Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers

    506 Cheyenne Ave Alliance, NE 69301

    View on Map
    Claim this Listing
    For Sale
    $134,000

    Multi-Unit (2-4), Duplex - Alliance, NE

    Property size:
    2,440 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $54/SF
    Added:
    Jan 26, 2026
    Days on Market:
    100
    Last Refresh:
    May 6 at 1:06 pm

    Property Features for 506 Cheyenne Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    4
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Dining Room, Kitchen, Laundry, Living Room
    Parking features
    Garage, Garage - Detached
    Interior features
    Laundry
    Basement Y/N
    1
    Appliances
    Dryer, Refrigerator
    Standard status
    Active
    APN
    000000-000.000-0006-005.000
    Size
    2,440 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1269

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1915
    Year renovated
    1915
    Floors in Building
    2
    Flooring type
    Carpet, Hardwood, Vinyl
    Architectural style
    Other

    We can help!

    Listing Contact
    Denise Middleton

    Listing agent Denise Middleton

    Listing office Heartland Real Estate 604 Flack Ave, Alliance, NE

    Listing date Jan 26, 2026

    MLS# 11638822 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two rental units providing immediate income.
    • Tenants pay utilities, reducing landlord expenses.
    • Main floor unit: 3 bedrooms, 2 baths, new deck, fenced front yard.
    • Upper unit: 2 bedrooms, 2 baths, freshly painted interior.
    • Includes garage and detached garage.
    • Central air conditioning.

    Overview

    Alliance Duplex with Rental Income

    This property features two rental units. The main floor unit includes three bedrooms and two bathrooms, a new deck, exterior front paint, and a fenced front yard. This unit currently rents for $800 per month. The upper unit features two bedrooms and two bathrooms with a freshly painted interior, and currently rents for $795 per month. The tenants are responsible for utilities, while the landlord covers water and sewer expenses. The property taxes are $1,269.50 for 2025. The property is located in Alliance, NE, and has a lot size of 0.16 acres with a property size of 2440 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Alliance
    County
    Box Butte
    State
    Nebraska
    Longitude
    -102.873686
    Latitude
    42.099357

    Nearby Similar for Sale

    • $325,500
      2,120 SF

      Furnished Tri-Unit Income Property

      Turnkey, income-producing triplex in Alliance, NE, with seller financing.
      112 E 11th TURNKEY BUSINESS, Alliance, NE 69301
      View Details
    • $85,000
      1,710 SF

      Remodeled Commercial Building in Alliance

      Remodeled commercial building with wheelchair access and updated features.
      407 Laramie Ave, Alliance, NE 69301
      View Details
    • $650,000

      Downtown Alliance Mixed-Use Property

      Unique property with residential and commercial spaces in downtown Alliance.
      122 W 4TH STREET, Alliance, NE 69301
      View Details
    • $1,200,000
      7,023 SF

      7,023 SF Value Stay Alliance, NE

      40-room hotel in Alliance, Nebraska, a strong investment opportunity.
      1419 W 3rd St, Alliance, NE 693013127
      View Details
    • $1,500,000
      31,000 SF

      Private Campus with Owner Financing

      Private campus with multiple buildings and owner financing available.
      12438 Rd 129, Alliance, NE 69301
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-unit property in Alliance, NE, with current rental income.
    Where is this duplex located?
    The property is located at 506 Cheyenne Ave Alliance, NE.
    What is the asking price?
    The asking price for this property is $134,000.
    What are key features of this property?
    This property features: Two rental units providing immediate income.; Tenants pay utilities, reducing landlord expenses.; Main floor unit: **3 bedrooms, 2 baths, new deck, fenced front yard.**
    (308) 762-2474
    We can help!
    Listing Contact
    Denise Middleton
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    506 Cheyenne Ave, Alliance, NE 69301
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!