Two-Unit Duplex with Detached
New
For Sale
$200,000
617 S 28th Street, Lincoln, NE 68510
RESIDENTIAL, 2 Story, Lincoln, NE
Property Size1,844 SF
Lot Size0.16 Acres
Price / SF$108.46
Days on Market2
Property Features for 617 S 28th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
1
Rooms
Basement, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 1
Parking features
Garage - Detached
Patio and Porch features
Porch
Exterior features
Porch
Fencing
Privacy
Appliances
Disposal, Dryer, Range, Refrigerator, Washer
Subdivision
Elm Park
Elementary school
Elliott
Middle school
Lefler
High school
Lincoln High
Elementary school district
Lincoln Public Schools
Middle school district
Lincoln Public Schools
High school district
Lincoln Public Schools
Directions
use your preferred digital navigation tool
Standard status
Active
APN
17-30-114-022-000
Size
1,844 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ELM PARK, BLOCK 4, Lot 3
Tax Annual Amount
2098
Legal Description
ELM PARK, BLOCK 4, Lot 3
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
fenced backyard
Building Details
Year built
1910
Floors in Building
2
Flooring type
Carpet, Wood, Vinyl
Architectural style
Other
Listing Agency:
Better Homes and Gardens R.E. · Better Homes and Gardens Real Estate
(402) 932-5989
Listed By:
Bridget Knaub
(402) 850-1016
Added: Sep 3
Last Checked: Sep 4 at 3:06PM
MLS# 22625373
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 two-unit duplex contains 1,844 square feet on a 0.16-acre lot and is offered as-is. The larger residence has three bedrooms, two 3/4 baths, a full kitchen, separate dining room, living room, original built-ins, and hardwood flooring. Its unfinished basement includes one of the bathrooms. The second unit features one bedroom, one full bath, a kitchen with a walk-in pantry, and an oversized living room that can accommodate office use. Each residence has its own utility meter and keyed entrance.
A detached 2.5-car garage provides covered parking, while the backyard is enclosed with privacy fencing. The property also includes a porch, forced-air heating, central air, and appliances including ranges, refrigerators, washers, dryers, and disposals. Built in 1910, the duplex is located in Lincoln, Nebraska, in ZIP Code 68510.
A detached 2.5-car garage provides covered parking, while the backyard is enclosed with privacy fencing. The property also includes a porch, forced-air heating, central air, and appliances including ranges, refrigerators, washers, dryers, and disposals. Built in 1910, the duplex is located in Lincoln, Nebraska, in ZIP Code 68510.
Key Highlights
- Two‑unit duplex with 1,844 square feet on a 0.16‑acre lot
- Unit 1 offers 3 bedrooms, two 3/4 baths, full kitchen, dining room, and living room
- Unit 2 includes 1 bedroom, 1 full bath, kitchen pantry, and oversized living room
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
$18,297
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
9.15%
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%
$365,940
$365.9K
Cap Rate 7%
$261,386
$261.4K
Cap Rate 9%
$203,300
$203.3K
Market Conditions
NOI Build-Up for 1,844 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
$27.7K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.1K $14.17/SF
− OpEx
−$7.8K −$4.25/SF
NOI
$18.3K $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%
$365,940
Cap Rate 7%
$261,386
Cap Rate 9%
$203,300
Alternative Uses
Best Use
Multifamily LT 5
$261.4K
$228.7K – $305.0K
NOI $18,297 @ 7.0% cap · market cap 9.15%
Second Best
Apartment 5plus
$242.8K
$212.5K – $283.3K
NOI $16,996 @ 7.0% cap · market cap 8.50%
Theoretical Best
Office A
$452.1K
$395.6K – $527.4K
NOI $31,645 @ 7.0% cap · market cap 15.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
948
Businesses Nearby
Explore this area
Business Placement
Demographics for 68510, NE
20,669
Population
9,871
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
4,493
Density / Sq Mi
$64,183
Median Household Income
$41,632
Median Earnings
$857
Median Rent
$221,200
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 separately metered residences include private keyed entries and a fenced backyard in Lincoln.
Where is this duplex located?
The property is located at 617 S 28th Street Lincoln, NE.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,844 square feet on a 0.16‑acre lot; Unit 1 offers 3 bedrooms, two 3/4 baths, full kitchen, dining room, and living room; Unit 2 includes 1 bedroom, 1 full bath, kitchen pantry, and oversized living room
