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    38829 West Dairy Road Wallace, NE 69169

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    For Sale
    $1,350,000

    Farm/Estate - Wallace, NE

    Type:Farm
    Lot size:
    160.00 Acres
    Added:
    Feb 11, 2026
    Days on Market:
    62
    Last Refresh:
    Apr 14 at 11:06 pm

    Property Features for 38829 West Dairy Road

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Zoning
    300
    Parking features
    Garage
    Standard status
    Active
    APN
    0104000.00
    Lot size
    160.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4324

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Duane McClain

    Listing agent Duane McClain

    Listing office Nebraska Land Brokers, LLC 410 E Leota St Ste 5 #111, North Platte, NE

    Listing date Feb 11, 2026

    MLS# 11655206 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Irrigated Farm in Wallace, Nebraska

    Located approximately 7 miles north of Wallace, NE, this pivot irrigated farm is situated on Dairy Road within the Twin Platte NRD. The farm encompasses 160+/- Lincoln County taxed acres, featuring 141.21 Twin Platte NRD certified irrigated acres, with 136 acres under pivot. The irrigation system includes a 2012 8-tower Reinke pivot with 16,934 hours, powered by a 100 hp electric motor installed in 2022, and a Western Land Roller irrigation pump reworked with a 5-stage bowl assembly in 2023. Irrigation is supplied by registered NE Irrigation well G-061919, drilled in 1979. The pivot irrigated cropland consists of 65.5% Class II Hord and Holdrege silt loams with 0-3% slopes and Hersh-Anselmo fine sandy loams with 0-3% slopes, and 23.2% Class III Hersh fine sandy loams with 3-6% slopes. The balance of the cropland consists of Class IV Valent, Hersh and Valentine soils. A ponding area of about 3.5 acres is located in the center of the field, draining to the northwest corner of the pivot. A stock tank is located on the southwest corner of the farm, supplied by a pump and buried pipeline from a well on the Seller's pivot to the west; use of this water line can be negotiated. The property is currently leased out for the 2026 season. The farm is located in southwestern Lincoln County on Dairy Road. Real estate taxes for 2025, payable in 2026, are $4,324, and Twin Platte NRD occupation taxes are $987.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Map

    City
    Wallace
    County
    Lincoln
    State
    Nebraska
    Longitude
    -101.224499
    Latitude
    40.930498

    FAQs

    What type of property is this?
    Farm - Productive pivot irrigated farm located near Wallace, Nebraska.
    Where is this farm located?
    The property is located at 38829 West Dairy Road Wallace, NE.
    What is the asking price?
    The asking price for this property is $1,350,000.
    What are key features of this property?
    This property features: 141.21 Twin Platte NRD certified irrigated acres with **136 acres under a 2012 Reinke pivot.**; Very good county gravel road access.; **Productive soils:** 65.5% Class II Hord and Holdrege silt loams and Hersh‑Anselmo fine sandy loams.
    (308) 532-5263
    We can help!
    Listing Contact
    Duane McClain
    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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