Split-Foyer Duplex with
New
For Sale
$430,000
5400 S 32nd Street, Lincoln, NE 68516
MULTIFAMILY, Lincoln, NE
Property Size3,200 SF
Price / SF$134.38
Days on Market7
Property Features for 5400 S 32nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
4
Parking features
Garage - Attached
Appliances
Dishwasher, Disposal, Range, Refrigerator
Subdivision
Briarhurst West
Lot features
Corner Lot
Elementary school
Rousseau
Middle school
Irving
High school
Southwest
Elementary school district
Lincoln
Middle school district
Lincoln
High school district
Lincoln
Directions
Phone map service works best.
Standard status
Active
APN
1607304001000
Taxes and HOA fees
Tax Year
2025
Tax Description
Block 4, Lot 1 Briarhurst West; 4th Addition
Tax Annual Amount
4477
HOA Fee
$108 Semi-Annually
Legal Description
Block 4, Lot 1 Briarhurst West; 4th Addition
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
attached garages
gas fireplaces
daylight basements
walk-in closets
Building Details
Year built
1994
Number of units
2
Roof type
Composition
Listing Agency:
Century Sales & Management LLC
(402) 437-8321
Listed By:
Jason Opp
(402) 304-1896
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 8 at 6:06AM
MLS# 22625292
Copyright © 2026 Great Plains Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1994, this split-foyer duplex provides over 3,200 total square feet across two residential units. Both units include attached garages, multiple baths, spacious primary suites with walk-in closets, and daylight basements featuring gas fireplaces. The property also has forced-air heating, central air, a composition roof, and kitchens equipped with ranges, refrigerators, dishwashers, and disposals.
The duplex occupies a corner lot at 5400 S 32nd Street in Lincoln, Nebraska, near Tierra Briarhurst Park. Its two-unit layout and separate attached garage accommodations support residential rental use, while the combination of basement space, primary-suite storage, and updated mechanical amenities adds practical functionality.
The duplex occupies a corner lot at 5400 S 32nd Street in Lincoln, Nebraska, near Tierra Briarhurst Park. Its two-unit layout and separate attached garage accommodations support residential rental use, while the combination of basement space, primary-suite storage, and updated mechanical amenities adds practical functionality.
Key Highlights
- Over 3,200 total square feet in a two‑unit duplex
- Both units include attached garages and multiple baths
- Daylight basements with gas fireplaces
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
$31,752
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
7.38%
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%
$635,040
$635.0K
Cap Rate 7%
$453,600
$453.6K
Cap Rate 9%
$352,800
$352.8K
Market Conditions
NOI Build-Up for 3,200 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
$48.0K $15.00/SF
− Vacancy
−$2.6K −$0.83/SF
EGI
$45.4K $14.17/SF
− OpEx
−$13.6K −$4.25/SF
NOI
$31.8K $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%
$635,040
Cap Rate 7%
$453,600
Cap Rate 9%
$352,800
Alternative Uses
Best Use
Multifamily LT 5
$453.6K
$396.9K – $529.2K
NOI $31,752 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$421.3K
$368.7K – $491.6K
NOI $29,494 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$784.5K
$686.4K – $915.3K
NOI $54,915 @ 7.0% cap · market cap 12.77%
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
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 68516, NE
47,448
Population
19,549
Households
2.4
Avg Household Size
39
Median Age
55%
College-Educated
98%
High-School Grad
18.9 sq mi
ZIP Area
2,510
Density / Sq Mi
$100,093
Median Household Income
$52,344
Median Earnings
$1,213
Median Rent
$331,600
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-unit property offers daylight basements, gas fireplaces, and central air.
Where is this duplex located?
The property is located at 5400 S 32nd Street Lincoln, NE.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Over 3,200 total square feet in a two‑unit duplex; Both units include attached garages and multiple baths; Daylight basements with gas fireplaces
