Lincoln Multifamily Investment
For Sale
Contact for pricing
2410 South St, Lincoln, NE 68502
Eight-unit multifamily property in central Lincoln location.
Property Size6,409 SF
Price / SF$101.42
Days on Market181
Property Features for 2410 South St
General Information
Standard status
Active
Size
6,409 SF
Property subtype
Multifamily
Zoning
R-2
Listing Agency:
RE/MAX Concepts
(402) 239-1879
Listed By:
Tyler Vitosh · License #NE 20140230
Source:
Crexi
Added: Feb 12
Changed: Aug 8
Last Checked: Aug 8 at 6:31AM
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 RE/MAX Concepts
Investment Insights
Based on property information with market context.
This investment opportunity is located on a corner lot in central Lincoln. The property includes a purpose-built brick 4-plex and a Victorian-style conversion 4-plex, totaling 8 units on the same parcel. The unit mix consists of four 1-bedroom units and four 2-bedroom units, all separately metered. There are 8 parking stalls available, with access from 24th Street or South Street. Six of the eight units have been renovated. The property is located minutes from downtown in a historical district. The gross monthly rental income is $5,985 per month. The property size is 6409 square feet.
Key Highlights
- Great investment opportunity with $5,985 gross monthly rental income.
- Eight units total: a brick 4‑plex and a Victorian‑style 4‑plex on a large corner lot.
- Six of eight units are completely renovated, ensuring low maintenance.
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
$59,071
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
9.09%
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%
$1,181,420
$1.2M
Cap Rate 7%
$843,871
$843.9K
Cap Rate 9%
$656,344
$656.3K
Market Conditions
NOI Build-Up for 6,409 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
$113.1K $17.64/SF
− Vacancy
−$5.7K −$0.88/SF
EGI
$107.4K $16.76/SF
− OpEx
−$48.3K −$7.54/SF
NOI
$59.1K $9.22/SF
Area
Lincoln, NE
Vacancy
5.00%
Lease Rate
$17.64 /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%
$1,181,420
Cap Rate 7%
$843,871
Cap Rate 9%
$656,344
Alternative Uses
Best Use
Apartment 5plus
$843.9K
$738.4K – $984.5K
NOI $59,071 @ 7.0% cap · market cap 9.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,985 @ 7.0% cap · market cap 16.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,028
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?
Apartment building - Eight-unit multifamily property in central Lincoln location.
Where is this apartment building located?
The property is located at 2410 South St Lincoln, NE.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Great investment opportunity with $5,985 gross monthly rental income.; Eight units total: a brick 4‑plex and a Victorian‑style 4‑plex on a large corner lot.; Six of eight units are completely renovated, ensuring low maintenance.
