Building Details

Year Renovated 2026

Buildings 1

Stories 1

Units 1

Listing Agency: Nebraska Realty

Listed By: Jeff Perdue · License #20140202 Show Phone

Source: Crexi

Added: Mar 31 Changed: Aug 8 Last Checked: Jul 26 at 4:13PM

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Investment Insights

Based on property information with market context.

This fully updated downtown commercial property was recently gutted and renovated and is presented in clean, modern condition. The interior includes new lighting, new flooring, fresh paint, and a new ceiling. A roof replacement was completed in 2016. The functional layout supports office or retail use, and the rear concrete pad adds practical utility for everyday operations.

The building is located at 166 Main Street in Springfield, Nebraska, on a 0.506-acre lot. It is zoned commercial and positioned for Main Street presence within the downtown district.

Offered for sale as an owner-user or investment opportunity, the property provides a compact, ready-to-occupy footprint with recent interior improvements and documented roof replacement.

Key Highlights

• 978 SF downtown commercial building in Springfield, NE with recent gut‑and‑renovation updates
• New lighting, flooring, fresh paint, and a new ceiling for a clean, modern interior
• Roof replacement completed in 2016

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

$13,811

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

4.19%

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%

$276,220 $276.2K

Cap Rate 7%

$197,300 $197.3K

Cap Rate 9%

$153,456 $153.5K

Market Conditions

NOI Build-Up for 978 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

$20.0K $20.40/SF

− Vacancy

−$1.5K −$1.57/SF

EGI

$18.4K $18.83/SF

− OpEx

−$4.6K −$4.71/SF

NOI

$13.8K $14.12/SF

Area

Sarpy County, NE

Vacancy

7.70%

Lease Rate

$20.40 /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%

$276,220

Cap Rate 7%

$197,300

Cap Rate 9%

$153,456

Alternative Uses

Best Use

Office B

$197.3K

$172.6K – $230.2K (±1% cap)

NOI $13,811 @ 7.0% cap · market cap 4.19%

Second Best

Retail

$171.7K

$150.2K – $200.3K (±1% cap)

NOI $12,016 @ 7.0% cap · market cap 3.64%

Theoretical Best

Office A

$262.5K

$229.7K – $306.2K (±1% cap)

NOI $18,372 @ 7.0% cap · market cap 5.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Executive Janitorial Corporation General Contractor

Suggested Use

Top Pick Real Estate Agency Big Box & Wholesale Store Dental Office Hair Salon Law Firm Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

189

Businesses Nearby

Explore this area Business Placement

Demographics for 68059, NE

3,408

Population

1,369

Households

2.5

Avg Household Size

43

Median Age

31%

College-Educated

96%

High-School Grad

47.7 sq mi

ZIP Area

71

Density / Sq Mi

$97,210

Median Household Income

$50,768

Median Earnings

$1,198

Median Rent

$351,900

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Fully updated 978 SF commercial building with new lighting, flooring, paint, and ceiling, plus a rear concrete pad.

Where is this mixed-use property located?

The property is located at 166 Main St Springfield, NE.

What is the asking price?

The asking price for this property is $330,000.

What are key features of this property?

This property features: 978 SF downtown commercial building in Springfield, NE with recent gut‑and‑renovation updates; New lighting, flooring, fresh paint, and a new ceiling for a clean, modern interior; Roof replacement completed in 2016