Turn-Key Duplex in
For Sale
$349,000
3712 NW 51st St, Lincoln, NE 68524
Well-maintained duplex with strong rental performance in northwest Lincoln.
Property Size2,972 SF
Price / SF$117.43
Days on Market278
Property Features for 3712 NW 51st St
General Information
Standard status
Active
Size
2,972 SF
Property subtype
Multifamily
Building Details
Year Built
1957
Listing Agency:
Lee & Associates | Lincoln
(402) 430-2318
Listed By:
Boomer Peterson · License #NE 20150894
(402) 430-2318
Source:
Lee-associates
Added: Nov 26, 2025
Changed: Jul 6
Last Checked: Aug 30 at 3:55PM
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 | Lincoln
Investment Insights
Based on property information with market context.
This turn-key duplex is located in the northwest Lincoln submarket. Each side features 4 bedrooms and 2 bathrooms. Each unit provides over 1,470 square feet of living area, including daylight basements. Private yard access, patios, and decks are available for outdoor use. The property's layout and updates are designed to appeal to tenants and minimize maintenance. The property is situated in the Arnold Heights neighborhood of northwest Lincoln, offering convenience and accessibility. Residents have proximity to dining, shopping, and retail amenities, along with access to downtown Lincoln. The property is suitable for investors or owner-occupants seeking income, flexibility, and long-term value. The property offers versatility and performance. Monthly gross rents are $3,200. The property is ideal for investment or live-in/lease-out flexibility.
Key Highlights
- Turn‑key duplex generating a strong $3,200 monthly rental income.
- Each unit boasts 4 bedrooms and 2 bathrooms with over 1,470 square feet.
- Located in the desirable Arnold Heights neighborhood, offering convenient access to amenities and downtown.
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
$29,490
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
8.45%
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%
$589,800
$589.8K
Cap Rate 7%
$421,286
$421.3K
Cap Rate 9%
$327,667
$327.7K
Market Conditions
NOI Build-Up for 2,972 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
$44.6K $15.00/SF
− Vacancy
−$2.5K −$0.83/SF
EGI
$42.1K $14.17/SF
− OpEx
−$12.6K −$4.25/SF
NOI
$29.5K $9.92/SF
Area
Lincoln, NE
Vacancy
5.50%
Lease Rate
$15.00 /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%
$589,800
Cap Rate 7%
$421,286
Cap Rate 9%
$327,667
Alternative Uses
Best Use
Multifamily LT 5
$421.3K
$368.6K – $491.5K
NOI $29,490 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$391.3K
$342.4K – $456.6K
NOI $27,393 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$728.6K
$637.5K – $850.0K
NOI $51,002 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Explore this area
Business Placement
Demographics for 68524, NE
5,843
Population
2,063
Households
2.8
Avg Household Size
31
Median Age
24%
College-Educated
89%
High-School Grad
28.6 sq mi
ZIP Area
204
Density / Sq Mi
$80,139
Median Household Income
$40,882
Median Earnings
$971
Median Rent
$214,500
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 - Well-maintained duplex with strong rental performance in northwest Lincoln.
Where is this duplex located?
The property is located at 3712 NW 51st St Lincoln, NE.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Turn‑key duplex generating a strong $3,200 monthly rental income.; Each unit boasts 4 bedrooms and 2 bathrooms with over 1,470 square feet.; Located in the desirable Arnold Heights neighborhood, offering convenient access to amenities and downtown.
