945 F St Geneva, NE 68361-2542

Property Details for 945 F St

Year built

1996

Lot size

0.41 lot acres

Property size

7,920 SF

Zone code

03-COMMERCIAL

Property type

Commercial real estate

APN

300010990

APU

300010990

Description

This turnkey 10-unit apartment building in Geneva, Nebraska presents a compelling value-add investment opportunity. Located at 945 F St, this single-story complex, built in 1996, boasts 7,920 square feet on a 0.406-acre lot and offers ample parking with 20 spaces. The property currently enjoys 100% occupancy with a waiting list, featuring a mix of seven two-bedroom and three one-bedroom units. Recent capital improvements include a new roof (2018) and foundation repair (2022/2023), with three units already remodeled, offering potential for further value enhancement in the remaining units. The property's prime location, one block from downtown Geneva, provides easy access to local amenities, including restaurants, shopping, and a farmers market. Geneva's strong population growth and high housing demand, coupled with its stable economy and low property taxes, contribute to a favorable investment climate. The current Net Operating Income (NOI) is $39,541, resulting in a 5.27% cap rate, with a pro-forma cap rate of 6.60%. All tenants are on current leases with automatic rent increases, presenting an opportunity to further increase rental income to market value. The property is conveniently located approximately 20 minutes from Interstate 80. This well-maintained complex offers a blend of immediate income and long-term appreciation potential in a thriving Nebraska community.

Location Insight

City

Geneva

County

Fillmore

State

Nebraska

Longitude

-97.6015

Latitude

40.524

Property Tax & Assessments