Four-Unit Multifamily
For Sale
$485,000
604 S 35th Street, Omaha, NE 68105
Built in 1955 near Blackstone, UNMC, and Midtown Crossing.
Property Size2,300 SF
Price / SF$210.87
Days on Market10
Property Features for 604 S 35th Street
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1955
Listing Agency:
Nebraska Realty
(313) 603-6227
Listed By:
The Ignite Team
(402) 429-5650
Source:
Theigniteteam
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 7:18AM
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 Nebraska Realty
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 604 S 35th Street dates to 1955 and offers a residential income configuration in Omaha’s Midtown area. The property is identified as a quadplex with 2,300 in stated property size.
The location provides proximity to Blackstone, UNMC, and Midtown Crossing, along with nearby restaurants, shops, and entertainment. Its established Midtown setting and four-unit format support both multifamily ownership and potential owner-occupancy, as described for the property.
The location provides proximity to Blackstone, UNMC, and Midtown Crossing, along with nearby restaurants, shops, and entertainment. Its established Midtown setting and four-unit format support both multifamily ownership and potential owner-occupancy, as described for the property.
Key Highlights
- Four‑unit quadplex configuration
- Built in 1955
- Located at 604 S 35th Street, Omaha, NE 68105
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
$20,098
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
4.14%
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%
$401,960
$402.0K
Cap Rate 7%
$287,114
$287.1K
Cap Rate 9%
$223,311
$223.3K
Market Conditions
NOI Build-Up for 2,300 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
$30.9K $13.44/SF
− Vacancy
−$2.2K −$0.96/SF
EGI
$28.7K $12.48/SF
− OpEx
−$8.6K −$3.74/SF
NOI
$20.1K $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%
$401,960
Cap Rate 7%
$287,114
Cap Rate 9%
$223,311
Alternative Uses
Best Use
Multifamily LT 5
$287.1K
$251.2K – $335.0K
NOI $20,098 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$264.8K
$231.7K – $308.9K
NOI $18,535 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$605.1K
$529.5K – $706.0K
NOI $42,358 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,609
Businesses Nearby
Explore this area
Business Placement
Demographics for 68105, NE
22,669
Population
10,633
Households
2.1
Avg Household Size
32
Median Age
35%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
6,297
Density / Sq Mi
$53,253
Median Household Income
$36,969
Median Earnings
$1,010
Median Rent
$187,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Built in 1955 near Blackstone, UNMC, and Midtown Crossing.
Where is this quadplex located?
The property is located at 604 S 35th Street Omaha, NE.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Four‑unit quadplex configuration; Built in 1955; Located at 604 S 35th Street, Omaha, NE 68105
