2-Unit Duplex with Detached
New
For Sale
$289,000
3313 Burt Street, Omaha, NE 68131
RESIDENTIAL, 2 Story, Omaha, NE
Property Size2,410 SF
Lot Size0.20 Acres
Price / SF$119.92
Days on Market3
Property Features for 3313 Burt Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
1
Rooms
Basement, Bathroom 3, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 5
Parking features
Garage - Detached
Patio and Porch features
Porch
Interior features
2nd Kitchen, Cable Available, Garage Door Opener, LL Daylight Windows, Pantry, Walk-Up Attic
Exterior features
Extra Parking Slab, Porch
Fencing
Chain Link
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Park Place
Lot features
Curb and Gutter, In City, In Subdivision, Public Sidewalk
Elementary school
Gifford Park
Middle school
Lewis and Clark
High school
Central
Elementary school district
Omaha
Middle school district
Omaha
High school district
Omaha
Directions
E of 33rd and Burt
Standard status
Active
APN
1938890000
Size
2,410 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PARK PLACE LOT 6 BLOCK 2
Tax Annual Amount
3190
Legal Description
PARK PLACE LOT 6 BLOCK 2
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1904
Floors in Building
2
Flooring type
Vinyl, Carpet, Wood, Tile - Ceramic
Roof type
Composition
Architectural style
Other
Listing Agency:
Nebraska Realty
(402) 491-0100
Listed By:
Steve Lauver
(402) 689-7550
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 3 at 1:06AM
MLS# 22628470
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 2,410-square-foot duplex, built in 1904, contains a four-bedroom upper apartment and a one-bedroom lower-level apartment. The lower unit has separate driveway access, and the property includes a detached two-car garage. Electrical service is not separately metered. A new roof and vinyl siding were installed in 2025; the windows and HVAC were updated in 2023. The 0.2-acre property also has a porch and additional parking slab.
Midtown Crossing, Creighton University, and UNMC are among the nearby destinations, along with dining, shopping, and entertainment. A Creighton shuttle stop is a few blocks away. Both apartments are currently leased to one group through May 2027.
Midtown Crossing, Creighton University, and UNMC are among the nearby destinations, along with dining, shopping, and entertainment. A Creighton shuttle stop is a few blocks away. Both apartments are currently leased to one group through May 2027.
Key Highlights
- 2,410‑square‑foot duplex on a 0.2‑acre lot
- Upper unit has 4 bedrooms; lower‑level unit has 1 bedroom
- Both units are leased through May 2027
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
$21,059
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
7.29%
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%
$421,180
$421.2K
Cap Rate 7%
$300,843
$300.8K
Cap Rate 9%
$233,989
$234.0K
Market Conditions
NOI Build-Up for 2,410 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
$32.4K $13.44/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$30.1K $12.48/SF
− OpEx
−$9.0K −$3.74/SF
NOI
$21.1K $8.74/SF
Area
Omaha, NE
Vacancy
7.12%
Lease Rate
$13.44 /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%
$421,180
Cap Rate 7%
$300,843
Cap Rate 9%
$233,989
Alternative Uses
Best Use
Multifamily LT 5
$300.8K
$263.2K – $351.0K
NOI $21,059 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$277.4K
$242.8K – $323.7K
NOI $19,421 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$634.1K
$554.8K – $739.7K
NOI $44,384 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,416
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Upper and lower apartments are leased to one student group through May 2027.
Where is this duplex located?
The property is located at 3313 Burt Street Omaha, NE.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 2,410‑square‑foot duplex on a 0.2‑acre lot; Upper unit has 4 bedrooms; lower‑level unit has 1 bedroom; Both units are leased through May 2027
