Updated Duplex with Rental
For Sale
$285,000
924 N 35th St, Lincoln, NE 68503
Two-unit residential property with laundry appliances, off-street parking, and established tenant occupancy.
Property Size1,548 SF
Price / SF$184.11
Days on Market15
Property Features for 924 N 35th St
General Information
Standard status
Active
Size
1,548 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,672
Amenities
stackable washer and dryers
off-street parking
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Concorde Real Estate Advisors
(402) 476-0086
Listed By:
Audree J. Pool
(402) 937-4070
Source:
Exprealty
Added: Aug 25
Changed: Sep 6
Last Checked: Sep 7 at 3:05PM
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 Concorde Real Estate Advisors
Investment Insights
Based on property information with market context.
This 1,548-square-foot duplex contains two 1.5-story units, each configured with 2 bedrooms and 1 bathroom. Both residences include stackable washer and dryer appliances, while the property also provides off-street parking. Updates have been completed inside and outside the building.
Located at 924 N 35th St in Lincoln, Nebraska, the property is identified with the East Campus area. Both units are fully rented and occupied by tenants, providing an established rental arrangement for the next owner. Showings require 24 notice due to tenant occupancy.
Located at 924 N 35th St in Lincoln, Nebraska, the property is identified with the East Campus area. Both units are fully rented and occupied by tenants, providing an established rental arrangement for the next owner. Showings require 24 notice due to tenant occupancy.
Key Highlights
- 1,548 SF duplex with two 1.5‑story units
- Each unit has 2 bedrooms and 1 bathroom
- Both units are fully rented and tenant occupied
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
$15,360
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
5.39%
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%
$307,200
$307.2K
Cap Rate 7%
$219,429
$219.4K
Cap Rate 9%
$170,667
$170.7K
Market Conditions
NOI Build-Up for 1,548 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
$23.2K $15.00/SF
− Vacancy
−$1.3K −$0.83/SF
EGI
$21.9K $14.17/SF
− OpEx
−$6.6K −$4.25/SF
NOI
$15.4K $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%
$307,200
Cap Rate 7%
$219,429
Cap Rate 9%
$170,667
Alternative Uses
Best Use
Multifamily LT 5
$219.4K
$192.0K – $256.0K
NOI $15,360 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$203.8K
$178.4K – $237.8K
NOI $14,268 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$379.5K
$332.1K – $442.8K
NOI $26,565 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
529
Businesses Nearby
Explore this area
Business Placement
Demographics for 68503, NE
15,064
Population
6,851
Households
2.2
Avg Household Size
28
Median Age
38%
College-Educated
82%
High-School Grad
2.9 sq mi
ZIP Area
5,194
Density / Sq Mi
$50,886
Median Household Income
$27,909
Median Earnings
$974
Median Rent
$158,900
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-unit residential property with laundry appliances, off-street parking, and established tenant occupancy.
Where is this duplex located?
The property is located at 924 N 35th St Lincoln, NE.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,548 SF duplex with two 1.5‑story units; Each unit has 2 bedrooms and 1 bathroom; Both units are fully rented and tenant occupied
