Triplex with Detached
For Sale
$275,000
2312 Washington Street, Lincoln, NE 68502
DUPLEX - Lincoln, NE
Property Size2,437 SF
Lot Size0.16 Acres
Price / SF$112.84
Days on Market53
Property Features for 2312 Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Rooms
Basement, Bedroom 5, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Laundry Room, Bathroom 2
Parking features
Garage - Detached
Patio and Porch features
Porch, Deck
Exterior features
Deck/Balcony, Porch
Subdivision
Near South
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
Use GPS
Standard status
Active
APN
10-36-203-004-000
Size
2,437 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PLEASANT HILL SUBDIVISION, BLOCK 1, Lot 6, E43' & W5' LOT 7
Tax Annual Amount
2292
Legal Description
PLEASANT HILL SUBDIVISION, BLOCK 1, Lot 6, E43' & W5' LOT 7
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1918
Floors in Building
3
Architectural style
Other
Listing Agency:
Nebraska Realty
(402) 413-8000
Listed By:
Leah Millspaugh
(402) 610-5427
Added: Jun 26
Changed: Aug 14
Last Checked: Aug 17 at 6:06PM
MLS# 22618338
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 residential income property features a three-unit configuration with two 2-bedroom units and one 1-bedroom unit. All units are currently leased. The building was constructed in 1918 and includes a basement and laundry room.
The exterior includes a deck and porch, and parking is provided via a detached garage. Heating is forced air, and cooling is central air.
Showings require a 24-hour notice. The lot size is 0.16 acres, and the property size is 2,437 square feet.
The exterior includes a deck and porch, and parking is provided via a detached garage. Heating is forced air, and cooling is central air.
Showings require a 24-hour notice. The lot size is 0.16 acres, and the property size is 2,437 square feet.
Key Highlights
- 0.16‑acre lot with 2,437 SF residential income building
- Two 2‑bedroom units and one 1‑bedroom unit
- All units currently leased
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
$24,181
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
8.79%
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%
$483,620
$483.6K
Cap Rate 7%
$345,443
$345.4K
Cap Rate 9%
$268,678
$268.7K
Market Conditions
NOI Build-Up for 2,437 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
$36.6K $15.00/SF
− Vacancy
−$2.0K −$0.83/SF
EGI
$34.5K $14.17/SF
− OpEx
−$10.4K −$4.25/SF
NOI
$24.2K $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%
$483,620
Cap Rate 7%
$345,443
Cap Rate 9%
$268,678
Alternative Uses
Best Use
Multifamily LT 5
$345.4K
$302.3K – $403.0K
NOI $24,181 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$320.9K
$280.8K – $374.4K
NOI $22,462 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$597.4K
$522.8K – $697.0K
NOI $41,821 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
671
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?
Triplex - Residential income property with two 2-bedroom units and one 1-bedroom unit, all currently leased.
Where is this triplex located?
The property is located at 2312 Washington Street Lincoln, NE.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 0.16‑acre lot with 2,437 SF residential income building; Two 2‑bedroom units and one 1‑bedroom unit; All units currently leased
