Duplex Conversion with Studio
For Sale
$285,000
3416 Burt St, Omaha, NE 68131
Converted duplex with a separately metered studio and off-street parking.
Property Size3,223 SF
Price / SF$88.43
Days on Market118
Property Features for 3416 Burt St
General Information
Standard status
Active
Size
3,223 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
needs some TLC
Units
Unit Mix
1 x 5BR/2BA, 1 x studio
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,091
Amenities
wood flooring
updated kitchen countertops
Listing Agency:
BHHS Ambassador Real Estate
(402) 750-3370
Listed By:
Ryann Kluthe
(402) 750-3370
Source:
Exprealty
Added: Apr 29
Changed: Aug 21
Last Checked: Aug 23 at 8:03AM
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 BHHS Ambassador Real Estate
Investment Insights
Based on property information with market context.
This 3,223-square-foot multifamily conversion includes a primary residence with five bedrooms, two full bathrooms, wood flooring, fresh interior paint, and recently updated kitchen countertops. Two additional non-conforming bedrooms are located in the basement. The finished attic functions as a separate studio apartment with its own kitchen, bathroom, living area, and walk-in closet.
The studio has a private rear entrance and separately metered electrical service, while also connecting to the main residence. A large driveway provides off-street parking. The property is located near coffee shops, restaurants, Creighton, UNMC, and interstate access.
The studio has a private rear entrance and separately metered electrical service, while also connecting to the main residence. A large driveway provides off-street parking. The property is located near coffee shops, restaurants, Creighton, UNMC, and interstate access.
Key Highlights
- 3,223 SF multifamily conversion with a five‑bedroom main residence
- Attic studio includes a kitchen, bathroom, living area, and walk‑in closet
- Studio has separately metered electrical service and a private rear entrance
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
$25,973
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
9.11%
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%
$519,460
$519.5K
Cap Rate 7%
$371,043
$371.0K
Cap Rate 9%
$288,589
$288.6K
Market Conditions
NOI Build-Up for 3,223 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
$51.1K $15.84/SF
− Vacancy
−$3.8K −$1.19/SF
EGI
$47.2K $14.65/SF
− OpEx
−$21.3K −$6.59/SF
NOI
$26.0K $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%
$519,460
Cap Rate 7%
$371,043
Cap Rate 9%
$288,589
Alternative Uses
Best Use
Multifamily LT 5
$402.3K
$352.0K – $469.4K
NOI $28,163 @ 7.0% cap · market cap 9.88%
Second Best
Apartment 5plus
$371.0K
$324.7K – $432.9K
NOI $25,973 @ 7.0% cap · market cap 9.11%
Theoretical Best
Office A
$848.0K
$742.0K – $989.3K
NOI $59,357 @ 7.0% cap · market cap 20.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
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
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 - Converted duplex with a separately metered studio and off-street parking.
Where is this duplex located?
The property is located at 3416 Burt St Omaha, NE.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 3,223 SF multifamily conversion with a five‑bedroom main residence; Attic studio includes a kitchen, bathroom, living area, and walk‑in closet; Studio has separately metered electrical service and a private rear entrance
