Downtown Flex Building with Overhead
For Sale
$850,000
1029 M St, Lincoln, NE 68508
Versatile 5,130 SF flex building in Downtown Lincoln.
Property Size5,130 SF
Price / SF$165.69
Days on Market166
Property Features for 1029 M St
General Information
Standard status
Active
Size
5,130 SF
Property subtype
Industrial
Building Details
Building Size
5,130 SF
Year Built
1900
Listing Agency:
Lee & Associates | Lincoln
(402) 430-2318
Listed By:
Boomer Peterson · License #NE 20150894
(402) 430-2318
Source:
Lee-associates
Added: Mar 4
Changed: Aug 17
Last Checked: Aug 17 at 4:52AM
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 Lee & Associates | Lincoln
Investment Insights
Based on property information with market context.
This 5,130 square foot flex building is located in Downtown Lincoln. The property is suitable for a range of business uses. It features an overhead door, allowing for outbound shipping, deliveries, or equipment access. The property has 3-Phase Power, supporting industrial and high-demand users. The location provides access to the urban core. The layout allows for customization to meet specific operational or workflow needs. The property combines industrial capabilities with a central, accessible location. The building is positioned in the heart of Downtown Lincoln, within the 68508 ZIP code, placing it among a mix of retail, dining, services, entertainment, student housing, and cultural destinations. Downtown streets like M Street benefit from vehicular traffic accessing key corridors connecting to Interstate 180 and other major thoroughfares. The walkable downtown grid and nearby attractions support pedestrian activity, reinforcing exposure for storefronts and service-oriented businesses.
Key Highlights
- Prime Downtown Lincoln Location: Situated in a dynamic commercial district with high visibility and connectivity.
- 5,130 SF of Highly Adaptable Flex Space: Suitable for a wide range of business uses.
- Overhead Door Access: Facilitates efficient shipping and deliveries.
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
$49,946
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
5.88%
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%
$998,920
$998.9K
Cap Rate 7%
$713,514
$713.5K
Cap Rate 9%
$554,956
$555.0K
Market Conditions
NOI Build-Up for 5,130 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
$73.3K $14.28/SF
− Vacancy
−$1.9K −$0.37/SF
EGI
$71.4K $13.91/SF
− OpEx
−$21.4K −$4.17/SF
NOI
$49.9K $9.74/SF
Area
Lincoln, NE
Vacancy
2.60%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
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%
$998,920
Cap Rate 7%
$713,514
Cap Rate 9%
$554,956
Alternative Uses
Best Use
Industrial
$713.5K
$624.3K – $832.4K
NOI $49,946 @ 7.0% cap · market cap 5.88%
Second Best
Flex RnD
$698.5K
$611.2K – $815.0K
NOI $48,897 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,036 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,872
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 68508, NE
17,249
Population
7,076
Households
2.4
Avg Household Size
24
Median Age
35%
College-Educated
90%
High-School Grad
3.0 sq mi
ZIP Area
5,750
Density / Sq Mi
$33,561
Median Household Income
$10,349
Median Earnings
$760
Median Rent
$121,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Geno Grubs — 1039 S 13th St, Lincoln, NE 68508
- Milestone Catering — 129 N 10th St, Lincoln, NE 68508
- C Berry's Bbq — 1422 O St, Lincoln, NE 68508
- Canyon Joe’s Barbecue — 200 S 18th St, Lincoln, NE 68508
- Jays Meat N Three — 101 Centennial Mall S suite 5, Lincoln, NE 68508
Frequently Asked Questions
What type of property is this?
Flex space - Versatile 5,130 SF flex building in Downtown Lincoln.
Where is this flex space located?
The property is located at 1029 M St Lincoln, NE.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Prime Downtown Lincoln Location: Situated in a dynamic commercial district with high visibility and connectivity.; 5,130 SF of Highly Adaptable Flex Space: Suitable for a wide range of business uses.; Overhead Door Access: Facilitates efficient shipping and deliveries.
