Brick Duplex with Attached
New
For Sale
$269,000
911 S 38th Street, Omaha, NE 68105
RESIDENTIAL, 1.5 Story, Omaha, NE
Property Size1,624 SF
Lot Size0.08 Acres
Price / SF$165.64
Days on Market7
Property Features for 911 S 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Parking features
Off Street, Garage - Attached
Patio and Porch features
Porch
Exterior features
Porch
Fencing
Chain Link
Fireplace
1
Appliances
Range, Refrigerator
Subdivision
West Omaha
Lot features
In City
Elementary school
Field Club
Middle school
Norris
High school
Central
Elementary school district
Omaha
Middle school district
Omaha
High school district
Omaha
Directions
Leavenworth to 38th ST, South to home.
Standard status
Active
APN
2521400000
Size
1,624 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST OMAHA LOT 2 BLOCK 22 W 50 S 70 N 140 FT 70 X 50
Tax Annual Amount
4058
Legal Description
WEST OMAHA LOT 2 BLOCK 22 W 50 S 70 N 140 FT 70 X 50
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1934
Floors in Building
2
Flooring type
Wood, Laminate
Roof type
Composition
Architectural style
Other
Listing Agency:
Better Homes and Gardens R.E. · Better Homes and Gardens Real Estate
(402) 932-5989
Listed By:
Jonie Sturek
(402) 305-8195
Added: Aug 18
Changed: Aug 23
Last Checked: Aug 24 at 2:06AM
MLS# 22623594
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 1,624-square-foot Tudor-style duplex contains two distinct units with a combined total of 3 bedrooms and 2 bathrooms. The main-level residence features wood flooring, a fireplace, and interior access to the basement, along with an attached 1-car garage. The upper unit has a private entrance and neutral interior finishes. Both residences are separately metered for utilities, and the property includes a porch, range, refrigerator, forced-air heat, central air, and a composition roof.
Built in 1934 on a 0.08-acre lot, the property is located at 911 S 38th Street in Omaha’s 68105 ZIP code. The address is described as being just blocks from the University of Nebraska Medical Center. Off-street parking and chain-link fencing add practical site features.
Built in 1934 on a 0.08-acre lot, the property is located at 911 S 38th Street in Omaha’s 68105 ZIP code. The address is described as being just blocks from the University of Nebraska Medical Center. Off-street parking and chain-link fencing add practical site features.
Key Highlights
- Two‑unit duplex with 1,624 square feet of building area
- 3 bedrooms and 2 bathrooms across the two units
- Both units have separately metered utilities
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
$14,191
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
5.28%
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%
$283,820
$283.8K
Cap Rate 7%
$202,729
$202.7K
Cap Rate 9%
$157,678
$157.7K
Market Conditions
NOI Build-Up for 1,624 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
$21.8K $13.44/SF
− Vacancy
−$1.6K −$0.96/SF
EGI
$20.3K $12.48/SF
− OpEx
−$6.1K −$3.74/SF
NOI
$14.2K $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%
$283,820
Cap Rate 7%
$202,729
Cap Rate 9%
$157,678
Alternative Uses
Best Use
Multifamily LT 5
$202.7K
$177.4K – $236.5K
NOI $14,191 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$187.0K
$163.6K – $218.1K
NOI $13,087 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$427.3K
$373.9K – $498.5K
NOI $29,909 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,432
Businesses Nearby
Explore this area
Business Placement
Demographics for 68105, NE
22,669
Population
10,633
Households
2.1
Avg Household Size
32
Median Age
35%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
6,297
Density / Sq Mi
$53,253
Median Household Income
$36,969
Median Earnings
$1,010
Median Rent
$187,600
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 - Two separately metered units include a porch, basement access, and off-street parking.
Where is this duplex located?
The property is located at 911 S 38th Street Omaha, NE.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,624 square feet of building area; 3 bedrooms and 2 bathrooms across the two units; Both units have separately metered utilities
