Mixed-Use Property with
For Sale
$695,000
3615 N 44th St, Lincoln, NE 68504
Flexible commercial space combines attached storage, a rentable garage, and fully occupied efficiency apartments.
Property Size3,570 SF
Price / SF$194.68
Days on Market46
Property Features for 3615 N 44th St
General Information
Standard status
Active
Size
3,570 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
5 x efficiency
Multifamily Units
5
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,298
Building Details
Tenancy
Multi
Listing Agency:
Eschliman Commercial R E
(402) 450-5826
Listed By:
John Grady · License #Nebraska 20000127
(402) 450-5826
Source:
Exprealty
Added: Jul 9
Changed: Aug 23
Last Checked: Aug 23 at 12:05PM
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 Eschliman Commercial R E
Investment Insights
Based on property information with market context.
This mixed-use property totals 5,940 square feet and combines commercial, storage, garage, and residential components. The 2,970-square-foot attached storage area includes an overhead door and is currently vacant, while the 1,125-square-foot detached garage is rentable for additional income or operational use. The 2,970 square feet of residential space consists of five efficiency units ranging from 550 to 720 square feet. Each unit is separately metered and the residential component is 100% leased.
Large storefront windows provide visibility, with customer parking directly in front. The property is located at 3615 N 44th Street in Lincoln, with quick access to Cornhusker Highway. It is 5 minutes (1.5 miles) from Nebraska Wesleyan University and near the University of Nebraska–Lincoln and Southeast Community College – Lincoln Campus.
The vacant commercial space can support owner occupancy, partial use with the remainder leased, or another office or retail configuration while the occupied residential units provide in-place income.
Large storefront windows provide visibility, with customer parking directly in front. The property is located at 3615 N 44th Street in Lincoln, with quick access to Cornhusker Highway. It is 5 minutes (1.5 miles) from Nebraska Wesleyan University and near the University of Nebraska–Lincoln and Southeast Community College – Lincoln Campus.
The vacant commercial space can support owner occupancy, partial use with the remainder leased, or another office or retail configuration while the occupied residential units provide in-place income.
Key Highlights
- 5,940 SF mixed‑use property at 3615 N 44th Street
- 2,970 SF attached storage space with overhead door; currently vacant
- 2,970 SF residential space with five efficiency units, 550 to 720 SF each
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
$43,376
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
6.24%
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%
$867,520
$867.5K
Cap Rate 7%
$619,657
$619.7K
Cap Rate 9%
$481,956
$482.0K
Market Conditions
NOI Build-Up for 3,570 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
$77.1K $21.60/SF
− Vacancy
−$7.7K −$2.16/SF
EGI
$69.4K $19.44/SF
− OpEx
−$26.0K −$7.29/SF
NOI
$43.4K $12.15/SF
Area
Lincoln, NE
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$867,520
Cap Rate 7%
$619,657
Cap Rate 9%
$481,956
Alternative Uses
Best Use
Mixed Use
$619.7K
$542.2K – $722.9K
NOI $43,376 @ 7.0% cap · market cap 6.24%
Second Best
Retail
$600.8K
$525.7K – $701.0K
NOI $42,058 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$875.2K
$765.8K – $1.02M
NOI $61,265 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 68504, NE
17,155
Population
8,793
Households
2
Avg Household Size
31
Median Age
33%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
2,451
Density / Sq Mi
$52,159
Median Household Income
$32,787
Median Earnings
$1,014
Median Rent
$169,000
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?
Mixed-use property - Flexible commercial space combines attached storage, a rentable garage, and fully occupied efficiency apartments.
Where is this mixed-use property located?
The property is located at 3615 N 44th St Lincoln, NE.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 5,940 SF mixed‑use property at 3615 N 44th Street; 2,970 SF attached storage space with overhead door; currently vacant; 2,970 SF residential space with five efficiency units, 550 to 720 SF each
