Office Building with Renovated
For Sale
$6,645,000
211 W 33rd St, Kearney, NE 68845
Renovated exterior, hospital proximity, and multiple access points support office and medical occupancy.
Property Size49,293 SF
Price / SF$134.81
Days on Market67
Property Features for 211 W 33rd St
General Information
Standard status
Active
Size
49,293 SF
Property subtype
Office
Building Details
Year Built
2000
Listing Agency:
Investors Realty Inc
(402) 769-7571
Listed By:
Grant Kobes, CCIM · License #20160671
Source:
Investorsomaha
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 12:02AM
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 Investors Realty Inc
Investment Insights
Based on property information with market context.
The office building at 211 W 33rd St contains 49,293 SF and was constructed in 2000. Exterior renovations provide an updated presentation, while the property’s configuration supports office and medical occupancy. Multiple ingress and egress points provide access for tenants and visitors.
The property is located in Kearney, Nebraska, directly across the street from Good Samaritan Hospital. Children’s Nebraska has recently executed a 10-year lease at the building, providing an established medical-office tenancy within the property.
The property is located in Kearney, Nebraska, directly across the street from Good Samaritan Hospital. Children’s Nebraska has recently executed a 10-year lease at the building, providing an established medical-office tenancy within the property.
Key Highlights
- 49,293 SF office building constructed in 2000
- Recently renovated exterior
- Across the street from Good Samaritan Hospital
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
$447,985
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
6.74%
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%
$8,959,700
$9.0M
Cap Rate 7%
$6,399,786
$6.4M
Cap Rate 9%
$4,977,611
$5.0M
Market Conditions
NOI Build-Up for 49,293 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
$650.7K $13.20/SF
− Vacancy
−$53.4K −$1.08/SF
EGI
$597.3K $12.12/SF
− OpEx
−$149.3K −$3.03/SF
NOI
$448.0K $9.09/SF
Area
Buffalo County, NE
Vacancy
8.20%
Lease Rate
$13.20 /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%
$8,959,700
Cap Rate 7%
$6,399,786
Cap Rate 9%
$4,977,611
Alternative Uses
Best Use
Healthcare Medical
$9.25M
$8.10M – $10.79M
NOI $647,650 @ 7.0% cap · market cap 9.75%
Second Best
Office B
$6.40M
$5.60M – $7.47M
NOI $447,985 @ 7.0% cap · market cap 6.74%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Explore this area
Business Placement
Demographics for 68845, NE
20,304
Population
9,057
Households
2.2
Avg Household Size
33
Median Age
41%
College-Educated
94%
High-School Grad
123.7 sq mi
ZIP Area
164
Density / Sq Mi
$75,350
Median Household Income
$39,232
Median Earnings
$896
Median Rent
$274,200
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?
Office building - Renovated exterior, hospital proximity, and multiple access points support office and medical occupancy.
Where is this office building located?
The property is located at 211 W 33rd St Kearney, NE.
What is the asking price?
The asking price for this property is $6,645,000.
What are key features of this property?
This property features: 49,293 SF office building constructed in 2000; Recently renovated exterior; Across the street from Good Samaritan Hospital
