Medical Office Investment
For Sale
Contact for pricing
15801 W Dodge Rd, Omaha, NE 68118
Freestanding medical office building with long-term net lease.
Property Size6,413 SF
Price / SF$387.29
Days on Market489
Property Features for 15801 W Dodge Rd
General Information
Standard status
Active
Size
6,413 SF
Class
A
Property subtype
Office
Occupancy
100%
Lease Type
NN
Building Details
Tenancy
Single
Listing Agency:
Campbell Dana LLC
(402) 518-9823
Listed By:
Seth Campbell · License #NE 20240218
Source:
Crexi
Added: Apr 10, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:12AM
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 Campbell Dana LLC
Investment Insights
Based on property information with market context.
This freestanding 6,413-square-foot medical office building is located directly west of downtown Omaha. It is a custom-built facility for Fresenius Kidney Care (FKC) and is available for investment. The property features a 15-year net lease, which commenced in April 2017. Fresenius is the tenant, with a corporate guarantee from Fresenius Medical Care Holdings, Inc. Fresenius Medical Care employs over 100,000 people globally, including around 60,000 in North America, and has been a leader in dialysis products for more than 40 years. The parent company, Fresenius Medical Care AG, holds an investment-grade BBB rating from Standard & Poor’s. The lease includes annual rent increases of 1.7% over the term. Fresenius will also invest a significant amount in facility improvements. Fresenius Kidney Care has three five-year renewal options, each with a 10% rent increase at the start of the renewal period. Fresenius is responsible for all day-to-day property maintenance. The facility features 13 dialysis stations, including one private station, and is located one mile from the University of Nebraska Medical Center Hospital. This Fresenius facility is designed to serve Omaha and the surrounding region, offering specialized dialysis care. The Omaha-Council Bluffs Metropolitan Statistical Area (MSA) has a population exceeding 1,001,010.
Key Highlights
- 15‑year net lease with Fresenius Kidney Care (FKC) commenced in April 2017, providing long‑term, stable income.
- Corporate guarantee from Fresenius Medical Care Holdings, Inc., offering a low‑risk investment.
- Annual rent increases of 1.7% over the lease term, ensuring consistent cash flow and potential asset appreciation.
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
$87,673
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
3.53%
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%
$1,753,460
$1.8M
Cap Rate 7%
$1,252,471
$1.3M
Cap Rate 9%
$974,144
$974.1K
Market Conditions
NOI Build-Up for 6,413 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
$133.9K $20.88/SF
− Vacancy
−$17.0K −$2.65/SF
EGI
$116.9K $18.23/SF
− OpEx
−$29.2K −$4.56/SF
NOI
$87.7K $13.67/SF
Area
Omaha, NE
Vacancy
12.70%
Lease Rate
$20.88 /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%
$1,753,460
Cap Rate 7%
$1,252,471
Cap Rate 9%
$974,144
Alternative Uses
Best Use
Office B
$1.25M
$1.10M – $1.46M
NOI $87,673 @ 7.0% cap · market cap 3.53%
Second Best
Healthcare Medical
$1.24M
$1.09M – $1.45M
NOI $86,806 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,106 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
799
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 68118, NE
9,802
Population
3,670
Households
2.7
Avg Household Size
41
Median Age
65%
College-Educated
99%
High-School Grad
4.0 sq mi
ZIP Area
2,451
Density / Sq Mi
$137,358
Median Household Income
$67,653
Median Earnings
$1,820
Median Rent
$364,500
Median Home Value
Market
Vacancy Rate% for Office in Omaha, NE
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding medical office building with long-term net lease.
Where is this medical office space located?
The property is located at 15801 W Dodge Rd Omaha, NE.
What is the asking price?
The asking price for this property is $2,483,707.
What are key features of this property?
This property features: 15‑year net lease with Fresenius Kidney Care (FKC) commenced in April 2017, providing long‑term, stable income.; Corporate guarantee from Fresenius Medical Care Holdings, Inc., offering a low‑risk investment.; Annual rent increases of 1.7% over the lease term, ensuring consistent cash flow and potential asset appreciation.
