1328 E St · Lincoln, NE 68508

$1,820,000

None bd · None ba · 16,862 sqft · MultiFamily public records · 89 Days on market

Built 1964

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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 +26.5/30.0
• Appreciation +9.7/10.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0

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 MLS

Incredibly well built 29 plex. All 1 bedroom and 1 bathroom units. All are currently leased and bringing in over $18,000 per month. Opportunity for rental increases and revenue increases with 12 parking spots in back and coin operated laundry. Super solid concrete block walls in between the units for safety and privacy. This is built like a fortress! Recent updates totaling over $100,000 include new exterior stairs, retaining wall and some updated electrical. It also has a newer roof! Buildings are connected and sell as a package. Address 1328 E consists of 14 units and 1336 E consists of 15 units. One utility bill for tenants - just electricity. Owner pays for gas for the hot water heaters, house electric and garbage.

Key facts

• Concrete block walls
• New exterior stairs
• 29 plex

Tags

• 29 PLEX
• 12 PARKING SPOTS
• COIN OPERATED LAUNDRY
• CONCRETE BLOCK WALLS
• NEW EXTERIOR STAIRS
• RETAINING WALL

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.82M.

Deal economics

• At list price, monthly cash flow is $5k ($58k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.82M).
• Recommended offer: $1.71M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.
• Market conditions: Rents rising (+1.7%/yr); 47 active listings in the ZIP; lower-income renter base — watch delinquency; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• At $20,813/mo this rent would consume 801% of the median local household income ($31k/yr) (locally 1882% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $182k of equity ($13k loan paydown + $170k appreciation (9.3% local appreciation)).
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (9.3% appreciation + 1.7% rent growth), your $510k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$292k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($1.71M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $538k; list at $1.82M implies a 238% gain — meaningful room to come down on a strong offer.

Recommended offer $1,710,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.14% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.33%
• DSCR: 1.50
• GRM: 7.3

CMA / ARV

• ARV (median comp): $392,102
• List price: $1,820,000
• Delta: 364.17%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

9.31% appreciation · 1.69% rent growth · sell at horizon

5-year hold

• IRR: 30.7%
• Equity multiple: 3.33×
• Total profit: $1,185,281
• Equity at exit: $1,549,231

10-year hold

• IRR: 26.4%
• Equity multiple: 7.24×
• Total profit: $3,177,701
• Equity at exit: $3,249,267

Cash invested: $509,600 (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 68508

• Home prices YoY: 4.1%
• Rents YoY: 1.7%
• Active inventory: 47
• Price-to-rent: 211.3×

Monthly cashflow live

• Estimated rent: $20,813 high
• Mortgage (P&I): −$9,544
• Tax from tax record: −$1,330 /mo · $15,955/yr
• Insurance: −$758
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,371
• Net cashflow: $4,810

Break-even live

Break-even rent $14,724

Max offer price $1,820,000

Occupancy floor 72%

Sensitivity live

Price	-10% $5,840	-5% $5,325	+0% $4,810	+5% $4,295	+10% $3,780
Rent	-10% $3,166	-5% $3,988	+0% $4,810	+5% $5,632	+10% $6,454
Rate	-1.0pp $5,727	-0.5pp $5,273	base $4,810	+0.5pp $4,338	+1.0pp $3,859

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

Units	Beds	Baths	Est. rent
▸ 29× units	1	1	$20,822
Total (29 units)			$20,813

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: $455,000
• Closing costs: $54,600
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $1,820,000 Active 89 DOM
2. 2026-06-18
   days on market $1,820,000 Active 86 DOM
3. 2026-06-17
   days on market $1,820,000 Active 85 DOM
4. 2026-06-16
   days on market $1,820,000 Active 84 DOM
5. 2026-06-15
   days on market $1,820,000 Active 83 DOM
6. 2026-06-14
   days on market $1,820,000 Active 81 DOM
7. 2026-06-10
   days on market $1,820,000 Active 78 DOM
8. 2026-06-09
   days on market $1,820,000 Active 77 DOM
9. 2026-06-08
   days on market $1,820,000 Active 76 DOM
10. 2026-06-07
    days on market $1,820,000 Active 75 DOM
11. 2026-06-05
    days on market $1,820,000 Active 72 DOM
12. 2026-06-03
    days on market $1,820,000 Active 71 DOM
13. 2026-06-02
    days on market $1,820,000 Active 70 DOM
14. 2026-05-31
    days on market $1,820,000 Active 68 DOM
15. 2026-05-30
    days on market $1,820,000 Active 67 DOM
16. 2026-04-28
    status Back On Market 728-char remark

    Show marketing remark (728 chars)

    Incredibly well built 29 plex. All 1 bedroom and 1 bathroom units. All are currently leased and bringing in over $18,000 per month. Opportunity for rental increases and revenue increases with 12 parking spots in back and coin operated laundry. Super solid concrete block walls in between the units for safety and privacy. This is built like a fortress! Recent updates totaling over $100,000 include new exterior stairs, retaining wall and some updated electrical. It also has a newer roof! Buildings are connected and sell as a package. Address 1328 E consists of 14 units and 1336 E consists of 15 units. One utility bill for tenants - just electricity. Owner pays for gas for the hot water heaters, house electric and garbage.

17. 2026-02-19
    status Pending 728-char remark

    Show marketing remark (728 chars)

    Incredibly well built 29 plex. All 1 bedroom and 1 bathroom units. All are currently leased and bringing in over $18,000 per month. Opportunity for rental increases and revenue increases with 12 parking spots in back and coin operated laundry. Super solid concrete block walls in between the units for safety and privacy. This is built like a fortress! Recent updates totaling over $100,000 include new exterior stairs, retaining wall and some updated electrical. It also has a newer roof! Buildings are connected and sell as a package. Address 1328 E consists of 14 units and 1336 E consists of 15 units. One utility bill for tenants - just electricity. Owner pays for gas for the hot water heaters, house electric and garbage.

18. 2026-01-15
    listed $1,820,000 New 728-char remark

    Show marketing remark (728 chars)

    Incredibly well built 29 plex. All 1 bedroom and 1 bathroom units. All are currently leased and bringing in over $18,000 per month. Opportunity for rental increases and revenue increases with 12 parking spots in back and coin operated laundry. Super solid concrete block walls in between the units for safety and privacy. This is built like a fortress! Recent updates totaling over $100,000 include new exterior stairs, retaining wall and some updated electrical. It also has a newer roof! Buildings are connected and sell as a package. Address 1328 E consists of 14 units and 1336 E consists of 15 units. One utility bill for tenants - just electricity. Owner pays for gas for the hot water heaters, house electric and garbage.

19. 2023-04-19
    historical
20. 2023-04-15
    status Back On Market
21. 2023-04-06
    status Pending
22. 2023-03-05
    status Back On Market
23. 2022-12-07
    historical
24. 2022-12-07
    listed $1,700,000
25. 2022-10-16
    historical
26. 2022-09-07
    price $1,800,000
27. 2022-08-15
    listed $1,900,000 Active - New
28. 2005-01-11
    soldstatus $538,000

ⓘ 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: $15,955 · $1,330/mo
• Projected year-2 tax: $31,486 · $2,624/mo
• Expected delta: +$15,531/yr (+$1,294/mo · 97.3%)

ⓘ 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 4/10 Moderate 7 d/yr ≥104°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: $249,756
• − Mortgage interest: −$101,948
• − Property taxes: −$15,955
• − Insurance: −$9,100
• − Repairs & maintenance: −$19,980
• − Management: −$19,980
• − Depreciation: −$52,945
• Taxable income: $29,846
• Est. tax owed @ 24.0%: −$7,163
• After-tax cash flow: $50,558/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): 18,163
• Household income: $31,191
• Rent vs Own: 91.5% rent · 8.5% own
• Severe rent burden: 1882.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Two or more races 7% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 3% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 10% · Canada, China, Philippines
• Languages at home: 84% English-only · Spanish 8% Other Asian/Pacific 2% Chinese 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: ▲ 9.31%
• Current HPI: 238.2553
• Rent YoY: ▲ 1.69%
• 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

+238.3% since first listed

13 events — show timeline

• 2026-04-28 Relisted — GPRMLS
• 2026-02-19 Pending — GPRMLS
• 2026-01-15 Listed $1,820,000 GPRMLS
• 2023-04-19 Listing Removed — GPRMLS
• 2023-04-15 Relisted — GPRMLS
• 2023-04-06 Pending — GPRMLS
• 2023-03-05 Relisted — GPRMLS
• 2022-12-07 Listed $1,700,000 GPRMLS
• 2022-12-07 Listing Removed — GPRMLS
• 2022-10-16 Listing Removed — GPRMLS
• 2022-09-07 Price Changed $1,800,000 GPRMLS
• 2022-08-15 Listed $1,900,000 GPRMLS
• 2005-01-11 Sold (Public Records) $538,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $15,955 · -3.3% YoY. Source: county tax records.