421 Capitol Beach Blvd · Lincoln, NE 68528

$1,295,000

3 bd · 3.0 ba · 8,602 sqft · MultiFamily public records · 13 Days on market

Built 1974 0.44 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

13-unit value-add multifamily investment opportunity near Capitol Beach and downtown Lincoln. Unit mix consists of six 1-bedroom units, six 2-bedroom units, and one efficiency unit. Three vacant units provide immediate lease-up opportunity and upside potential. All units are all-electric with tenants responsible for electric service. Ownership pays water, sewer, and trash. Features include 22 off-street parking spaces, on-site laundry, storage units, slab-on-grade construction, and six zero-entry units. Majority month-to-month leases provide flexibility for repositioning rents to market levels. A landlord-managed Allo Internet program is in place and provides additional owner income. Offere

Key facts

• Storage units
• Near capitol beach
• On-site laundry

Tags

• NEAR CAPITOL BEACH
• NEAR DOWNTOWN LINCOLN
• IMMEDIATE LEASE-UP OPPORTUNITY
• 22 OFF-STREET PARKING SPACES
• ON-SITE LAUNDRY
• STORAGE UNITS

Property features AI

Finance

• Financial info: Residential income with 13 total units

Exterior

• Parking: Off-street parking; Total of 22 parking spaces; No attached garage
• Utilities: Public water; Public sewer; 13 electrical meters; 2 gas meters
• Home design: Residential income property (multi-family); Not new / not a model; One building with multiple units; Built in 1974; Entry level accessible
• Construction: Brick/other exterior construction; Slab foundation
• Exterior features: Zero-step entry; Level lot; Lot over 1/4 up to 1/2 acre

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 3 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Multiple A/C units (12)
• Interior features: Zero-step entry; Exterior and interior accessibility features
• Laundry & utility: On-site laundry facilities

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $1.29M.

Deal economics

• At list price, monthly cash flow is $6k ($72k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.29M).
• Cap rate 11.9% vs local median 3.0% in Lincoln — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 85/100 on livability (#5 in NE, #545 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+.
• Lincoln Public Schools (urban): math 50% / reading 53% proficiency, ranked #59 of 111 in NE (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lakeview Elementary School (math 32% / reading 37%, grade F, #390 of 502 statewide, top 80%, 388 students, 75% FRL); Park Middle School (math 37% / reading 37%, grade F, #99 of 128 statewide, top 79%, 834 students, 68% FRL); Northwest High School (499 students, 52% FRL) — zoned schools average 65% FRL vs 37% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 52% district-wide (-16 pts) — the specific schools serving this property underperform the Lincoln Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: 43 active listings in the ZIP; solid renter incomes; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• At $18,098/mo this rent would consume 287% of the median local household income ($76k/yr) (locally 225% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $363k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $900k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $1,295,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 11.85%
• Cash-on-cash: 19.86%
• DSCR: 1.88
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.47×
• Total profit: $172,177
• Equity at exit: $193,089

10-year hold

• IRR: 20.9%
• Equity multiple: 2.77×
• Total profit: $641,491
• Equity at exit: $111,968

Cash invested: $362,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Nebraska: 83 Strongly Landlord-Friendly · R+13
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; moderate court pace.

Methodology + full state rankings →

ZIP-level market 68528

• Home prices YoY: -34.8%
• Active inventory: 43
• Price-to-rent: 86.9×

Monthly cashflow live

• Estimated rent: $18,098 medium
• Mortgage (P&I): −$6,791
• Tax from tax record: −$967 /mo · $11,599/yr
• Insurance: −$540
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,801
• Net cashflow: $6,000

Break-even live

Break-even rent $10,503

Max offer price $1,295,000

Occupancy floor 62%

13-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$7,452
▸ 6× units	2	1	$9,324
1× unit	0	1	$1,324
Total (13 units)			$18,098

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $323,750
• Closing costs: $38,850
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $1,295,000 Active 13 DOM
2. 2026-06-17
   days on market $1,295,000 Active 12 DOM
3. 2026-06-16
   days on market $1,295,000 Active 11 DOM
4. 2026-06-15
   days on market $1,295,000 Active 10 DOM
5. 2026-06-14
   days on market $1,295,000 Active 8 DOM
6. 2026-06-10
   statusdays on market $1,295,000 Active 5 DOM
7. 2026-06-09
   days on market $1,295,000 New 4 DOM
8. 2026-06-08
   days on market $1,295,000 New 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $1,295,000 New 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NE · Resets to sale price

• Current annual tax: $11,599 · $967/mo
• Projected year-2 tax: $22,404 · $1,867/mo
• Expected delta: +$10,804/yr (+$900/mo · 93.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $217,176
• − Mortgage interest: −$72,540
• − Property taxes: −$11,599
• − Insurance: −$6,475
• − Repairs & maintenance: −$17,374
• − Management: −$17,374
• − Depreciation: −$37,673
• Taxable income: $54,141
• Est. tax owed @ 24.0%: −$12,994
• After-tax cash flow: $59,008/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lincoln Public Schools
• NCES district ID: 3172840
• Math proficiency: 50% ▼ -6.00%
• Reading proficiency: 53% ▼ -3.00%
• Median HH income: $50,273
• Composite: 44.05/100
• National rank: #2880
• State rank: #59 of 111 in NE

Livability — Lincoln

• Score: 85/100
• State rank: #5
• US rank: #545

Category grades

Amenities A+ Commute A- Cost of living A+ Crime D+ Employment B- Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lincoln, NE
• County: Lancaster County · 291,509 people
• City population: 291,509
• Metro: Lincoln, NE
• Population (ZIP): 7,273
• Household income: $75,740
• Rent vs Own: 44.9% rent · 55.1% own
• Severe rent burden: 225.0

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 352,806 people
• By 2030: 377,899 · +7.1%
• By 2040: 428,582 · +21.5%
• By 2050: 483,103 · +36.9%
• By 2075: 632,390 · +79.2%
• By 2100: 759,513 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 10% Two or more races 6% Asian 5% Black 5%
• Hispanic origin (detail): Mexican 6% Cuban 2%
• Common ancestry: Slovak 3% Romanian 3% Iranian 2%
• Foreign-born: 9% · Vietnam, Canada, China
• Languages at home: 87% English-only · Spanish 4% Russian/Polish/Slavic 2% Vietnamese 2%

Political lean MEDSL · Lancaster

• 2024 margin: Toss-up / Even · D 51.4% · R 47.1% · Other 1.5%
• 2008→2024 swing: -0.7pp no change · 2008: 5.0pp · 2024: 4.3pp
• All cycles: 2024: D+4.3 2020: D+7.8 2016: D+0.1 2012: R+1.0 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.10%
• Current HPI: 235.7901
• Rent YoY: —
• Metro: Lincoln, NE
• State GDP YoY: ▲ 0.68%
• F500 in state: 2

Industry mix (Fortune 500 HQ in NE)

Industry	F500 HQs	Revenue
▸Conglomerate	1	$371B

Price history

+164.3% since first listed

3 events — show timeline

• 2026-05-04 Listed $1,295,000 GPRMLS
• 2025-07-31 Sold (Public Records) $900,000 Public Records
• 2012-01-27 Sold (Public Records) $490,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $11,599 · -3.3% YoY. Source: county tax records.