Multi-Unit Retail Strip
For Sale
$2,000,000
1501-1507 Galvin Rd S, Bellevue, NE 68005
Built in 1979, this four-unit retail strip center offers flexible multi-building space in a BG-zoned property.
Property Size13,342 SF
Price / SF$149.90
Days on Market30
Property Features for 1501-1507 Galvin Rd S
General Information
Standard status
Active
Size
13,342 SF
Property subtype
Retail
Zoning
BG
Building Details
Building Size
13,342 SF
Year Built
1979
Listing Agency:
Access
(402) 618-5523
Listed By:
Amber Olson · License #20080192
(402) 618-5523
Source:
Nainpdodge
Added: Jul 25
Changed: Aug 8
Last Checked: Aug 23 at 4:16AM
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 Access
Investment Insights
Based on property information with market context.
Located at 1501-1507 Galvin Rd S in Bellevue, Nebraska, this built-in-1979 retail strip center comprises a spacious multi-building setup with four units. The property is described as well-maintained and configured to support multiple retail opportunities within the overall offering.
The center is zoned BG, and the seller’s remarks note strong positioning with access to major thoroughfares. The configuration also supports an owner-user approach for occupying a portion of the property while generating rental income from the remaining units, subject to lease-up and operating plans.
Overall, this is a flexible, multi-building retail asset designed around four separate units, providing options for investors and retailers seeking a structured, multi-tenant configuration in a BG-zoned location.
The center is zoned BG, and the seller’s remarks note strong positioning with access to major thoroughfares. The configuration also supports an owner-user approach for occupying a portion of the property while generating rental income from the remaining units, subject to lease-up and operating plans.
Overall, this is a flexible, multi-building retail asset designed around four separate units, providing options for investors and retailers seeking a structured, multi-tenant configuration in a BG-zoned location.
Key Highlights
- 4‑unit retail strip center built in 1979
- 13,460 SF building with four units in 4 buildings for flexible retail use
- BG‑zoned property offering versatile space for retail ventures
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
$163,927
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
8.20%
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%
$3,278,540
$3.3M
Cap Rate 7%
$2,341,814
$2.3M
Cap Rate 9%
$1,821,411
$1.8M
Market Conditions
NOI Build-Up for 13,342 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
$245.0K $18.36/SF
− Vacancy
−$10.8K −$0.81/SF
EGI
$234.2K $17.55/SF
− OpEx
−$70.3K −$5.27/SF
NOI
$163.9K $12.29/SF
Area
Sarpy County, NE
Vacancy
4.40%
Lease Rate
$18.36 /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%
$3,278,540
Cap Rate 7%
$2,341,814
Cap Rate 9%
$1,821,411
Alternative Uses
Best Use
Retail
$2.34M
$2.05M – $2.73M
NOI $163,927 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.58M
$3.13M – $4.18M
NOI $250,628 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
110k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 17%
Groceries 14%
Home Improvements & Furnishings 10%
McDonald's
Dining
19,873 visits/mo
0.2 miles
Family Fare
Groceries
15,062 visits/mo
0.3 miles
Taco Bell
Dining
8,322 visits/mo
0.1 miles
Taco John's
Dining
7,095 visits/mo
0.4 miles
Scooter's Coffee
Dining
6,728 visits/mo
0.4 miles
Demographics for 68005, NE
23,236
Population
9,778
Households
2.4
Avg Household Size
37
Median Age
29%
College-Educated
92%
High-School Grad
18.7 sq mi
ZIP Area
1,243
Density / Sq Mi
$66,347
Median Household Income
$41,702
Median Earnings
$1,033
Median Rent
$193,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Built in 1979, this four-unit retail strip center offers flexible multi-building space in a BG-zoned property.
Where is this strip mall located?
The property is located at 1501-1507 Galvin Rd S Bellevue, NE.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 4‑unit retail strip center built in 1979; 13,460 SF building with four units in 4 buildings for flexible retail use; BG‑zoned property offering versatile space for retail ventures
