Capitol City Villas 2 Properties Offered at $6,200,000 in Lincoln, NE

Built in 1963, the property has undergone selective modernization with 32 units in active renovation cycles, positioning the asset to capitalize on Lincoln's sustained demand for updated multifamily housing. The combination of core location, strong demographic support, and planned capital improvements creates compelling opportunities for investors seeking rent growth and portfolio stability in a regional Nebraska market experiencing limited new supply. The subject property benefits from proximity to the University of Nebraska-Lincoln campus, the Nebraska State Capitol complex, and robust employment centers, capturing demand from university staff, state employees, and service workers. With 97% occupancy and rents below recent Lincoln market comparable sales, the property presents clear rent-growth trajectory aligned with market fundamentals.
Recent Financial Performance
Annualized Net Operating Income: $303,497 (based on last 3 months)
The property demonstrates a remarkable 137.8% increase in NOI compared to earlier operational periods, driven by strategic expense management and revenue optimization. The last three months of operations (November 2025 - January 2026) represent stabilized, repeatable performance with:
• Average monthly NOI of $25,291
• Gross operating income of $683,258 annualized
• Operating expense ratio of 55.6% (industry-competitive)
• Consistent monthly performance demonstrating operational stability
Operational Excellence
The property has successfully transitioned through lease-up and initial stabilization phases, now operating with:
• Reduced Administrative Costs: CAM expenses reduced from $21,052 to $13,765 monthly, representing $87,444 in annual savings
• Revenue Growth: 2.8% income growth with reduced concessions and stabilized occupancy
• Efficient Operations: 29.2% reduction in total operating expenses year-over-year