Duplex with Separate
For Sale
$350,000
5628 Pierce Street, Omaha, NE 68106
DUPLEX - Omaha, NE
Property Size1,920 SF
Lot Size0.12 Acres
Price / SF$182.29
Days on Market8
Property Features for 5628 Pierce Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Dining Room, Bedroom 2, Bathroom 1, Basement, Bedroom 1
Parking features
Garage - Detached
Patio and Porch features
Porch
Interior features
Cable Available, Ceiling Fan, Formal Dining Room
Exterior features
Porch
Fireplace
1
Appliances
Range, Refrigerator, Washer, Dryer, Disposal, Microwave
Subdivision
Elmwood Acres
Lot features
In City, In Subdivision, Public Sidewalk, Curb Cut, Level
Elementary school
Washington
Middle school
Lewis and Clark
High school
Central
Elementary school district
Omaha
Middle school district
Omaha
High school district
Omaha
Standard status
Active
APN
1018950000
Size
1,920 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Elmwood Acres lot 7 Block 0 S 14 E 50.4 FT LT 2 & E 50.4 N 97 FT 50.4 X 111
Tax Annual Amount
5446
Legal Description
Elmwood Acres lot 7 Block 0 S 14 E 50.4 FT LT 2 & E 50.4 N 97 FT 50.4 X 111
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1926
Floors in Building
2
Roof type
Composition
Architectural style
Other
Listing Agency:
BHHS Ambassador Real Estate · Berkshire Hathaway HomeServices
(402) 493-4663
Listed By:
Bryce Penke
(402) 578-9006
Added: Jul 30
Changed: Aug 5
Last Checked: Aug 6 at 8:06PM
MLS# 22621709
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.
This duplex offers a flexible layout designed for dual-unit rentals or multi-generational living, with two full kitchens and separate metering. The home includes three bedrooms, two bathrooms, a formal dining room, and a fireplace. Forced-air heating and central air provide year-round comfort. Cable is available, and the composition roof supports long-term durability.
Outside, the property features a porch and a detached garage, along with off-street parking for tenant and guest convenience.
Built in 1926 and set on a 0.12-acre lot, the residence provides a practical Omaha duplex configuration for buyers seeking an owner-occupant or income-focused use.
Outside, the property features a porch and a detached garage, along with off-street parking for tenant and guest convenience.
Built in 1926 and set on a 0.12-acre lot, the residence provides a practical Omaha duplex configuration for buyers seeking an owner-occupant or income-focused use.
Key Highlights
- Two full kitchens and separate metering for dual‑unit living
- 3 bedrooms and 2 bathrooms with a formal dining room
- Forced‑air heating with central air
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
$16,777
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
4.79%
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%
$335,540
$335.5K
Cap Rate 7%
$239,671
$239.7K
Cap Rate 9%
$186,411
$186.4K
Market Conditions
NOI Build-Up for 1,920 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
$25.8K $13.44/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$24.0K $12.48/SF
− OpEx
−$7.2K −$3.74/SF
NOI
$16.8K $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%
$335,540
Cap Rate 7%
$239,671
Cap Rate 9%
$186,411
Alternative Uses
Best Use
Multifamily LT 5
$239.7K
$209.7K – $279.6K
NOI $16,777 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$221.0K
$193.4K – $257.9K
NOI $15,473 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$505.1K
$442.0K – $589.3K
NOI $35,360 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
594
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 - Duplex with two full kitchens, separate metering, and central air, plus a detached garage and off-street parking.
Where is this duplex located?
The property is located at 5628 Pierce Street Omaha, NE.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two full kitchens and separate metering for dual‑unit living; 3 bedrooms and 2 bathrooms with a formal dining room; Forced‑air heating with central air
