Flex Space With Office And
New
For Sale
$175,000
1512 1ST AVENUE, Scottsbluff, NE 69361
COMMERCIAL/INDUSTRIAL, Scottsbluff, NE
Property Size2,600 SF
Price / SF$67.31
Days on Market4
Property Features for 1512 1ST AVENUE
General Information
Property type
Residential
Property subtype
Office
Lot features
Downtown
Subdivision
SCOTTSBLUFF
Standard status
Active
APN
010138153
Utilities
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s), Central Air
Building Details
Flooring type
Carpet, Tile
Building materials
Frame, Brick, Metal, Stucco
Roof type
Flat, Tar/Gravel
Listing Agency:
NEBRASKA REALTY
(402) 491-0100
Listed By:
CECILIA STINNER
(308) 765-8762
Added: Aug 26
Last Checked: Aug 29 at 11:06AM
MLS# 27443
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 property combines 2,600 SF of office space with two bathrooms and an additional 4,280 SF of storage area. The layout includes a garage door for direct access, supporting a range of commercial storage and operational needs. Existing finishes include carpet and tile, with hot-water heating, window units, and central air conditioning.
Exterior features include a brick carport with alley access, a rear two-car garage, and substantial off-street parking on an associated public parking lot. The property also includes a nail salon area with viewing limited until an offer has been accepted. Located near downtown Scottsbluff, the building offers a blend of office, storage, and vehicle-oriented improvements.
Exterior features include a brick carport with alley access, a rear two-car garage, and substantial off-street parking on an associated public parking lot. The property also includes a nail salon area with viewing limited until an offer has been accepted. Located near downtown Scottsbluff, the building offers a blend of office, storage, and vehicle-oriented improvements.
Key Highlights
- 2,600 SF of office space with two bathrooms
- 4,280 SF of storage area with a garage door
- Brick carport with alley access
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
$14,891
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
8.51%
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%
$297,820
$297.8K
Cap Rate 7%
$212,729
$212.7K
Cap Rate 9%
$165,456
$165.5K
Market Conditions
NOI Build-Up for 2,600 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
$21.8K $8.40/SF
− Vacancy
−$568 −$0.22/SF
EGI
$21.3K $8.18/SF
− OpEx
−$6.4K −$2.45/SF
NOI
$14.9K $5.73/SF
Area
Scotts Bluff County, NE
Vacancy
2.60%
Lease Rate
$8.40 /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%
$297,820
Cap Rate 7%
$212,729
Cap Rate 9%
$165,456
Alternative Uses
Best Use
Office B
$294.2K
$257.4K – $343.2K
NOI $20,592 @ 7.0% cap · market cap 11.77%
Second Best
Warehouse
$258.3K
$226.0K – $301.4K
NOI $18,081 @ 7.0% cap · market cap 10.33%
Theoretical Best
Healthcare Medical
$488.0K
$427.0K – $569.4K
NOI $34,161 @ 7.0% cap · market cap 19.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
832
Businesses Nearby
Under-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial property combining office areas, storage capacity, vehicle access, and on-site parking near downtown.
Where is this flex space located?
The property is located at 1512 1ST AVENUE Scottsbluff, NE.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 2,600 SF of office space with two bathrooms; 4,280 SF of storage area with a garage door; Brick carport with alley access
