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    603 E 2nd St Ogallala, NE 69153

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    Claim this Listing
    For Sale
    $415,000

    Commercial Building - Ogallala, NE

    Property size:
    4,800 SF
    Lot size:
    0.38 Acres
    Added:
    Sep 8, 2025
    Days on Market:
    224
    Last Refresh:
    Apr 19 at 11:06 am

    Property Features for 603 E 2nd St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    200
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Parking features
    Garage, Garage - Attached
    Standard status
    Active
    Size
    4,800 SF
    Lot size
    0.38 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1965
    Year renovated
    1965
    Flooring type
    Carpet, Linoleum
    Building materials
    Brick
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Makensey Harris
    Makensey Harris

    Listing agent Makensey Harris

    Listing office Seasons Realty 1350 W Church St, Albion, NE

    Listing date Sep 8, 2025

    MLS# 11572084 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

    Versatile Commercial Building on Highway

    This 4,800 SF commercial building features a flexible layout suitable for a range of business needs. Located on E 2nd Street in Ogallala, the property benefits from high visibility and easy access. The building, constructed in 1965, includes a mix of office, workspace, and storage areas, along with a drive-up window. The layout supports multiple uses including professional services, retail, service-based businesses, or light industrial operations. The property includes three private offices, a dedicated copy/utility room, and two restrooms. An open front area is suitable for reception, retail, or collaborative workspace. Two heated work areas are equipped with a gas furnace and water heater. A 10' overhead garage door provides access for deliveries, storage, or equipment. A partial 6' fenced area offers added security or outdoor storage. The drive-up window is ideal for customer service, retail, or creative business concepts. The property is positioned on a lot of approximately 0.38 acres (approximately 16,553 SF) and is zoned C-2 Business District - Highway. This property offers a practical setup for both owner-users and investors looking for a versatile space that can be tailored to specific operational needs. The combination of office, shop, and access features makes it well-suited for businesses needing both customer-facing and functional workspace.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Ogallala
    County
    Keith
    State
    Nebraska
    Longitude
    -101.71275
    Latitude
    41.126488

    FAQs

    What type of property is this?
    Flex space - 4,800 SF commercial building with flexible office, workspace, and storage.
    Where is this flex space located?
    The property is located at 603 E 2nd St Ogallala, NE.
    What is the asking price?
    The asking price for this property is $415,000.
    What are key features of this property?
    This property features: High‑visibility location on E 2nd Street in Ogallala.; 4,800 SF flexible space suitable for office, retail, service, or light industrial uses.; Drive‑up window ideal for customer service or creative business concepts.
    (308) 293-6263
    We can help!
    Listing Contact
    Makensey Harris
    Makensey Harris
    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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