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 Market37
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: Sep 1 at 1:00AM
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
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
$76,782
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
6.14%
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%
$1,535,640
$1.5M
Cap Rate 7%
$1,096,886
$1.1M
Cap Rate 9%
$853,133
$853.1K
Market Conditions
NOI Build-Up for 9,528 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
$150.9K $15.84/SF
− Vacancy
−$11.3K −$1.19/SF
EGI
$139.6K $14.65/SF
− OpEx
−$62.8K −$6.59/SF
NOI
$76.8K $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%
$1,535,640
Cap Rate 7%
$1,096,886
Cap Rate 9%
$853,133
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
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,487
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
