121 S 25th St · Omaha, NE 68131

$2,695,000

None bd · None ba · — sqft · MultiFamily · 263 Days on market

Built 1920 Good condition 0.56 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 +9.4/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +3.5/5.0
• Schools +2.1/10.0
• 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 MLS

Fifth Avenue Apartments | 121 S 25th St, Omaha, NE 68131 Class C mid-rise (1920/1987 conversion) | 31 units (4 studios, 16 1-beds, 10 2-beds, 1 3-bed) | 43 parking stalls | 0.56 acres Rentable area: 16,130 SF | Gross area: 22,746 SF Roof & gutters replaced 2022 | Major systems updated 1987 | 14 units renovated in past 4 yrs (LVP flooring, lighting, modern kitchens/baths) Safety: exit signage, exterior fire escape, fire alarm, pull stations, hardwired smokes Elevator pump motor (2022) & starter (2025) replaced | 19+ HVAC systems replaced past 3 yrs | ADA phone added 2022 | some updated hallways Built 1916 | Former hospital (1916–22) & hotel (1928–84) | Converted to apartments 1987 Includes parcels: 2504 & 2424 Douglas St The Omaha-Council Bluffs-MSA boasts one of the nation’s lowest unemployment rates at 3.4% as of July 2025, supported by a long track record of consistent economic expansion and population growth. Occupancy rate: ~ 97% Capitalization rate: 6.48%

Key facts

• Ada phone added
• 14 units renovated
• 0.56 acre lot

Tags

• ROOF GUTTERS REPLACED
• MAJOR SYSTEMS UPDATED
• 14 UNITS RENOVATED
• ELEVATOR PUMP MOTOR REPLACED
• HVAC SYSTEMS REPLACED
• ADA PHONE ADDED

What this means for you Summary

Snapshot

• This is a multifamily listed at $2.69M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $12k ($144k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($39k rent vs $2.69M).
• Recommended offer: $2.37M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 3.6% in Omaha — 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 84/100 on livability (#7 in NE, #663 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Omaha Public Schools (urban): math 20% / reading 28% proficiency, ranked #110 of 111 in NE (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.8%/yr); 65 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $38,770/mo this rent would consume 951% of the median local household income ($49k/yr) (locally 1468% 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 $19k of loan paydown is wiped out by about $81k of value loss. Plan a longer hold.
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $755k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 263 days — a 12% lower offer ($2.37M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,371,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 263 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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. Crime grade is F 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?
6. 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.
7. 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.
8. 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: 1.44% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.09%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

• ARV (median comp): $236,810
• List price: $2,695,000
• Delta: 1038.04%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
528 S 26th Ave	0.33mi	6/2.0	2,576	0mo	$220,000	$85	72
519 S 26th Ave	0.30mi	4/2.0	1,556	14mo	$145,000	$93	62
3025 California St	0.64mi	4/2.0	1,654	4mo	$220,000	$133	54
512 S 31 St	0.58mi	6/5.0	—	9mo	$590,000	—	53
2565 Mason St	0.61mi	7/3.0	2,548	8mo	$320,000	$126	52
3005 California St	0.62mi	4/2.0	2,488	11mo	$535,000	$215	49
833 Park Ave	0.67mi	4/4.0	—	12mo	$390,000	—	46
856 S 21st St	0.64mi	4/2.0	1,876	14mo	$187,500	$100	46
138 N 31st Ave	0.62mi	8/5.0	2,311	19mo	$211,000	$91	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.48×
• Total profit: $360,652
• Equity at exit: $401,833

10-year hold

• IRR: 21.5%
• Equity multiple: 2.90×
• Total profit: $1,435,428
• Equity at exit: $233,014

Cash invested: $754,600 (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 68131

• Home prices YoY: -26.3%
• Rents YoY: 3.8%
• Active inventory: 65
• Price-to-rent: 183.2×

Monthly cashflow live

• Estimated rent: $38,770 high
• Mortgage (P&I): −$14,133
• Tax est. 1.5%: −$3,369 /mo · $40,425/yr
• Insurance: −$1,123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,142
• Net cashflow: $12,004

Break-even live

Break-even rent $23,575

Max offer price $2,695,000

Occupancy floor 64%

Sensitivity live

Price	-10% $13,866	-5% $12,935	+0% $12,004	+5% $11,073	+10% $10,141
Rent	-10% $8,941	-5% $10,472	+0% $12,004	+5% $13,535	+10% $15,067
Rate	-1.0pp $13,361	-0.5pp $12,689	base $12,004	+0.5pp $11,305	+1.0pp $10,595

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

Units	Beds	Baths	Est. rent
▸ 4× units	0	0	$4,904
▸ 16× units	1	1	$19,088
▸ 10× units	2	1	$13,180
1× unit	3	1	$1,592
Total (31 units)			$38,770

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: $673,750
• Closing costs: $80,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 S 25th St Omaha, NE	1.0	1.0	450	$1,200	$2.67	13d	1	0.01mi
210 S 24th St Omaha, NE	1.0–3.0	1.0	—	$1,095	—	15d	1	0.06mi
2223 Dodge St Omaha, NE	1.0–2.0	1.0–2.0	904	$2,065	$2.28	4d	50	0.08mi
306 S 24th St Omaha, NE	2.0	2.0	1017	$1,350	$1.33	15d	1	0.12mi
306 S 24th St Unit 204 Omaha, NE	1.0	1.0	535	$1,005	$1.88	25d	1	0.12mi
306 S 24th St Unit 202 Omaha, NE	2.0	2.0	1017	$1,350	$1.33	25d	1	0.12mi
2464 Harney St Unit 51 Omaha, NE	1.0	1.0	600	$795	$1.32	4d	1	0.13mi
2464 Harney St Unit 7 Omaha, NE	1.0	1.0	600	$800	$1.33	4d	1	0.13mi
2464 Harney St Omaha, NE	1.0	1.0	600	$795	$1.32	45d	1	0.13mi
2464 Harney St Unit 31 Omaha, NE	1.0	1.0	600	$755	$1.26	15d	1	0.13mi
2464 Harney St Unit 21 Omaha, NE	2.0	1.0	740	$950	$1.28	25d	1	0.13mi
2100 Douglas St Apt 262 Omaha, NE	1.0	1.0	671	$1,325	$1.97	11d	1	0.17mi
2100 Douglas St Apt 274 Omaha, NE	1.0	1.0	718	$1,420	$1.98	45d	1	0.17mi
2100 Douglas St Unit 362 Omaha, NE	1.0	1.0	671	$1,335	$1.99	11d	1	0.17mi
2100 Douglas St Unit 261 Omaha, NE	1.0	1.0	644	$1,245	$1.93	11d	1	0.17mi
2100 Douglas St Unit 361 Omaha, NE	1.0	1.0	644	$1,255	$1.95	11d	1	0.17mi
2100 Douglas St Unit 270 Omaha, NE	1.0	1.0	671	$1,320	$1.97	11d	1	0.17mi
2100 Douglas St Apt 367 Omaha, NE	1.0	1.0	671	$1,460	$2.18	4d	1	0.17mi
2100 Douglas St Unit 469 Omaha, NE	1.0	1.0	644	$1,265	$1.96	11d	1	0.17mi
2100 Douglas St Unit 470 Omaha, NE	1.0	1.0	671	$1,465	$2.18	20d	1	0.17mi
2100 Douglas St Apt 174 Omaha, NE	1.0	1.0	718	$1,350	$1.88	45d	1	0.17mi
2100 Douglas St Unit 169 Omaha, NE	1.0	1.0	644	$1,170	$1.82	11d	1	0.17mi
2100 Douglas St Unit 162 Omaha, NE	1.0	1.0	671	$1,235	$1.84	11d	1	0.17mi
2100 Douglas St Unit 359 Omaha, NE	2.0	2.0	1145	$2,030	$1.77	45d	1	0.17mi
2100 Douglas St Unit 373 Omaha, NE	1.0	1.0	688	$1,475	$2.14	45d	1	0.17mi
2121 Douglas St Omaha, NE	2.0	1.0	650	$899	$1.38	4d	7	0.18mi
2315 Harney St Omaha, NE	2.0	1.0	—	$1,000	—	45d	1	0.21mi
2222 Davenport St Omaha, NE	1.0	1.0	600	$995	$1.66	13d	2	0.23mi
2323 Howard St Unit HW-521 Omaha, NE	1.0	1.0	559	$1,190	$2.13	4d	1	0.27mi
2323 Howard St Unit HW-501 Omaha, NE	2.0	2.0	1132	$1,905	$1.68	20d	1	0.27mi
2323 Howard St Unit HW-425 Omaha, NE	1.0	1.0	647	$1,285	$1.99	45d	1	0.27mi
324 S 27th Ave Omaha, NE	1.0	1.0	650	$995	$1.53	25d	1	0.28mi
2323 Howard St Unit HW-422 Omaha, NE	1.0	1.0	718	$1,250	$1.74	45d	1	0.28mi
2323 Howard St Unit HW-401 Omaha, NE	2.0	2.0	1132	$1,895	$1.67	20d	1	0.28mi
2323 Howard St Unit HW-615 Omaha, NE	1.0	1.0	660	$1,315	$1.99	25d	1	0.28mi
2211 Howard St Omaha, NE	3.0	1.0–3.0	837	$1,890	$2.26	4d	48	0.30mi
535 S 26th Ave Omaha, NE	1.0	1.0	—	$850	—	25d	2	0.31mi
100 S 19th St Omaha, NE	1.0–2.0	1.0–2.0	892	$2,175	$2.44	4d	66	0.31mi
206 S 19th St Omaha, NE	1.0–3.0	1.0–3.0	918	$1,478	$1.61	4d	60	0.34mi
1913 Farnam St Omaha, NE	1.0–2.0	1.0	700	$975	$1.39	4d	2	0.34mi

Listing history 1 events

1. 2025-09-08
   listed $2,695,000 New 1009-char remark

   Show marketing remark (1009 chars)

   Fifth Avenue Apartments | 121 S 25th St, Omaha, NE 68131 Class C mid-rise (1920/1987 conversion) | 31 units (4 studios, 16 1-beds, 10 2-beds, 1 3-bed) | 43 parking stalls | 0.56 acres Rentable area: 16,130 SF | Gross area: 22,746 SF Roof & gutters replaced 2022 | Major systems updated 1987 | 14 units renovated in past 4 yrs (LVP flooring, lighting, modern kitchens/baths) Safety: exit signage, exterior fire escape, fire alarm, pull stations, hardwired smokes Elevator pump motor (2022) & starter (2025) replaced | 19+ HVAC systems replaced past 3 yrs | ADA phone added 2022 | some updated hallways Built 1916 | Former hospital (1916–22) & hotel (1928–84) | Converted to apartments 1987 Includes parcels: 2504 & 2424 Douglas St The Omaha-Council Bluffs-MSA boasts one of the nation’s lowest unemployment rates at 3.4% as of July 2025, supported by a long track record of consistent economic expansion and population growth. Occupancy rate: ~ 97% Capitalization rate: 6.48%

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

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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $465,240
• − Mortgage interest: −$150,962
• − Property taxes: −$40,425
• − Insurance: −$13,475
• − Repairs & maintenance: −$37,219
• − Management: −$37,219
• − Depreciation: −$78,400
• Taxable income: $107,540
• Est. tax owed @ 24.0%: −$25,810
• After-tax cash flow: $118,236/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

Fifth Avenue Apartments is a well-maintained multi-family property with updated kitchens and bathrooms, and a good roof and exterior condition. It offers a good investment opportunity with potential for further value enhancement through exterior updates and HVAC upgrades.

Value-add opportunities

• Both Painting and updating the exterior brickwork — Enhances curb appeal and can attract more renters.
• Both Upgrading the HVAC systems — Improves comfort and energy efficiency, attracting both buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting and updating the exterior brickwork — Enhances curb appeal and can attract more renters. ↑
• Both Upgrading the HVAC systems — Improves comfort and energy efficiency, attracting both buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Omaha Public Schools
• NCES district ID: 3174820
• Math proficiency: 20% ▼ -10.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $46,039
• Composite: 20.83/100
• National rank: #8502
• State rank: #110 of 111 in NE

Livability — Omaha

• Score: 84/100
• State rank: #7
• US rank: #663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Omaha, NE
• County: Douglas County · 538,646 people
• City population: 552,986
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 14,809
• Household income: $48,925
• Rent vs Own: 75.6% rent · 24.4% own
• Severe rent burden: 1468.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 625,245 people
• By 2030: 661,613 · +5.8%
• By 2040: 732,395 · +17.1%
• By 2050: 801,988 · +28.3%
• By 2075: 968,637 · +54.9%
• By 2100: 1,101,871 · +76.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 60% Black 20% Hispanic / Latino 10% Two or more races 7% Asian 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Romanian 2% Slovak 2%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Douglas

• 2024 margin: D (+10.2) · D 54.4% · R 44.2% · Other 1.4%
• 2008→2024 swing: +5.5pp toward D · 2008: 4.6pp · 2024: 10.2pp
• All cycles: 2024: D+10.2 2020: D+11.3 2016: D+1.4 2012: R+4.3 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.21%
• Current HPI: 305.4972
• Rent YoY: ▲ 3.82%
• Metro: Omaha-Council Bluffs, NE-IA
• 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

1 event — show timeline

• 2025-09-08 Listed $2,695,000 GPRMLS