3025 38Th St Omaha, NE 68111

Property Details for 3025 38Th St

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 31-unit multifamily portfolio in Omaha, Nebraska, encompassing two properties: a 27-unit building at 3025 Meredith Ave and a four-unit building at 4738 N 38th St, both located in the 68111 zip code. The portfolio is offered at $1,850,000, representing a price per unit of $59,677.42. The 27-unit building, constructed in the 1960s, features primarily one-bedroom units, with 11 recently renovated units currently renting for $800 per month. The four-unit building consists of three one-bedroom/one-bath units and one two-bedroom/one-bath unit, generating a monthly income of $2,912, with tenants contributing to utility costs. The properties boast desirable amenities including off-street parking, a laundry room, a property management office, and a fully integrated security system. Significant value-add potential exists through further renovations and leveraging an assignable insurance claim. The properties benefit from a brick exterior, a strong pro forma NOI of $146,318, and a 7.9% cap rate. The location within a well-established residential neighborhood offers proximity to parks, schools, and public transportation, and is supported by ongoing revitalization efforts. Government programs are actively supporting exterior renovations, further enhancing the investment's appeal. This portfolio presents a compelling opportunity for investors seeking a value-add project with substantial potential for increased profitability. The existing cash flow, combined with the potential for rent increases to market rates of $800 per unit and the inclusion of an assignable insurance claim, makes this a highly attractive investment.

Location Insight

City

Omaha

County

Douglas

State

Nebraska

Longitude

-95.95775528302

Latitude

41.300250226502