Three-Story Apartment
For Sale
Contact for pricing
649 South 19th Avenue, Omaha, NE 68102
Updated two-bedroom, one-bath units define this established multifamily property.
Property Size5,328 SF
Price / SF$109.80
Days on Market21
Property Features for 649 South 19th Avenue
General Information
Standard status
Active
Size
5,328 SF
Property subtype
Multifamily
Building Details
Year Built
1918
Buildings
1
Units
7
Listing Agency:
Rancho Vista Group
Listed By:
Nolan Paladino · License #20240573
Source:
Crexi
Added: Jul 23
Changed: Aug 10
Last Checked: Aug 11 at 1:49PM
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 Rancho Vista Group
Investment Insights
Based on property information with market context.
This 7-unit apartment property occupies a three-story building totaling 5328 square feet. Built in 1918, it contains updated 2-bedroom, 1-bath residences and retains a classic older-building character. The offering is sold as-is.
The property is located at 649 South 19th Avenue in Omaha’s Market West neighborhood, near downtown, Midtown, Creighton, UNMC, Blackstone, and major employment corridors. Its established seven-unit configuration provides a clearly defined multifamily asset within an urban setting.
The property is located at 649 South 19th Avenue in Omaha’s Market West neighborhood, near downtown, Midtown, Creighton, UNMC, Blackstone, and major employment corridors. Its established seven-unit configuration provides a clearly defined multifamily asset within an urban setting.
Key Highlights
- 7‑unit apartment building
- 5328 square feet of building area
- Built in 1918
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
$42,936
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
7.34%
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%
$858,720
$858.7K
Cap Rate 7%
$613,371
$613.4K
Cap Rate 9%
$477,067
$477.1K
Market Conditions
NOI Build-Up for 5,328 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
$84.4K $15.84/SF
− Vacancy
−$6.3K −$1.19/SF
EGI
$78.1K $14.65/SF
− OpEx
−$35.1K −$6.59/SF
NOI
$42.9K $8.06/SF
Area
Omaha, NE
Vacancy
7.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
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%
$858,720
Cap Rate 7%
$613,371
Cap Rate 9%
$477,067
Alternative Uses
Best Use
Apartment 5plus
$613.4K
$536.7K – $715.6K
NOI $42,936 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,124 @ 7.0% cap · market cap 16.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 68102, NE
9,130
Population
5,922
Households
1.5
Avg Household Size
33
Median Age
51%
College-Educated
93%
High-School Grad
1.8 sq mi
ZIP Area
5,072
Density / Sq Mi
$60,525
Median Household Income
$46,309
Median Earnings
$1,242
Median Rent
$350,500
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?
Apartment building - Updated two-bedroom, one-bath units define this established multifamily property.
Where is this apartment building located?
The property is located at 649 South 19th Avenue Omaha, NE.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 7‑unit apartment building; 5328 square feet of building area; Built in 1918
