Fully Renovated Duplex with Fenced
For Sale
$450,000
502 S 50th Street, Omaha, NE 68106
Fully renovated duplex with two three-bedroom units, fenced yard, concrete patio, and off-street parking for six.
Property Size1,968 SF
Days on Market32
Property Features for 502 S 50th Street
General Information
Standard status
Active
Size
1,968 SF
Total Parking Spaces
6
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$4,792
Building Details
Building Size
1,968 SF
Year Built
1942
Year Renovated
2024
Stories
2
Units
2
Listing Agency:
Better Homes and Gardens R.E.
(402) 660-1174
Listed By:
Ben Smail
(402) 660-1174
Source:
Burrowstracts
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 23 at 6:32AM
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 Better Homes and Gardens R.E.
Investment Insights
Based on property information with market context.
This fully renovated, purpose-built duplex offers two units, each featuring three bedrooms and one bathroom. Hardwood floors extend through the first and second floor of each unit. Kitchens include white cabinetry, granite countertops, stainless-steel appliances, a stylish backsplash, and bar seating for four. The upper level includes two spacious bedrooms and a remodeled full bathroom, while each basement adds a third bedroom with an egress window, along with a laundry area and storage space.
Improvements include a new roof in 2021, a comprehensive 2023 exterior renovation with new LP siding, insulation, sheathing, gutters, and paint, plus new HVAC systems in both units in 2024. The upper yard is fully fenced and includes a concrete patio and a storage shed. The driveway provides off-street parking for six, and both units are furnished. The property was also pre-inspected.
Located near UNMC, the Blackstone District, The Catalyst, Dundee, and Memorial Park in the Happy Hollow District.
Improvements include a new roof in 2021, a comprehensive 2023 exterior renovation with new LP siding, insulation, sheathing, gutters, and paint, plus new HVAC systems in both units in 2024. The upper yard is fully fenced and includes a concrete patio and a storage shed. The driveway provides off-street parking for six, and both units are furnished. The property was also pre-inspected.
Located near UNMC, the Blackstone District, The Catalyst, Dundee, and Memorial Park in the Happy Hollow District.
Key Highlights
- Two fully renovated units, each with three bedrooms and one bathroom
- New roof in 2021 and comprehensive 2023 exterior renovation with new LP siding
- New HVAC systems in both units in 2024
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
$17,197
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
3.82%
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%
$343,940
$343.9K
Cap Rate 7%
$245,671
$245.7K
Cap Rate 9%
$191,078
$191.1K
Market Conditions
NOI Build-Up for 1,968 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
$26.4K $13.44/SF
− Vacancy
−$1.9K −$0.96/SF
EGI
$24.6K $12.48/SF
− OpEx
−$7.4K −$3.74/SF
NOI
$17.2K $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%
$343,940
Cap Rate 7%
$245,671
Cap Rate 9%
$191,078
Alternative Uses
Best Use
Multifamily LT 5
$245.7K
$215.0K – $286.6K
NOI $17,197 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$226.6K
$198.2K – $264.3K
NOI $15,859 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$517.8K
$453.1K – $604.1K
NOI $36,244 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,567
Businesses Nearby
Explore this area
Business Placement
Demographics for 68106, NE
21,871
Population
10,935
Households
2
Avg Household Size
34
Median Age
48%
College-Educated
94%
High-School Grad
5.2 sq mi
ZIP Area
4,206
Density / Sq Mi
$70,649
Median Household Income
$46,958
Median Earnings
$1,234
Median Rent
$202,900
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 - Fully renovated duplex with two three-bedroom units, fenced yard, concrete patio, and off-street parking for six.
Where is this duplex located?
The property is located at 502 S 50th Street Omaha, NE.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two fully renovated units, each with three bedrooms and one bathroom; New roof in 2021 and comprehensive 2023 exterior renovation with new LP siding; New HVAC systems in both units in 2024
