Ranch-Style Triplex with
For Sale
$264,711
Pending
3925 N 38th St, Omaha, NE 68111
Three separately metered units include two main-level apartments and a lower-level studio with private rear access.
Property Size2,250 SF
Days on Market22
Property Features for 3925 N 38th St
General Information
Standard status
Pending
Size
2,250 SF
Property subtype
Residential Income
Units
Unit Mix
1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,742
Amenities
private rear entrance
laundry
storage
Building Details
Construction
ranch-style
Listing Agency:
NP Dodge RE Sales Inc 86Dodge
(402) 677-4646
Listed By:
Ken Jansen
(402) 677-4646
Source:
Exprealty
Added: Jul 27
Changed: Aug 17
Last Checked: Aug 16 at 11:26AM
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 NP Dodge RE Sales Inc 86Dodge
Investment Insights
Based on property information with market context.
This ranch-style triplex contains three separately metered units, with two apartments on the main level and a studio positioned below grade. The lower-level unit has its own rear entrance, while dedicated laundry and storage areas are also located downstairs. Separate metering supports a utility arrangement in which tenants can pay all utilities.
The property is located at 3925 N 38th St in Omaha, Nebraska. Alley access provides a route to the rear of the property and complements the private entrance serving the lower-level studio. The three-unit configuration combines distinct living spaces with separate utility metering and on-site laundry and storage areas.
The property is located at 3925 N 38th St in Omaha, Nebraska. Alley access provides a route to the rear of the property and complements the private entrance serving the lower-level studio. The three-unit configuration combines distinct living spaces with separate utility metering and on-site laundry and storage areas.
Key Highlights
- Three separately metered units
- Two main‑level units plus a lower‑level studio
- Lower‑level studio has 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
$19,661
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
7.43%
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%
$393,220
$393.2K
Cap Rate 7%
$280,871
$280.9K
Cap Rate 9%
$218,456
$218.5K
Market Conditions
NOI Build-Up for 2,250 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
$30.2K $13.44/SF
− Vacancy
−$2.2K −$0.96/SF
EGI
$28.1K $12.48/SF
− OpEx
−$8.4K −$3.74/SF
NOI
$19.7K $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%
$393,220
Cap Rate 7%
$280,871
Cap Rate 9%
$218,456
Alternative Uses
Best Use
Multifamily LT 5
$280.9K
$245.8K – $327.7K
NOI $19,661 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$259.0K
$226.7K – $302.2K
NOI $18,132 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$592.0K
$518.0K – $690.6K
NOI $41,437 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 68111, NE
25,048
Population
9,729
Households
2.6
Avg Household Size
31
Median Age
12%
College-Educated
78%
High-School Grad
5.2 sq mi
ZIP Area
4,817
Density / Sq Mi
$41,010
Median Household Income
$31,610
Median Earnings
$1,109
Median Rent
$101,800
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?
Triplex - Three separately metered units include two main-level apartments and a lower-level studio with private rear access.
Where is this triplex located?
The property is located at 3925 N 38th St Omaha, NE.
What is the asking price?
The asking price for this property is $264,711.
What are key features of this property?
This property features: Three separately metered units; Two main‑level units plus a lower‑level studio; Lower‑level studio has a private rear entrance
