3344 & 3348 LARIMORE AVE

Larimore Apartments at 3344 & 3348 Larimore Ave. is an 8-unit multifamily property located in Omaha, Nebraska.Lee & Associates Nebraska is pleased to present the opportunity to acquire 3344 Larimore Ave, an 8-unit multifamily property located in Omaha, Nebraska. The property offers a rare combination of strong in-place cash flow, extensive recent renovations, and additional upside potential, making it an ideal opportunity for an owner-operator, entry-level multifamily investor, or experienced local owner seeking a stable workforce housing asset. The property is currently 100% occupied and consists entirely of large two-bedroom units averaging approximately 1,000 square feet, providing tenants with functional layouts that support long-term occupancy and stable rental demand. Ownership has completed significant capital improvements throughout the property, including updates to HVAC systems, plumbing, electrical, windows, roofing, and interior finishes, helping minimize near-term maintenance costs for new ownership. Current rents remain below market compared to renovated comparable properties in the area, creating a clear path for future rent growth while maintaining affordability within the Omaha workforce housing market. With a current cap rate of 7.29% and a projected pro forma cap rate exceeding 10%, the asset provides investors with both immediate income and future operational upside. Additionally, the property is being offered at a basis significantly below recent comparable sales in the market on both a per-unit and per-square-foot basis, creating an attractive entry point for investors looking to acquire a renovated multifamily asset with long-term cash flow potential.