Multifamily Community with Detached
For Sale
$3,150,000
7301 Corby St, Omaha, NE 68134
36-unit apartment community with detached garages and a mix of one- and two-bedroom units for renter-ready income.
Property Size24,685 SF
Lot Size1.04 Acres
Days on Market99
Property Features for 7301 Corby St
General Information
Standard status
Active
Size
24,685 SF
Lot size
1.04 Acres
Property subtype
Multifamily
Occupancy
95%
Additional Details
Highway Access
Yes
Multifamily Units
36
Amenities
Balanced Unit Mix of 22 one-bedroom and 14 two-bedroom units, averaging 625 and 781 square feet, respectively
Nine Income-Producing, Detached Garages Supporting Ancillary Income
Mark-to-Market Opportunity Validated by Rents Recently Achieved
Proforma Rents Proven-Out by Current Ownership, yielding ~$150/Month Rent Premiums Over Average In-Place Rents
Current Rents are Approximately 14.4% Below Peak Achieved In-Place Rents, Allowing New Ownership to Realize more than $65,000 in Gross Rent
Potential to Generate more than $1 million in Value Through Mark-to-Market Opportunity at 6.50% Cap Rate
~15 Minutes from Downtown Omaha's Employment Centers, Retail and Recreational Amenities
Located in an Established Submarket that will Benefit from Omaha's Steady Growth and Subsequent Demand for Workforce Housing
Building Details
Building Size
24,685 SF
Year Built
1969
Units
36
Listing Agency:
Marcus & Millichap - Denver
Listed By:
Adam Lewis · License #License(s) NE: 20250136
(303) 328-2000
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 27
Last Checked: Sep 7 at 4:57AM
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 Marcus & Millichap - Denver
Investment Insights
Based on property information with market context.
Corby Street Apartments is a 36-unit multifamily community built in 1969, situated on a 1.04-acre site at 7301 Corby Street in northwest Omaha. The property includes 9 income-generating detached garages and offers a balanced unit mix of 22 one-bedroom units and 14 two-bedroom units. Reported unit sizes average approximately 625 square feet for one-bedroom homes and approximately 781 square feet for two-bedroom homes.
The community is located within an established residential corridor with convenient access to major employment centers, retail amenities, healthcare facilities, and regional transportation routes. It is near major thoroughfares including Interstate 680 and Dodge Street, supporting connectivity to Downtown Omaha, West Omaha, and other metro employment nodes.
For prospective buyers, Corby Street Apartments presents a straightforward, existing rental housing platform with both garage revenue and 1- and 2-bedroom demand coverage. The current rent position is approximately 14.4% below the highest achieved in-place rents at the property, and the remarks indicate meaningful embedded upside through interior upgrades, operational improvements, and rent optimization toward projected levels. Overall, the asset is positioned for long-term ownership in a well-connected Omaha submarket with durable renter demand drivers.
The community is located within an established residential corridor with convenient access to major employment centers, retail amenities, healthcare facilities, and regional transportation routes. It is near major thoroughfares including Interstate 680 and Dodge Street, supporting connectivity to Downtown Omaha, West Omaha, and other metro employment nodes.
For prospective buyers, Corby Street Apartments presents a straightforward, existing rental housing platform with both garage revenue and 1- and 2-bedroom demand coverage. The current rent position is approximately 14.4% below the highest achieved in-place rents at the property, and the remarks indicate meaningful embedded upside through interior upgrades, operational improvements, and rent optimization toward projected levels. Overall, the asset is positioned for long-term ownership in a well-connected Omaha submarket with durable renter demand drivers.
Key Highlights
- 36‑unit multifamily community built in 1969 on a 1.04‑acre site in northwest Omaha
- Unit mix includes 22 one‑bedroom units (~625 SF) and 14 two‑bedroom units (~781 SF)
- Features 9 income‑generating detached garages on‑site
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
$198,927
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
6.32%
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%
$3,978,540
$4.0M
Cap Rate 7%
$2,841,814
$2.8M
Cap Rate 9%
$2,210,300
$2.2M
Market Conditions
NOI Build-Up for 24,685 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
$391.0K $15.84/SF
− Vacancy
−$29.3K −$1.19/SF
EGI
$361.7K $14.65/SF
− OpEx
−$162.8K −$6.59/SF
NOI
$198.9K $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%
$3,978,540
Cap Rate 7%
$2,841,814
Cap Rate 9%
$2,210,300
Alternative Uses
Best Use
Apartment 5plus
$2.84M
$2.49M – $3.32M
NOI $198,927 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.49M
$5.68M – $7.58M
NOI $454,615 @ 7.0% cap · market cap 14.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 68134, NE
28,996
Population
13,920
Households
2.1
Avg Household Size
36
Median Age
31%
College-Educated
94%
High-School Grad
8.2 sq mi
ZIP Area
3,536
Density / Sq Mi
$67,353
Median Household Income
$43,222
Median Earnings
$1,044
Median Rent
$204,000
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 - 36-unit apartment community with detached garages and a mix of one- and two-bedroom units for renter-ready income.
Where is this apartment building located?
The property is located at 7301 Corby St Omaha, NE.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 36‑unit multifamily community built in 1969 on a 1.04‑acre site in northwest Omaha; Unit mix includes 22 one‑bedroom units (~625 SF) and 14 two‑bedroom units (~781 SF); Features 9 income‑generating detached garages on‑site
