Value-Add Apartment
New
For Sale
$2,550,000
809 North 121st Street, Omaha, NE 68154
21-unit Omaha multifamily community on a corner with reported unit updates and new HVAC in several units.
Days on Market5
Property Features for 809 North 121st Street
General Information
Standard status
Active
Property subtype
Multi-Family
Additional Details
Multifamily Units
21
Building Details
Building Size
13,340 SF
Tenancy
Multi
Listing Agency:
Campbell Dana | Commercial Real Estate
(402) 518-9823
Listed By:
Conner Dana · License #20200307
Source:
Commercialcafe
Added: Jul 26
Changed: Jul 27
Last Checked: Jul 30 at 2:24AM
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 Campbell Dana | Commercial Real Estate
Investment Insights
Based on property information with market context.
Cielo 120 is a 21-unit multifamily community in Omaha. According to the owner’s records, much of the renovation work has reportedly been completed, with most units updated with new flooring, countertops, paint, and appliances. The owner’s records also note new HVAC in several units.
The property is located just north of Dodge, on the corner of 120th and Burt Street.
The building offers a straightforward 21-unit residential income configuration with in-place improvements aimed at supporting a value-add repositioning.
The property is located just north of Dodge, on the corner of 120th and Burt Street.
The building offers a straightforward 21-unit residential income configuration with in-place improvements aimed at supporting a value-add repositioning.
Key Highlights
- 21‑unit multifamily community in Omaha located on the corner of 120th and Burt Street
- Reported value‑add with much of the renovation work already completed, per the owner’s records
- Most units reportedly updated with new flooring, countertops, paint, and appliances
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $211.3k | $15.84 |
| − Vacancy | −$15.8k | −$1.19 |
| EGI | $195.5k | $14.65 |
| − OpEx | −$88.0k | −$6.59 |
| NOI | $107.5k | $8.06 |
13,340 SF · lease $15.84/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.34M – $1.79M
NOI $107,502 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.51M
$3.07M – $4.09M
NOI $245,678 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
21
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
762
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?
Apartment building - 21-unit Omaha multifamily community on a corner with reported unit updates and new HVAC in several units.
Where is this apartment building located?
The property is located at 809 North 121st Street Omaha, NE.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 21‑unit multifamily community in Omaha located on the corner of 120th and Burt Street; Reported value‑add with much of the renovation work already completed, per the owner’s records; Most units reportedly updated with new flooring, countertops, paint, and appliances
