Lepuy Apartments

Located in the Benson Gardens corridor between Maple Street and Dodge Street, walkable to shopping, dining, schools, and transitLee & Associates is pleased to present Lepuy Apartments, a 35-unit, 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%.