12-Unit Apartment
For Sale
Contact for pricing
218 S 38th Avenue, Omaha, NE 68131
R8-ACI-1(PL)-zoned multifamily asset near Omaha’s future streetcar route.
Property Size10,440 SF
Price / SF$114.94
Days on Market10
Property Features for 218 S 38th Avenue
General Information
Standard status
Active
Size
10,440 SF
Total Parking Spaces
12
Property subtype
Multifamily
Zoning
R8-ACI-1(PL)
Occupancy
91%
Investment Type
Value Add
Net Operating Income
$78,993
Additional Details
Multifamily Units
12
Building Details
Year Built
1986
Buildings
1
Stories
2
Units
12
Tenancy
Multi
Listing Agency:
Oak Investment Real Estate
(913) 669-7880
Listed By:
John Heine · License #NE 20051167
Source:
Crexi
Added: Jul 28
Changed: Aug 3
Last Checked: Aug 6 at 1:06PM
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 Oak Investment Real Estate
Investment Insights
Based on property information with market context.
This 12-unit apartment property was built in 1986 and contains 10440 square feet within an established multifamily configuration. The property is zoned R8-ACI-1(PL), providing a defined land-use framework for the asset.
The building is located at 218 S 38th Avenue in Omaha, near the intersection of 38th and Farnam. It sits behind Early Bird and Ika San Ramen and along Omaha’s future streetcar route, with access to Downtown Omaha identified as a key locational feature.
The combination of unit count, established construction, documented zoning, and central Omaha positioning presents a straightforward apartment-building profile for review by multifamily buyers.
The building is located at 218 S 38th Avenue in Omaha, near the intersection of 38th and Farnam. It sits behind Early Bird and Ika San Ramen and along Omaha’s future streetcar route, with access to Downtown Omaha identified as a key locational feature.
The combination of unit count, established construction, documented zoning, and central Omaha positioning presents a straightforward apartment-building profile for review by multifamily buyers.
Key Highlights
- 12‑unit apartment property built in 1986
- 10440 SF multifamily property
- R8‑ACI‑1(PL) zoning
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
$84,132
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
7.01%
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%
$1,682,640
$1.7M
Cap Rate 7%
$1,201,886
$1.2M
Cap Rate 9%
$934,800
$934.8K
Market Conditions
NOI Build-Up for 10,440 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
$165.4K $15.84/SF
− Vacancy
−$12.4K −$1.19/SF
EGI
$153.0K $14.65/SF
− OpEx
−$68.8K −$6.59/SF
NOI
$84.1K $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%
$1,682,640
Cap Rate 7%
$1,201,886
Cap Rate 9%
$934,800
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $84,132 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.40M – $3.20M
NOI $192,270 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 68131, NE
13,609
Population
7,861
Households
1.7
Avg Household Size
29
Median Age
46%
College-Educated
91%
High-School Grad
2.1 sq mi
ZIP Area
6,480
Density / Sq Mi
$47,800
Median Household Income
$30,808
Median Earnings
$1,081
Median Rent
$224,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R8-ACI-1(PL)-zoned multifamily asset near Omaha’s future streetcar route.
Where is this apartment building located?
The property is located at 218 S 38th Avenue Omaha, NE.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 12‑unit apartment property built in 1986; 10440 SF multifamily property; R8‑ACI‑1(PL) zoning
