Duplex With Rooftop
For Sale
$1,140,000
632 Applied Parkway, Omaha, NE 68154
RESIDENTIAL, 2 Story, Omaha, NE
Property Size3,653 SF
Lot Size0.12 Acres
Price / SF$312.07
Days on Market145
Property Features for 632 Applied Parkway
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
4
Bathrooms
4
Full bathrooms
1
Half bathrooms
1
Rooms
Laundry Room, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 4, Basement, Bathroom 2, Bedroom 4, Bathroom 3
Parking features
Garage
Patio and Porch features
Deck, Porch
Exterior features
Deck/Balcony, Drain Tile, Porch, Sprinkler System
Fireplace
1
Appliances
Dishwasher, Disposal, Double Oven, Dryer, Microwave, Range, Refrigerator, Washer, Wine Fridge
Subdivision
The Arbour
Elementary school
Montclair
Middle school
Kiewit
High school
Millard North
Elementary school district
Millard
Middle school district
Millard
High school district
Millard
Directions
Applied Parkway to Jones St
Standard status
Active
APN
1306360336
Size
3,653 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HEARTWOOD RESIDENCES LOT 95
Tax Annual Amount
437
HOA Fee
$200 Monthly
Legal Description
HEARTWOOD RESIDENCES LOT 95
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
rooftop deck
walk up bar
hardwood floors
Building Details
Year built
2025
Floors in Building
2
Architectural style
Other
Listing Agency:
BHHS Ambassador Real Estate · Berkshire Hathaway HomeServices
(402) 493-4663
Listed By:
TJ Jackson · License #20100080
(402) 618-3526
Added: Apr 2
Changed: Aug 20
Last Checked: Aug 24 at 11:06AM
MLS# 22608789
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 under-construction duplex at 632 Applied Parkway includes 3,653 square feet of interior space on a 0.12-acre lot. The property offers four bedrooms, four bathrooms, a three-car garage, hardwood flooring, a rooftop deck measuring 790 square feet, and a porch. Interior equipment includes a range, double oven, microwave, dishwasher, disposal, refrigerator, wine fridge, washer, and dryer. Forced-air heating, central air, a fireplace, drain tile, and a sprinkler system are also included.
The property is located in Omaha’s Millard School District, with three neighborhood parks and shops and restaurants described as walkable from the residence. Completion is identified for 2025.
The property is located in Omaha’s Millard School District, with three neighborhood parks and shops and restaurants described as walkable from the residence. Completion is identified for 2025.
Key Highlights
- 3,653 square feet on a 0.12‑acre lot
- 790 sq ft rooftop deck
- Four bedrooms and four bathrooms
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
$31,920
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
2.80%
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%
$638,400
$638.4K
Cap Rate 7%
$456,000
$456.0K
Cap Rate 9%
$354,667
$354.7K
Market Conditions
NOI Build-Up for 3,653 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
$49.1K $13.44/SF
− Vacancy
−$3.5K −$0.96/SF
EGI
$45.6K $12.48/SF
− OpEx
−$13.7K −$3.74/SF
NOI
$31.9K $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%
$638,400
Cap Rate 7%
$456,000
Cap Rate 9%
$354,667
Alternative Uses
Best Use
Multifamily LT 5
$456.0K
$399.0K – $532.0K
NOI $31,920 @ 7.0% cap · market cap 2.80%
Second Best
Apartment 5plus
$420.5K
$368.0K – $490.6K
NOI $29,438 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$961.1K
$841.0K – $1.12M
NOI $67,276 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Explore this area
Business Placement
Demographics for 68154, NE
23,383
Population
10,846
Households
2.2
Avg Household Size
38
Median Age
51%
College-Educated
98%
High-School Grad
6.8 sq mi
ZIP Area
3,439
Density / Sq Mi
$82,509
Median Household Income
$50,653
Median Earnings
$1,185
Median Rent
$297,800
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 - Under-construction duplex with garage parking, central air, and forced-air heating.
Where is this duplex located?
The property is located at 632 Applied Parkway Omaha, NE.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: 3,653 square feet on a 0.12‑acre lot; 790 sq ft rooftop deck; Four bedrooms and four bathrooms
