Renovated Triplex with Private
For Sale
Contact for pricing
432 South 11, Lincoln, NE 68508
A former ground-floor retail area now serves as a one-bedroom apartment.
Property Size5,032 SF
Price / SF$238.47
Days on Market33
Property Features for 432 South 11
General Information
Standard status
Active
Size
5,032 SF
Total Parking Spaces
4
Property subtype
OFFICE
Additional Details
Multifamily Units
3
Building Details
Year Renovated
2023
Buildings
1
Listing Agency:
Concorde Real Estate Advisors
(402) 476-0086
Listed By:
Tara Galaviz
(402) 617-1351
Source:
Moodyscre
Added: Sep 1
Changed: Sep 29
Last Checked: Oct 3 at 12:21AM
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 Concorde Real Estate Advisors
Investment Insights
Based on property information with market context.
The 5,032-square-foot triplex contains three apartments and four private garages. A 2023 renovation converted the ground-level retail area into a one-bedroom apartment, alongside the building’s other residential units.
The property is in downtown Lincoln, with access to employment, dining, entertainment, retail, and services in the downtown area.
The property is in downtown Lincoln, with access to employment, dining, entertainment, retail, and services in the downtown area.
Key Highlights
- Three apartments in a 5,032‑square‑foot building
- Four private garages
- 2023 renovation included conversion of the ground‑floor retail space into a one‑bedroom apartment
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
$49,930
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
4.16%
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%
$998,600
$998.6K
Cap Rate 7%
$713,286
$713.3K
Cap Rate 9%
$554,778
$554.8K
Market Conditions
NOI Build-Up for 5,032 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
$75.5K $15.00/SF
− Vacancy
−$4.2K −$0.83/SF
EGI
$71.3K $14.17/SF
− OpEx
−$21.4K −$4.25/SF
NOI
$49.9K $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%
$998,600
Cap Rate 7%
$713,286
Cap Rate 9%
$554,778
Alternative Uses
Best Use
Multifamily LT 5
$713.3K
$624.1K – $832.2K
NOI $49,930 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$662.6K
$579.7K – $773.0K
NOI $46,379 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,354 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Explore this area
Business Placement
Demographics for 68508, NE
17,249
Population
7,076
Households
2.4
Avg Household Size
24
Median Age
35%
College-Educated
90%
High-School Grad
3.0 sq mi
ZIP Area
5,750
Density / Sq Mi
$33,561
Median Household Income
$10,349
Median Earnings
$760
Median Rent
$121,400
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 - A former ground-floor retail area now serves as a one-bedroom apartment.
Where is this triplex located?
The property is located at 432 South 11 Lincoln, NE.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three apartments in a 5,032‑square‑foot building; Four private garages; 2023 renovation included conversion of the ground‑floor retail space into a one‑bedroom apartment
