1240 S 10TH ST Omaha NE 68108-3659

Walk to the burgeoning S 13th St area of Little Bohemia for dinner, coffee, shopping, and drinks. Live music venues, unique dining options, and locally owned downtown shopping options are walkable in every direction from the Sorento Apartments. The Old Market is seven blocks to the north, Little Bohemia (Archetype, Dog Bar, and Lumen Brewing) are three blocks to the west, Orsi’s Pizza and Olsen’s Donuts are a few blocks east and south. There isn’t a better location in downtown Omaha poised for the vibrant redevelopment that is underway than the Sorrento Apartments.

Attention 1031 buyers and investors looking to build their portfolio in Omaha's historic and vibrant Little Italy / Little Bohemia neighborhoods. This 26 unit apartment building has desirable studio and one bedroom apartments with abundant character, ideal employment and transportation options, and numerous dining and bar options within walking distance. Off-street parking and a welcoming and comfortable building design help to keep this property full.

Trailing 12 month NOI is $138,312.

Buyer can bring new debt to the property or can assume existing Freddie Mac SBL debt of approximately $1.1M structured at 3.6% interest, 5+ year lock remaining, 30 year amortization and administered by CBRE. Loan contract and contact at CBRE available with acceptable LOI.

Additional Building Details:

Over $500,000 in capex invested during current ownership management. Many units feature original hardwood flooring and classic tile, preserving the mansion's charm, while others have been updated with LVP flooring and modern tile. Residents enjoy the convenience of on-site laundry facilities on each floor, 17 off-street parking spaces, and the comfort of forced air heat.

Recent upgrades include unit updates and unit renovations, 100% new roof and new exterior paint. Eligible for state historic tax credits, this property not only offers a unique living experience but also presents a compelling investment opportunity. New LVP in hallways installed in 2025. New furnace and water heater in 2024. New water line coming in ‘25/’26.

Please review the available rent roll and T12 and attend one of the upcoming open houses to learn more about this property. Listing broker has equity.