3025 Meredith Ave & 4738 North 38th Street

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Address: 3025 Meredith Ave, Omaha, NE 68111, USA

Chicago & Midwest + Apartment Buildings

Created date: August 22, 2024

Date last updated: August 28, 2024

Brick exterior
7.9 Cap
Profoma NOI $146,318
1960’s built
Security system
Value-add opportunity
Off street parking
Tenants pay electricity

Property Description

Lee & Associates presents two value-add opportunities: a 27-unit multifamily property located at 3025 Meredith Ave, Omaha, NE 68111, and a neighboring fourplex. Both properties are currently cash-flowing with the potential for increased profitability. The 27-unit building, dating back to the 1960s, consists mostly of one-bedroom units, with recent renovations in 11 units achieving rents of $800 per month. The fourplex at 4738 N 38th St, Omaha, NE 68111, includes three one-bedroom, one-bath units and one two-bedroom, one-bath unit, generating $2,912 per month, with tenants contributing to utility costs. There is room to improve the asset value, making it a strong complement to the Meredith Avenue property. This package includes amenities like off-street parking, a laundry room, a property management office, and a fully integrated security system. This investment offers potential for further renovations and value appreciation, especially with government-supported exterior updates and an assignable insurance claim. The properties are located in a well-established residential neighborhood with access to parks, schools, and public transportation, benefiting from ongoing revitalization efforts.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$1,850,000
No. of Units:	31
Year Built:	1960
Opportunity Zone:	No
Price per unit:	$59,677
Property Website	Click Here