12-Unit Apartment
For Sale
Contact for pricing
415 S 38th Street, Omaha, NE 68131
Multifamily property near Dundee Bank with access to Downtown Omaha and the future streetcar route.
Property Size9,528 SF
Price / SF$131.19
Days on Market8
Property Features for 415 S 38th Street
General Information
Standard status
Active
Size
9,528 SF
Total Parking Spaces
12
Property subtype
Multifamily
Zoning
GO-ACI-1(PL)
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$81,985
Additional Details
Multifamily Units
12
Building Details
Year Built
1983
Stories
2
Units
12
Tenancy
Multi
Listing Agency:
Oak Investment Real Estate
(913) 669-7880
Listed By:
John Heine · License #NE 20051167
Source:
Crexi
Added: Jul 28
Changed: Aug 3
Last Checked: Aug 4 at 2:10PM
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 Oak Investment Real Estate
Investment Insights
Based on property information with market context.
The Sandra Apartments is a 12-unit multifamily property totaling 9,528 square feet. Constructed in 1983, the asset carries GO-ACI-1(PL) zoning and is located at 415 S 38th Street in Omaha, Nebraska.
The property sits near the 38th and Harney intersection, behind 37 West Apartments and Dundee Bank. Its location along Omaha’s future streetcar route provides access toward Downtown Omaha, while the surrounding context includes nearby multifamily and banking uses.
The property sits near the 38th and Harney intersection, behind 37 West Apartments and Dundee Bank. Its location along Omaha’s future streetcar route provides access toward Downtown Omaha, while the surrounding context includes nearby multifamily and banking uses.
Key Highlights
- 12‑unit multifamily property with 9,528 square feet
- GO‑ACI‑1(PL) zoning
- Built in 1983
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $150.9k | $15.84 |
| − Vacancy | −$11.3k | −$1.19 |
| EGI | $139.6k | $14.65 |
| − OpEx | −$62.8k | −$6.59 |
| NOI | $76.8k | $8.06 |
9,528 SF · lease $15.84/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$959.8K – $1.28M
NOI $76,782 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.51M
$2.19M – $2.92M
NOI $175,474 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,587
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?
Apartment building - Multifamily property near Dundee Bank with access to Downtown Omaha and the future streetcar route.
Where is this apartment building located?
The property is located at 415 S 38th Street Omaha, NE.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 12‑unit multifamily property with 9,528 square feet; GO‑ACI‑1(PL) zoning; Built in 1983
