Two-Unit Duplex with Detached
New
For Sale
$259,900
923 S 24th Street, Lincoln, NE 68510
Separate off-street parking serves each unit, with additional alley access to the property.
Property Size1,662 SF
Price / SF$156.38
Days on Market4
Property Features for 923 S 24th Street
General Information
Standard status
Active
Size
1,662 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
West a
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1909
Listing Agency:
Np Dodge Re Sales Inc 148Dodge
(402) 659-4432
Listed By:
Heidi Cline
(402) 350-9494
Source:
Tenaciousrealty
Added: Oct 28
Last Checked: Oct 30 at 2:31PM
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 Np Dodge Re Sales Inc 148Dodge
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Investment Insights
Based on property information with market context.
This converted duplex contains an upper unit with three bedrooms and two bathrooms, plus a basement unit with one nonconforming bedroom and one bathroom. The upper level includes hardwood floors, newer windows, a main-floor bedroom, a dining area, and a large kitchen. Two additional bedrooms and a three-quarter bathroom are located upstairs. The basement has a full kitchen, living room with an egress window, newer flooring, and a three-quarter bathroom with a new shower.
A detached one-stall garage, alley access, and separate off-street parking for both units are included. The roof was replaced in 2022. Built in 1909, the property contains 1,662 square feet.
A detached one-stall garage, alley access, and separate off-street parking for both units are included. The roof was replaced in 2022. Built in 1909, the property contains 1,662 square feet.
Key Highlights
- Upper unit: 3 bedrooms and 2 bathrooms
- Basement unit: 1 nonconforming bedroom and 1 bathroom
- 1,662 square feet; built in 1909
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,491
Cap Rate
6.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$329,820
$329.8K
Cap Rate 7%
$235,586
$235.6K
Cap Rate 9%
$183,233
$183.2K
Market Conditions
NOI Build-Up for 1,662 SF
Gross rent
$24.9K $15.00/SF
− Vacancy
−$1.4K −$0.83/SF
EGI
$23.6K $14.17/SF
− OpEx
−$7.1K −$4.25/SF
NOI
$16.5K $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 Rate 5%
$329,820
Cap Rate 7%
$235,586
Cap Rate 9%
$183,233
Alternative Uses
Best Use
Multifamily LT 5
$235.6K
$206.1K – $274.9K
NOI $16,491 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$218.8K
$191.5K – $255.3K
NOI $15,318 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$407.5K
$356.5K – $475.4K
NOI $28,522 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate off-street parking serves each unit, with additional alley access to the property.
Where is this duplex located?
The property is located at 923 S 24th Street Lincoln, NE.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Upper unit: 3 bedrooms and 2 bathrooms; Basement unit: 1 nonconforming bedroom and 1 bathroom; 1,662 square feet; built in 1909
