Renovated Furnished
For Sale
$450,000
502 S 50th St, Omaha, NE 68132
Two three-bedroom units feature updated interiors, private laundry areas, storage, and shared off-street parking.
Property Size1,968 SF
Price / SF$228.66
Days on Market43
Property Features for 502 S 50th St
General Information
Standard status
Active
Size
1,968 SF
Total Parking Spaces
6
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$4,792
Amenities
fenced yard
patio
storage shed
Building Details
Year Renovated
2023
Buildings
1
Stories
2
Listing Agency:
Better Homes and Gardens R.E.
(402) 932-5989
Listed By:
Ben Smail
(402) 660-1174
Source:
Exprealty
Added: Jul 24
Changed: Sep 4
Last Checked: Aug 31 at 5:09PM
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 1942 duplex contains two fully furnished units, each arranged with three bedrooms and one bathroom. Interior improvements include hardwood flooring, updated kitchens with white cabinetry, granite countertops, stainless steel appliances, backsplash tile, and bar seating. Each basement includes a bedroom with an egress window, laundry area, and storage. Both units received new HVAC systems in 2024.
Exterior work completed in 2023 included LP siding, insulation, sheathing, gutters, and paint, while the roof was replaced in 2021. The upper yard is fenced and includes a concrete patio and storage shed. A driveway provides off-street parking for six vehicles. The property is located near UNMC, the Blackstone District, The Catalyst, Dundee, and Memorial Park in Omaha’s Happy Hollow District.
Exterior work completed in 2023 included LP siding, insulation, sheathing, gutters, and paint, while the roof was replaced in 2021. The upper yard is fenced and includes a concrete patio and storage shed. A driveway provides off-street parking for six vehicles. The property is located near UNMC, the Blackstone District, The Catalyst, Dundee, and Memorial Park in Omaha’s Happy Hollow District.
Key Highlights
- Two fully furnished units, each with 3 bedrooms and 1 bathroom
- New HVAC systems installed in both units in 2024
- 2023 exterior renovation included LP siding, insulation, sheathing, gutters, and paint
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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,567
Businesses Nearby
Explore this area
Business Placement
Demographics for 68132, NE
13,729
Population
6,856
Households
2
Avg Household Size
35
Median Age
63%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
5,280
Density / Sq Mi
$81,556
Median Household Income
$51,430
Median Earnings
$979
Median Rent
$324,600
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 - Two three-bedroom units feature updated interiors, private laundry areas, storage, and shared off-street parking.
Where is this duplex located?
The property is located at 502 S 50th St 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 furnished units, each with 3 bedrooms and 1 bathroom; New HVAC systems installed in both units in 2024; 2023 exterior renovation included LP siding, insulation, sheathing, gutters, and paint
