Rare 20 Plex Opportunity Near Downtown Lincoln!

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30575673
Property Subtypes: Mid-Rise
Status: Pending
Number of Units: 20 Units
Building Size (RSF): 14,580 SF
Gross Land Area: 20,803 SF
Sale Price: $1,275,000
Unit Price: $63,750 Per Unit
Property Use Type: Investment
Building Name: 1215 A Street
Usable Size (USF): 14,580 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Last Updated: 3/4/2020

Overview / Comments

Great investment property in a hot rental market! Opportunity for a new owner as rents are below market. Current owner desires lower turnover and full occupancy. This 20 plex is in between 12 and 13th street on “A” and is mostly brick. 12 - 2bd/1ba (768 Sq Ft) and 8 1bd/1ba (648 Sq Ft) comprise the unit consistency. The green space on the south side of the building with gazebo and grills creates a nice setting for tenants to enjoy the outdoors. The complex is separately metered for electric and gas. Deferred maintenance addressed! Rework of the stairwells, a new roof, and replacement of several HVAC units have occurred. Additional upgrades include; Water heater replacement, numerous windows replacements, and several new appliance installations. Residents love the location for quick access to all areas of Lincoln. (Due to significant upgrades by owner/insurance companies, maintenance cost IS NOT in given numbers)

Attachments & Media

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $13,619 (Annual)
Tax Value Land $120,000
Tax Value Improvements $592,700
Assessed Value - Total($) $712,700 (Annual)
Potential Rental Income $138,676 (Annual)

Additional Details

Nearest MSA: Lincoln
County: Lancaster
Taxing Authority: Lincoln, Lancaster County, Nebraska
Tax ID/APN: 10-35-205-003-000
Zoning: R-6
Percent Occupied: 95%
Property Located Between: 12th and 13th Street on A
Airports: Lincoln Airport
Site Description: A large 20 plex with quick access to downtown and the University.
Area Description: Lincoln is a booming town about ready to cross over the critical 300,000 Population Mark
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1973
Year Renovated: 2019
Roof Type: Mansard
Construction/Siding: Brick
Exterior Description: A Solid brick building with concrete foundation. Reworked staircases and new roof in 2018. A gazebo for outdoor enjoyment with 20 parking spaces fills out the land. Brick and Lapboard make up walls (Lapboard Not an Option in Menu)
Parking Ratio: 1.4 (per 1000 SF)
Parking Type: Surface
Parking Description: 20 Parking Spaces...1 for each unit. Street parking for additional tenants.
Total Parking Spaces: 20
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Central
Fuel: Electric
Air Conditioning: Engineered System, Other
Internet Access: Cable, Fiber Optic
Interior Description: Separately Metered for electric and gas. Each apartment has their own heating and cooling unit. 15+ new windows and numerous upgraded appliances and flooring. 768 Sq Feet is 2 bedroom size. 648 Sq Feet is 1 Bedroom size.
Zoning Description: R-6
Water Service: Municipal
Sewer Type: Municipal
Easements: Pipelines, Electric Lines, Ingress/Egress, Utilities
Easements Description: Backs up to Alley used for multiple buildings. Common utility easements
Land Ownership: Included
Legal Description: Dawsons Addition to South Lincoln, Block 42, Lot 3, W46' & Lots 4&5

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,365 122,427 247,158
Median Age: 30.94 31.28 34.35
Households: 11,030 49,108 99,101
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