Renovated Six-Unit Apartment
New
For Sale
$1,050,000
2638 S 3rd Street Plz, Omaha, NE 68108
Fully renovated multifamily property with all units occupied and access to Omaha’s Old Market and downtown.
Property Size9,069 SF
Days on Market3
Property Features for 2638 S 3rd Street Plz
General Information
Standard status
Active
Size
9,069 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
6
Building Details
Building Size
9,069 SF
Year Built
1966
Listing Agency:
Lee & Associates | Omaha
Listed By:
Mo Barry · License #NE20210068
(404) 740-9458
Source:
Lee-associates
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 13 at 7:49AM
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 Lee & Associates | Omaha
Investment Insights
Based on property information with market context.
Village Green Townhomes is a six-unit multifamily property built in 1966. The asset has been fully renovated and is reported as 100% occupied, offering an established residential income profile with no stated vacancy.
The property is located at 2638-2648 S. 3rd Street in Omaha, Nebraska. Lauritzen Gardens is within one mile, while the Old Market and downtown Omaha are described as minutes away. The townhome-style configuration and completed renovation provide the primary physical characteristics of the asset.
The property is located at 2638-2648 S. 3rd Street in Omaha, Nebraska. Lauritzen Gardens is within one mile, while the Old Market and downtown Omaha are described as minutes away. The townhome-style configuration and completed renovation provide the primary physical characteristics of the asset.
Key Highlights
- Six‑unit multifamily asset
- 100% occupied
- Fully renovated condition
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
$73,083
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
6.96%
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%
$1,461,660
$1.5M
Cap Rate 7%
$1,044,043
$1.0M
Cap Rate 9%
$812,033
$812.0K
Market Conditions
NOI Build-Up for 9,069 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
$143.7K $15.84/SF
− Vacancy
−$10.8K −$1.19/SF
EGI
$132.9K $14.65/SF
− OpEx
−$59.8K −$6.59/SF
NOI
$73.1K $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%
$1,461,660
Cap Rate 7%
$1,044,043
Cap Rate 9%
$812,033
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$913.5K – $1.22M
NOI $73,083 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.78M
NOI $167,021 @ 7.0% cap · market cap 15.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Explore this area
Business Placement
Demographics for 68108, NE
15,623
Population
6,084
Households
2.6
Avg Household Size
30
Median Age
24%
College-Educated
76%
High-School Grad
3.3 sq mi
ZIP Area
4,734
Density / Sq Mi
$47,255
Median Household Income
$34,693
Median Earnings
$1,128
Median Rent
$124,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated multifamily property with all units occupied and access to Omaha’s Old Market and downtown.
Where is this apartment building located?
The property is located at 2638 S 3rd Street Plz Omaha, NE.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Six‑unit multifamily asset; 100% occupied; Fully renovated condition
