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    827 North 98th Street | Omaha, NE 68114 Omaha, NE 68114

    Sponsored
    For Lease
    $20 SF/Yr

    Modern Office Space - Clocktower Village

    Lot size:
    15,095 SF

    Description

    Added:
    Jan 10, 2025
    Days on Market:
    374
    This exceptional 15,095 square foot office space is available for sublease in Omaha, Nebraska's desirable Clocktower Village, directly across from Westroads Mall. The property boasts high-end, modern finishes and a sophisticated design, featuring seven private rooms, a comfortable breakroom, a welcoming reception area, and an open workspace. The current configuration is ideal for a variety of businesses, particularly those in the medical field, but is easily adaptable to other office or even retail uses. The space is turnkey, ready for immediate occupancy, eliminating the need for extensive renovations. Its prime location offers convenient access to major thoroughfares and numerous amenities, making it an attractive option for businesses seeking a prestigious and functional workspace. The annual rent is $20 per square foot. The address is 827 North 98th Street, Omaha, NE 68114. This sublease presents a unique opportunity to secure a well-appointed office space in a highly sought-after location.

    Property Features for 827 North 98th Street | Omaha, NE 68114

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    15,095 SF
    Class
    B
    Elevators
    N/A
    Total Rate
    25158.33

    We can help!

    Listing Contact
    Grace Newton

    Learn more

    Property Insight Report

    HighLights

    • 15,095 square feet of modern office space available for sublease in Omaha, NE.
    • Turnkey space with 7 private rooms, breakroom, reception area, and open space.
    • Convenient location in Clocktower Village, near Westroads Mall, offering easy access to the city.
    Property Profile Location Intelligence

    Current Use by Public Records

    Vision Specialists Eye Care Center

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    City
    Omaha
    State
    Nebraska

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    FAQs

    What type of property is this?
    Medical office - Modern Office Space - Clocktower Village
    Where is this medical office located?
    The property is located at 827 North 98th Street | Omaha, NE 68114 Omaha, NE.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: 15,095 square feet of modern office space available for sublease in Omaha, NE.; Turnkey space with 7 private rooms, breakroom, reception area, and open space.; Convenient location in Clocktower Village, near Westroads Mall, offering easy access to the city.
    (531) 721-2888
    Request Owner's contact information
    827 North 98th Street | Omaha, NE 68114 Omaha, NE 68114
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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
    827 North 98th Street | Omaha, NE 68114 Omaha, NE 68114
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    We can help!
    Listing Contact
    Grace Newton
    (531) 721-2888
    Learn more
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