Contacts

Drew West

Lee & Associates - Nebraska

Property Details

Property Type Multi-Family
Property Size 16,384 SF
Units 24
Lot Size 0.14 Acre
Year Built 1927
Date Updated Apr 27, 2026

1234 K Street is located in the heart of downtown Lincoln, placing the property within close proximity to the city's primary business, government, university, and entertainment districts. This location is a prime spot for University of Nebraska-Lincoln students, professionals working in the downtown Lincoln area, and service and hospitality workers who want to live near work. The consistent employment density and strong daytime population in the surrounding community create long-term demand for housing in the area.1234 K Street is a 24-unit, renovated, stabilized multifamily asset with 100% occupancy, offering immediate cashflow for the purchaser. The unit mix consists of 20 studio units and 4 one-bedroom units, with in-place rents that remain attractive to tenants while offering future upside through organic rent growth and continued expense optimization. Offered at $68,750 per unit, the pricing is compelling on a price per door basis, positioning the asset to deliver stable income today with a clear path for incremental NOI growth in the coming years.

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Highlights

100% leased
24 units (20 studios, 4 one-bedrooms)
Major Capital Item Completed: Sewer line replacement in basement
Projected 2026 NOI: ~$104,000; Ideal for private investors, 1031 exchange buyers, or out-of-state investors seeking a stabilized Midwest asset
Property has demonstrated durable demand in this downtown location
The studio-heavy mix serves students, professionals, and service-sector employees seeking affordable housing near major employment and activity centers