Rented Two-Unit
New
For Sale
$220,000
853-855 S 45th St, Lincoln, NE 68510
Multi-Unit, Lincoln, NE
Property Size1,250 SF
Lot Size0.15 Acres
Price / SF$176
Days on Market2
Property Features for 853-855 S 45th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1
Lot features
Landscaping, Trees
Directions
See google
Subdivision
Surrounding Areas/Other Areas
Standard status
Active
APN
17-29-304-021-000
Size
1,250 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TURNERS RANDOLPH ADDITION, BLOCK 2, LOT 9
Tax Annual Amount
2429
Legal Description
TURNERS RANDOLPH ADDITION, BLOCK 2, LOT 9
Utilities
Heating system
Forced Air
Cooling system
Central Air, Window Unit(s)
Amenities
on-site laundry
Building Details
Year built
1960
Number of units
2
Listing Agency:
Haus of Home
(712) 251-4632
Listed By:
Kathie Pfaffle · License #B64282
(712) 224-4136
Added: Sep 21
Changed: Sep 22
Last Checked: Sep 22 at 6:06AM
MLS# 834711
Copyright © 2026 Northwest Iowa Regional Board of Realtors. 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 1960-built duplex contains 1,250 square feet on a 0.15-acre lot and is configured as two rented units. The upper apartment includes newer commercial-grade flooring and central air. Both units benefit from newer vinyl windows, a newer roof, updated panels, and HVAC service performed annually by John Henry. Shared on-site laundry includes coin-operated equipment, including one machine that is 1 year old.
The upper unit is leased through March 2027, while the lower unit is occupied on a month-to-month arrangement by a long-term tenant. The lower resident has garage use rights, and the upper unit uses gravel parking at the front of the property. Located in Lincoln’s 68510 ZIP code, the property carries R zoning and offers a combination of in-place occupancy and varied lease terms.
The upper unit is leased through March 2027, while the lower unit is occupied on a month-to-month arrangement by a long-term tenant. The lower resident has garage use rights, and the upper unit uses gravel parking at the front of the property. Located in Lincoln’s 68510 ZIP code, the property carries R zoning and offers a combination of in-place occupancy and varied lease terms.
Key Highlights
- Two rented units in a 1,250‑square‑foot duplex
- Upper unit leased through March 2027
- Lower unit occupied month to month by a long‑term tenant
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
$12,403
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
5.64%
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%
$248,060
$248.1K
Cap Rate 7%
$177,186
$177.2K
Cap Rate 9%
$137,811
$137.8K
Market Conditions
NOI Build-Up for 1,250 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
$18.8K $15.00/SF
− Vacancy
−$1.0K −$0.83/SF
EGI
$17.7K $14.17/SF
− OpEx
−$5.3K −$4.25/SF
NOI
$12.4K $9.92/SF
Area
Lincoln, NE
Vacancy
5.50%
Lease Rate
$15.00 /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%
$248,060
Cap Rate 7%
$177,186
Cap Rate 9%
$137,811
Alternative Uses
Best Use
Multifamily LT 5
$177.2K
$155.0K – $206.7K
NOI $12,403 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$164.6K
$144.0K – $192.0K
NOI $11,521 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$306.4K
$268.1K – $357.5K
NOI $21,451 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
757
Businesses Nearby
Explore this area
Business Placement
Demographics for 68510, NE
20,669
Population
9,871
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
4,493
Density / Sq Mi
$64,183
Median Household Income
$41,632
Median Earnings
$857
Median Rent
$221,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Occupied residential income property with refreshed building systems, central air, and shared coin-operated laundry.
Where is this duplex located?
The property is located at 853-855 S 45th St Lincoln, NE.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two rented units in a 1,250‑square‑foot duplex; Upper unit leased through March 2027; Lower unit occupied month to month by a long‑term tenant
