Garfield St 8 Unit Apartment

Description:

The apartments at 1624 Garfield Street represents a rare value-add opportunity in Lincoln's most dynamic housing market—an eight-unit low rise style apartment community positioned to capture sustained demand from the region's robust employment base and housing shortage. Built in 1984 and maintained through successive ownership, this property offers immediate operational cash flow (8.4% cap rate) with upside potential through strategic unit-level renovations and activation of currently underutilized laundry amenities. With a clear path to 9.56%+ stabilized returns, this investment combines downside protection with meaningful upside within Lincoln's constrained multifamily market.


The Near South submarket serves as the ideal nexus between affordability, accessibility, and employment anchors. Located 3-5 minutes from Downtown Lincoln, UNL's East Campus, and Bryan Medical Center, the property captures tenant demand from graduate/professional students, healthcare workers, and young professionals—a diversified occupancy base that reduces concentration risk and supports recession-resistant occupancy. With 47% college education attainment and median household income of $42,865 in the 68502 zip code, the demographic profile reflects the exact workforce housing demand that has outpaced supply region-wide.


This built for purpose Eight Unit Low Rise Apartment Building features all 2 bed, 1 bath units and private lot parking with a 1:1 ratio. Strong value add component for light unit renovation and activation of the currently unused laundry room.