9-Unit Flex Space Building with Overhead
For Sale
$1,399,000
1012 W 36TH STREET, Scottsbluff, NE 69361
COMMERCIAL - Scottsbluff, NE
Property Size14,560 SF
Price / SF$96.09
Days on Market217
Property Features for 1012 W 36TH STREET
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Free Standing
Subdivision
SCOTTSBLUFF
Standard status
Active
APN
010246762
Taxes and HOA fees
Tax Year
2025
Tax Description
Lt 2, Blk 1, Adam's Add Replat
Tax Annual Amount
7946
Legal Description
Lt 2, Blk 1, Adam's Add Replat
Building Details
Number of units
9
Flooring type
Tile, Vinyl, Carpet
Building materials
Frame
Roof type
Flat
Listing Agency:
NEBRASKA REALTY
(402) 491-0100
Listed By:
CAITLIN COPAS · License #20170323
(308) 241-1664
Added: Jan 18
Changed: Aug 5
Last Checked: Aug 23 at 7:06PM
MLS# 26932
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.
Investment Insights
Based on property information with market context.
This flex space building offers 14,560 SF across 9 different units with abundant storage throughout. The property is currently set up with 3 office-style businesses, a salon, and a restaurant, along with 2 units used for storage. A huge shop space includes 2 overhead doors, supporting flexible tenant and workspace needs. The building also has a 4-bedroom, 1-bath apartment with a spacious open concept living room and kitchen. Construction materials include frame with flat roofing, and interior finishes include carpet, tile, and vinyl flooring.
Located on the north side of Hwy 26, the property includes highway frontage and has abundant parking all around the building for convenient access to all units. The restaurant equipment is not included, but is described as negotiable.
Whether you’re looking for a multi-unit configuration with a mix of office, retail/service, shop, storage, and a residential unit, this property provides an on-site layout designed to support multiple uses under one roof.
Located on the north side of Hwy 26, the property includes highway frontage and has abundant parking all around the building for convenient access to all units. The restaurant equipment is not included, but is described as negotiable.
Whether you’re looking for a multi-unit configuration with a mix of office, retail/service, shop, storage, and a residential unit, this property provides an on-site layout designed to support multiple uses under one roof.
Key Highlights
- 14,560 SF across 9 different units with abundant storage throughout
- Huge shop space with 2 overhead doors
- Currently set up with 3 office‑style businesses plus a salon
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
$115,315
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
8.24%
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%
$2,306,300
$2.3M
Cap Rate 7%
$1,647,357
$1.6M
Cap Rate 9%
$1,281,278
$1.3M
Market Conditions
NOI Build-Up for 14,560 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
$174.7K $12.00/SF
− Vacancy
−$21.0K −$1.44/SF
EGI
$153.8K $10.56/SF
− OpEx
−$38.4K −$2.64/SF
NOI
$115.3K $7.92/SF
Area
Scotts Bluff County, NE
Vacancy
12.00%
Lease Rate
$12.00 /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%
$2,306,300
Cap Rate 7%
$1,647,357
Cap Rate 9%
$1,281,278
Alternative Uses
Best Use
Office B
$1.65M
$1.44M – $1.92M
NOI $115,315 @ 7.0% cap · market cap 8.24%
Second Best
Industrial
$1.19M
$1.04M – $1.39M
NOI $83,387 @ 7.0% cap · market cap 5.96%
Theoretical Best
Healthcare Medical
$2.73M
$2.39M – $3.19M
NOI $191,301 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 69361, NE
17,526
Population
7,750
Households
2.3
Avg Household Size
39
Median Age
27%
College-Educated
90%
High-School Grad
237.8 sq mi
ZIP Area
74
Density / Sq Mi
$55,531
Median Household Income
$38,160
Median Earnings
$949
Median Rent
$154,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space building with 9 units, including a huge shop with two overhead doors, plus a 4-bedroom apartment.
Where is this flex space located?
The property is located at 1012 W 36TH STREET Scottsbluff, NE.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 14,560 SF across 9 different units with abundant storage throughout; Huge shop space with 2 overhead doors; Currently set up with 3 office‑style businesses plus a salon
