945 F StGeneva, NE 68361

For Sale
$750,000

10-Unit Apartment Complex, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
92
This turnkey 10-unit apartment building in Geneva, Nebraska presents a compelling value-add investment opportunity. Located at 945 F St, this single-story complex, built in 1996, boasts 7,920 square feet on a 0.406-acre lot and offers ample parking with 20 spaces. The property currently enjoys 100% occupancy with a waiting list, featuring a mix of seven two-bedroom and three one-bedroom units. Recent capital improvements include a new roof (2018) and foundation repair (2022/2023), with three units already remodeled, offering potential for further value enhancement in the remaining units. The property's prime location, one block from downtown Geneva, provides easy access to local amenities, including restaurants, shopping, and a farmers market. Geneva's strong population growth and high housing demand, coupled with its stable economy and low property taxes, contribute to a favorable investment climate. The current Net Operating Income (NOI) is $39,541, resulting in a 5.27% cap rate, with a pro-forma cap rate of 6.60%. All tenants are on current leases with automatic rent increases, presenting an opportunity to further increase rental income to market value. The property is conveniently located approximately 20 minutes from Interstate 80. This well-maintained complex offers a blend of immediate income and long-term appreciation potential in a thriving Nebraska community.

Highlights

  • Turnkey 10-unit apartment building in Geneva, Nebraska.
  • 7,920 sq ft on a 0.406-acre lot with 20 parking spaces.
  • 100% occupancy with a waiting list; seven 2-bedroom and three 1-bedroom units.
  • Recent capital improvements include a new roof (2018) and foundation repair (2022/2023); three units remodeled.
  • Prime location one block from downtown Geneva, near amenities and I-80 (approx. 20 min).
  • $750,000 asking price; current NOI $39,541 (5.27% cap rate); pro-forma cap rate of 6.60% to 7.75% with market rent and self-management.

Property Details for 945 F St

Property type
Multifamily properties, Apartment buildings
Square Feet
7,920 SF
Class
C
Year Built
1996
Stories
1
Lot Size (sq. ft)
17,685 SF
Units
10

Location Insight

City
Geneva
County
Fillmore
State
Nebraska
Latitude
40.5240614
Longitude
-97.6013833
945 F St, Geneva, Nebraska

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945 F St
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