27,238
Population
11,936
Households
2.3
Avg Household Size
36
Median Age
39%
College-Educated
90%
High-School Grad
6.7 sq mi
ZIP Area
4,065
Density / Sq Mi
$65,825
Median Household Income
$39,168
Median Earnings
$812
Median Rent
$220,500
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 property offers two residential units with laundry, updated finishes, and central air.
Where is this duplex located?
The property is located at 2038 S 20th Street Lincoln, NE.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 2,298‑square‑foot duplex on 0.11 acres; Each unit has 3 bedrooms, 2 bathrooms, in‑unit laundry, and finished basement space with egress; Fully occupied by long‑term tenants
