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    1368 CENTER AVENUE Mitchell, NE 69357

    View on Map
    For Sale
    $89,900

    FREE STANDING - Mitchell, NE

    Added:
    Mar 30, 2026
    Days on Market:
    8
    Last Refresh:
    Apr 6 at 2:06 pm

    Property Features for 1368 CENTER AVENUE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    010096396

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    401.58

    Utilities

    Heating system
    Electric (Heating), Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    2
    Flooring type
    Concrete
    Building materials
    Brick
    Roof type
    Other
    Architectural style
    Other

    We can help!

    Listing Contact
    DONNA GARL

    Listing agent DONNA GARL

    Listing office NEBRASKA REALTY 2970 10th St. Ste. #6, Omaha, NE

    Listing date Mar 30, 2026

    MLS# 27101 Listing URL

    Copyright © 2026 Western Nebraska Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Commercial Building with Rental Income

    This corner commercial building is available for sale. The property features a retail space in the front and an apartment in the back, which is currently rented out as a studio apartment for $500 per month. The front retail space was recently rented for $600 per month. The building offers potential for various business uses, allowing an owner to operate a business in the front and reside in the back. The property is being sold "as is".
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Accounting Firm Big Box & Wholesale Store Daycare Center Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mitchell
    County
    Scotts Bluff
    State
    Nebraska
    Longitude
    -103.808765
    Latitude
    41.941913

    Nearby Similar for Sale

    • $450,000

      Turn-Key Grocery Store Opportunity

      Grocery store with new equipment in downtown Mitchell, Nebraska.
      1420 CENTER AVENUE, Mitchell, NE 69357
      View Details
    • $82,500

      Single-Story Building in Mitchell, NE

      Single-story building with playground equipment in a charming rural community.
      1426 13TH STREET, MITCHELL, NE 69357-0000
      View Details
    • $90,000

      Land Parcel in Mitchell, NE

      10.12 acre building plot with southern views.
      120568 CR H, Mitchell, NE 69357
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building with retail and residential rental income.
    Where is this mixed-use property located?
    The property is located at 1368 CENTER AVENUE Mitchell, NE.
    What is the asking price?
    The asking price for this property is $89,900.
    What are key features of this property?
    This property features: Own and operate your business with living quarters in the back.; Rental income potential from the front retail space and back studio apartment.; Corner lot location.
    (308) 631-1576
    We can help!
    Listing Contact
    DONNA GARL
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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