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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1015 38th Ave Omaha, NE 68105-1874

    • Apartment buildings
    • 5,952 SF
    • 0.51 lot acres
    OFF-MARKET
    Last Sale
    Dec 08, 2021
    $900,000
    Value Estimations
    $930,000
    Show details
    Cap Rate Potential
    4.6%
    Apartment buildings
    Location Intelligence
    Property ID
    US57-1095406
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1015 38th Ave

    Year built
    1960
    Construction
    FRAME
    Lot size
    0.51 lot acres
    Property size
    5,952 SF
    Zone code
    R7
    Property type
    Apartment buildings
    APN
    2521890002
    APU
    2521890002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,045,000
      ML approach
      $1,080,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $800,000
      6.5%
      $740,000
      7%
      $685,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $856,000
      Market price range: $492k - $856k
      AI Estimate
      $658,000
      Market price range: $470k - $658k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $650,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,110,000
      Change: +71% Conversion: Difficult
      RETAIL STORES
      $930,000
      Change: +43% Conversion: Difficult
      MEDICAL BUILDING
      $900,000
      Change: +38% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $885,000
      Change: +36% Conversion: Difficult
      OFFICE BUILDING
      $870,000
      Change: +34% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $630,000
      Change: -3% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Omaha
    County
    Douglas
    State
    Nebraska
    Longitude
    -95.9701
    Latitude
    41.2494
    CBSA code
    36540
    CBSA name
    OMAHA-COUNCIL BLUFFS, NE-IA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $18,393
    $44,200
    $827,600
    $871,800
    -
    $44,200
    $827,600
    $871,800

    Comparable in this City

    • Value Estimation
      $465,000
      3,648 SF

      1305 32nd St

      APARTMENT HOUSE (5+ UNITS) • 3,648 SF
      1305 32nd St, Omaha, NE 68105-2086
      View Details
    • Value Estimation
      $330,000
      3,472 SF

      828 29th St

      APARTMENT HOUSE (5+ UNITS) • 3,472 SF
      828 29th St, Omaha, NE 68105-2243
      View Details
    • Value Estimation
      $355,000
      4,512 SF

      1039 Park Ave

      APARTMENT HOUSE (5+ UNITS) • 4,512 SF
      1039 Park Ave, Omaha, NE 68105-6943
      View Details
    • Value Estimation
      $315,000
      3,109 SF

      3518 Dewey Ave

      APARTMENT HOUSE (5+ UNITS) • 3,109 SF
      3518 Dewey Ave, Omaha, NE 68105-1385
      View Details
    • Value Estimation
      $350,000
      7,380 SF

      1136 Park Ave

      APARTMENT HOUSE (5+ UNITS) • 7,380 SF
      1136 Park Ave, Omaha, NE 68105-2230
      View Details
    • Value Estimation
      $420,000
      3,472 SF

      3208 Marcy St

      APARTMENT HOUSE (5+ UNITS) • 3,472 SF
      3208 Marcy St, Omaha, NE 68105-6990
      View Details

    Similar Nearby for Sale

    • $399,000

      Historic Field Club Multi-Family

      Well-maintained five-unit property in the heart of Field Club.
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    • $400,000

      Omaha Multi-Family Investment Opportunity

      Seven-unit property near parks, schools, and Field Club area.
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    • $7,895,000
      1.66 Acres

      Copperleaf Apartments: Omaha, NE

      87-Unit Apartment Building, Excellent ROI
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    • $459,900
      2,218 SF

      Renovated Condo Near Midtown

      Sophisticated 4-bed, 3.5-bath condo with modern design and updates.
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    • $530,000
      0.13 Acres

      Omaha Multi-Family Investment Opportunity

      Cash-flowing 6-unit apartment building near transportation and shopping.
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      View Details
    • $525,000

      Updated Four-Unit Multifamily Property

      Fully leased, updated four-unit property near Omaha's new streetcar line.
      3155 Jackson St, Omaha, NE 68105
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,574 SF

      Mixed-Use Space For Rent

      Mixed-use property with retail, office, and residential spaces available.
      5319 N 30Th St, Omaha, NE 68105
      View Details
    • $10 SF/Yr
      8,251 SF

      Omaha Office Space: 3,970 SF Available

      Renovated Office Space, Great Location
      2132 42Nd St, Omaha, NE 68105
      View Details
    • $5 SF/Yr
      61,392 SF

      Anchor Tenant Opportunity in Omaha

      High-traffic shopping center space ideal for retailer, gym, or church.
      7402 N 30Th St, Omaha, NE 68105
      View Details
    • $1,700,000
      15,860 SF

      Omaha Flex Building Near Interstate

      Flex building with immediate interstate access available for sale/lease.
      1331 Park Ave, Omaha, NE 68105
      View Details
    • $13 SF/Yr
      2,400 SF

      Retail Space Ready For Rent

      Move-in ready retail space with ample parking and signage.
      7410-7446 N 30Th St, Omaha, NE 68105
      View Details
    • $3,375,000
      2,050 SF

      Versatile Professional Office Space

      Meticulously designed office space filled with natural light.
      2566 Leavenworth St, Omaha, NE 68105
      View Details
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    1015 38th Ave
    Omaha, NE 68105-1874
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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