7810 Blondo St, Omaha, NE 68134

Lee & Associates is pleased to present Lepuy Apartments, a 35-unit, all one-bedroom workforce community in the heart of Omaha's established Benson Gardens corridor, offered at $2,200,000, or just $62,857 per unit and $88.70 per square foot. That is a meaningful discount to the recent Omaha multifamily comp set, which averaged roughly $83,500 per unit. Set on nearly an acre and built in 1972, the single masonry building offers 35 identical 700-square-foot units that rent larger than most competing one-bedrooms in the submarket, an off-street parking field, community laundry, and a RUBS structure that already recovers the bulk of utility cost from residents.

What makes Lepuy compelling is the gap between what the property earns today and what it is plainly capable of earning. In-place rents average roughly $666 per month against a market-supported pro forma of $800, and five of the 35 units sit vacant. That vacancy is not for lack of demand; it is because the asset has been run without professional marketing, signage, or institutional expense discipline. That under-management is the opportunity. The income to close the gap is effectively already in the market: comparable one-bedrooms lease for an average of $812, and an experienced operator can lease up the vacant units, mark rents to market as units turn, and compress an inflated 58% expense ratio toward the mid-40s. Doing so lifts net operating income from approximately $137,700 in place to roughly $209,500 stabilized, moving the going-in 6.26% cap rate to a stabilized yield-on-cost near 9.7%.

Just as important is what the new owner won't have to spend. Recent ownership investment includes a fresh flat-roof coating completed in 2025, newer water heaters and HVAC throughout, and updated windows across the majority of units, so the major building systems are already addressed and the value creation here is operational rather than capital-intensive. Positioned three minute from Maple Street and Dodge Street, walkable to grocery, dining, schools, and transit, and within five miles of Omaha's largest employers, Lepuy offers a rare combination for a long-term investor: a below-market basis, a clean physical plant, durable workforce-housing demand, and a value-add thesis driven by management rather than renovation risk.