3344-3348 Larimore Ave 8 Unit Apartment Building $630,000 ($78,750/Unit) 7.29% Cap Rate Omaha, NE 68111

Lee & Associates Nebraska is pleased to present the opportunity to acquire 3344 Larimore Ave, an 8-unit multifamily property located in Omaha, Nebraska.? The property offers a rare combination of strong in-place cash flow, extensive recent renovations, and additional upside potential, making it an ideal opportunity for an owner-operator, entry-level multifamily investor, or experienced local owner seeking a stable workforce housing asset.?
The property is currently 100% occupied and consists entirely of large two-bedroom units averaging approximately 1,000 square feet, providing tenants with functional layouts that support long-term occupancy and stable rental demand.? Ownership has completed significant capital improvements throughout the property, including updates to HVAC systems, plumbing, electrical, windows, roofing, and interior finishes, helping minimize near-term maintenance costs for new ownership.?
Current rents remain below market compared to renovated comparable properties in the area, creating a clear path for future rent growth while maintaining affordability within the Omaha workforce housing market.? With a current cap rate of 7.29% and a projected pro forma cap rate exceeding 10%, the asset provides investors with both immediate income and future operational upside.?
Additionally, the property is being offered at a basis significantly below recent comparable sales in the market on both a per-unit and per-square-foot basis, creating an attractive entry point for investors looking to acquire a renovated multifamily asset with long-term cash flow potential.?
?Major building systems have already been upgraded, including HVAC, plumbing, electrical, windows, roofing, and interior finishes—significantly reducing near-term maintenance requirements and capital expenditure risk for new ownership.
?Current average rents of approximately $883 per unit remain below market, providing a clear path to increase rents toward the projected $1,100 per unit pro forma level with minimal additional renovation investment.
?The property offers strong day-one cash flow with a 7.29% current cap rate and the potential to achieve a 10.23% pro forma cap rate through operational optimization and rent increases.
?Offered at just $78,750 per unit and $78.75 per square foot, the asset is priced substantially below recent comparable multifamily sales in the market, providing investors with strong value relative to replacement cost and recent market transactions.
?The property features oversized 1,000-square-foot two-bedroom units and is currently 100% occupied, supporting tenant retention, durable workforce housing demand, and long-term operational stability.