3344 Larimore Ave
Multifamily | 7.29% CAP | 8 Units
Marketing description
Lee & Associates Nebraska is pleased to present the opportunity to acquire 3344 Larimore Ave, an 8-unit multifamily property located in Omaha, Nebraska. The property offers a rare combination of strong in-place cash flow, extensive recent renovations, and additional upside potential, making it an ideal opportunity for an owner-operator, entry-level multifamily investor, or experienced local owner seeking a stable workforce housing asset.
The property is currently 100% occupied and consists entirely of large two-bedroom units averaging approximately 1,000 square feet, providing tenants with functional layouts that support long-term occupancy and stable rental demand. Ownership has completed significant capital improvements throughout the property, including updates to HVAC systems, plumbing, electrical, windows, roofing, and interior finishes, helping minimize near-term maintenance costs for new ownership.
Current rents remain below market compared to renovated comparable properties in the area, creating a clear path for future rent growth while maintaining affordability within the Omaha workforce housing market. With a current cap rate of 7.29% and a projected pro forma cap rate exceeding 10%, the asset provides investors with both immediate income and future operational upside.
Additionally, the property is being offered at a basis significantly below recent comparable sales in the market on both a per-unit and per-square-foot basis, creating an attractive entry point for investors looking to acquire a renovated multifamily asset with long-term cash flow potential.
Investment highlights
- Major building systems have already been upgraded, including HVAC, plumbing, electrical, windows, roofing, and interior finishes—significantly reducing near-term maintenance requirements and capital expenditure risk for new ownership.
- Current average rents of approximately $883 per unit remain below market, providing a clear path to increase rents toward the projected $1,100 per unit pro forma level with minimal additional renovation investment.
- The property offers strong day-one cash flow with a 7.29% current cap rate and the potential to achieve a 10.23% pro forma cap rate through operational optimization and rent increases.
- Offered at just $78,750 per unit and $78.75 per square foot, the asset is priced substantially below recent comparable multifamily sales in the market, providing investors with strong value relative to replacement cost and recent market transactions.
- The property features oversized 1,000-square-foot two-bedroom units and is currently 100% occupied, supporting tenant retention, durable workforce housing demand, and long-term operational stability.
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