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1001 N 29th St 12 Unit Apartment Building $850,000 ($70,833/Unit) Omaha, NE 68131
Investment Highlights
- Townhome-style private entries create a distinct leasing advantage over common-hallway competitors.
- Major systems modernized. 8 of 12 water heaters and 6 of 12 A/C handlers replaced in the last decade. Updated windows and electrical panels.
- Remaining 6 “classic” units provide immediate revenue enhancement potential.
- Balanced mix of (6) 1-Bedroom and (6) 2-Bedroom residences.
- 6 units fully upgraded, establishing the rent ceiling and proving the business plan.
Executive Summary
Lee & Associates is pleased to present the opportunity to acquire a 12-unit, vintage all-brick apartment community located in Omaha, Nebraska. The Property features a highly desirable unit mix of (6) 2BR/1BA and (6) 1BR/1BA residences, with a differentiated private-entry / townhome-style configuration that appeals to a broad renter base.
The asset has benefited from meaningful capital investment over the past 10–15 years, including electrical and plumbing updates, exterior improvements, and partial interior renovations. Six (6) of twelve (12) units have been fully upgraded, providing an immediate runway to complete the remaining interiors and capture additional rent growth.
The Property is currently operating at a $45,908.33 NOI, with a clear, realistic path to improved cash flow through rent-to-market execution and expense optimization, including the ability to shift utilities to tenant-direct payment where applicable. A stabilized underwriting scenario indicates NOI upside to $72,342, supporting an approximate $1,033,457 value at a 7.00% cap rate.
The asset has benefited from meaningful capital investment over the past 10–15 years, including electrical and plumbing updates, exterior improvements, and partial interior renovations. Six (6) of twelve (12) units have been fully upgraded, providing an immediate runway to complete the remaining interiors and capture additional rent growth.
The Property is currently operating at a $45,908.33 NOI, with a clear, realistic path to improved cash flow through rent-to-market execution and expense optimization, including the ability to shift utilities to tenant-direct payment where applicable. A stabilized underwriting scenario indicates NOI upside to $72,342, supporting an approximate $1,033,457 value at a 7.00% cap rate.
Property Facts
| Price | $850,000 | Building Class | C |
| Price Per Unit | $70,833 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 9,276 SF |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1890/2010 |
| Property Subtype | Apartment | Parking Ratio | 1.62/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | R7 - Residential | ||
| Price | $850,000 |
| Price Per Unit | $70,833 |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 9,276 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1890/2010 |
| Parking Ratio | 1.62/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R7 - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 680 |
| 2+1 | 6 | - | 775 |
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Property Taxes
| Parcel Number | 2868-0000-05 | Improvements Assessment | $332,800 |
| Land Assessment | $38,300 | Total Assessment | $371,100 |
Property Taxes
Parcel Number
2868-0000-05
Land Assessment
$38,300
Improvements Assessment
$332,800
Total Assessment
$371,100
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1001 N 29th St
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