Renovated Six-Unit Apartment
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 Market51
Property Features for 2638 S 3rd Street Plz
General Information
Standard status
Active
Size
9,069 SF
Property subtype
Multifamily
Occupancy
100%
Site & Location
Neighborhood
Near South Neighbors
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: Oct 26
Last Checked: Oct 30 at 11:29AM
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
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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 / Yr
$73,083
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
