Two-Story Duplex
For Sale
$1,140,000
636 Applied Parkway, Omaha, NE 68154
RESIDENTIAL, 2 Story, Omaha, NE
Property Size3,653 SF
Lot Size0.12 Acres
Price / SF$312.07
Days on Market146
Property Features for 636 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
Bedroom 4, Laundry Room, Bathroom 2, Bathroom 4, Bedroom 2, Bedroom 1, Basement, Bathroom 1, Bedroom 3, 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
1306360338
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
walk up bar
rooftop deck
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 24
Last Checked: Aug 25 at 2:06PM
MLS# 22608735
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 property at 636 Applied Parkway includes 3,653 square feet on a 0.12-acre lot. The two-story layout includes 4 bedrooms, 4 bathrooms, a basement, laundry room, fireplace, and a 3-car garage. Interior features include hardwood floors, a walk-up bar, wine fridge, double oven, dishwasher, disposal, microwave, range, refrigerator, washer, and dryer. Forced-air heating and central air provide the primary mechanical systems.
Outdoor improvements include a 790-square-foot rooftop deck, porch, sprinkler system, and drain tile. The property is scheduled for completion in 2025 and is located in Omaha’s Millard School District. The neighborhood includes three parks and offers walkability to shops and restaurants.
Outdoor improvements include a 790-square-foot rooftop deck, porch, sprinkler system, and drain tile. The property is scheduled for completion in 2025 and is located in Omaha’s Millard School District. The neighborhood includes three parks and offers walkability to shops and restaurants.
Key Highlights
- 3,653 SF under‑construction property on a 0.12‑acre lot
- 4 bedrooms, 4 bathrooms, basement, laundry room, and fireplace
- 3‑car garage with hardwood floors and high‑end interior finishes
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 with a garage, rooftop deck, central air, and high-end interior finishes.
Where is this duplex located?
The property is located at 636 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 SF under‑construction property on a 0.12‑acre lot; 4 bedrooms, 4 bathrooms, basement, laundry room, and fireplace; 3‑car garage with hardwood floors and high‑end interior finishes
