Multi-Family For Sale

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30397650
Property Subtypes: Duplex/Fourplex, Mixed Use
Status: Pending
Number of Units: 5 Units
Building Size (RSF): 6,676 SF
Gross Land Area: 14,200 SF
Sale Price: $375,000
Unit Price: $75,000 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Building Name: Weil Mansion
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/26/2019

Overview / Comments

There are two homes on a 14,200' lot in this unusual package. 1149 is the Morris Weil Mansion, constructed by one of the founders of the National Bank of Commerce in 1903-04. The second home at 1143 S 17th was constructed in the following decade for the Weils' son, Carl, and is a smaller replica of the parents' home. The Weil Mansion was described in the Lincoln newspaper at the time as constructed in the Neo Classical Revival style, and comparing favorably to Fairview, which was William Jennings Bryan's new home. The Weil is in remarkable condition, with nearly all of its original trim, paneling, pocket doors, and fireplaces having been carefully maintained. The first floor includes a massive living room with a remarkable fireplace, a library, a formal dining room, the kitchen, and a two fixture bath. The stairway is majestic, and leads to three apartments on the second floor. The home was used as a bed and breakfast for years, and each apartment has a modern bath with a jetted tub as a result. The third floor has been finished into a large modern one bedroom apartment, and is awash in character. The basement has basic finish in some areas, and appears very sound. The mechanical systems and electrical have been updated in most areas.
1143, the smaller home, is in need of complete renovation. It has been converted to a duplex, but still retains the original carriage house in back. The Weil has been used as an off campus meeting area recently, but would accommodate many other types of use, as well as being a spectacular residence.

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $7,522 (Annual)

Additional Details

Nearest MSA: Lincoln
County: Lancaster
Taxing Authority: Lancaster County
Tax ID/APN: 10-25-319-014-000 & 10-25-319-015-000
Zoning: R6
Percent Occupied: 25%
Property Located Between: C & D Streets
Highway Access: Highway 6, 34, 77, I-80
Airports: Lincoln Municipal
Total Number of Buildings: 2
Property Condition: Average
Number of Stories: 3
Year Built: 1902
Year Renovated: 1990
Roof Type: Gable
Construction/Siding: Wood Frame
Parking Type: Structure, Surface
Total Parking Spaces: 8
Laundry: Shared
Heat Type: Natural Gas, Other
Heat Source: Central
Fuel: Gas
Air Conditioning: Engineered System
Internet Access: Cable
Zoning Description: R6 - Multiple Uses
Lot Frontage: 142
Lot Depth: 100
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: Standard utilities
Land Ownership: Fee Simple
Legal Description: Lincoln Oridinal, Block 213, Lot 11 - 12, S 92' N 50'

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,862 123,796 247,334
Median Age: 31.52 31.51 34.34
Households: 11,799 49,700 99,337

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