Class B Office
For Sale
$2,890,000
1010 N 96th Street, Omaha, NE 68114
Class B office building with private offices and open cubicle space and a long-term top-floor consulate tenant.
Property Size19,077 SF
Days on Market94
Property Features for 1010 N 96th Street
General Information
Standard status
Active
Size
19,077 SF
Class
B
Property subtype
Office
Occupancy
49%
Building Details
Building Size
19,077 SF
Year Built
1995
Listing Agency:
NAI NP Dodge
Listed By:
Chris Falcone · License #20080196
(402) 706-4990
Source:
Nainpdodge
Added: Jun 2
Changed: Aug 9
Last Checked: Sep 2 at 2:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI NP Dodge
Investment Insights
Based on property information with market context.
Built in 1995, this Class B office building offers a practical mix of private offices and open space configured for cubicles. The space is designed to support both focused team work and more flexible, workstation-based layouts, making it adaptable for a range of office users or investors. The property includes a long-term lease in place with the Consulate of Guatemala on the top floor.
The building is offered for sale as an investment or ownership opportunity. The current occupancy is noted at 49%, supported by a parking ratio of 4.65 spaces per 1,000 square feet. This structure creates an opportunity for an owner to reposition and lease additional space to improve overall utilization.
For tenants or buyers seeking an office asset with an established institutional lease, this property presents a straightforward platform. Its combination of private and open office areas can support multiple operating styles, while the above-average parking supply may help accommodate day-to-day employee needs. The 49% occupancy figure indicates upside potential for prospective owners focused on leasing strategy and value creation.
The building is offered for sale as an investment or ownership opportunity. The current occupancy is noted at 49%, supported by a parking ratio of 4.65 spaces per 1,000 square feet. This structure creates an opportunity for an owner to reposition and lease additional space to improve overall utilization.
For tenants or buyers seeking an office asset with an established institutional lease, this property presents a straightforward platform. Its combination of private and open office areas can support multiple operating styles, while the above-average parking supply may help accommodate day-to-day employee needs. The 49% occupancy figure indicates upside potential for prospective owners focused on leasing strategy and value creation.
Key Highlights
- Class B office building built in 1995 with private offices and open cubicle space
- Long‑term lease in place with the Consulate of Guatemala on the top floor
- 49% occupancy reported
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$260,805
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,216,100
$5.2M
Cap Rate 7%
$3,725,786
$3.7M
Cap Rate 9%
$2,897,833
$2.9M
Market Conditions
NOI Build-Up for 19,077 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$398.3K $20.88/SF
− Vacancy
−$50.6K −$2.65/SF
EGI
$347.7K $18.23/SF
− OpEx
−$86.9K −$4.56/SF
NOI
$260.8K $13.67/SF
Area
Omaha, NE
Vacancy
12.70%
Lease Rate
$20.88 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,216,100
Cap Rate 7%
$3,725,786
Cap Rate 9%
$2,897,833
Alternative Uses
Best Use
Office B
$3.73M
$3.26M – $4.35M
NOI $260,805 @ 7.0% cap · market cap 9.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.02M
$4.39M – $5.86M
NOI $351,334 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
49%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,376
Businesses Nearby
Explore this area
Business Placement
Demographics for 68114, NE
18,078
Population
8,437
Households
2.1
Avg Household Size
38
Median Age
52%
College-Educated
97%
High-School Grad
5.8 sq mi
ZIP Area
3,117
Density / Sq Mi
$73,361
Median Household Income
$44,430
Median Earnings
$1,220
Median Rent
$273,100
Median Home Value
Market
Vacancy Rate% for Office in Omaha, NE
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Class B office building with private offices and open cubicle space and a long-term top-floor consulate tenant.
Where is this office building located?
The property is located at 1010 N 96th Street Omaha, NE.
What is the asking price?
The asking price for this property is $2,890,000.
What are key features of this property?
This property features: Class B office building built in 1995 with private offices and open cubicle space; Long‑term lease in place with the Consulate of Guatemala on the top floor; 49% occupancy reported
