Corner-Lot Office Units with Two
For Sale
$205,000
17 E 21ST STREET, Scottsbluff, NE 69361
SINGLE_FAMILY - Scottsbluff, NE
Property Size1,768 SF
Price / SF$115.95
Days on Market174
Property Features for 17 E 21ST STREET
General Information
Property type
Residential
Property subtype
Office
Lot features
Free Standing, Corner Lot
Subdivision
SCOTTSBLUFF
Standard status
Active
APN
010135618
Taxes and HOA fees
Tax Year
2011
Tax Description
S 1/3 SE TL 6, BLK 30, NORTH SCOTTSBLUFF ADD
Tax Annual Amount
2009
Legal Description
S 1/3 SE TL 6, BLK 30, NORTH SCOTTSBLUFF ADD
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Number of units
2
Flooring type
Carpet
Building materials
Frame, Brick
Roof type
Flat
Listing Agency:
NEBRASKA REALTY
(402) 491-0100
Listed By:
CAITLIN COPAS · License #20170323
(308) 241-1664
Added: Mar 3
Changed: Jul 31
Last Checked: Aug 24 at 8:06AM
MLS# 27028
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 office property is arranged as one office with a sunny, bright waiting area/front office, and a hallway that provides access to 4–5 office spaces and a storage closet. A 1/2 bath is located in the hallway leading to the side door. The property has two separate entrances, and the secondary unit at the west end can be used as an additional waiting or storage area with two spacious offices.
A 1,768 sq ft basement is divided into two areas, offering abundant storage and a storm shelter on one side, plus a smaller storage/utility area that includes two furnaces and an on demand water heater. Outside, there is off-street parking easily accessed from the alley.
Constructed with frame and brick materials and served by forced air heating with natural gas and central air cooling, the building has a flat roof. The property is currently tax exempt, and taxes listed are from 2011 and may change after purchase.
A 1,768 sq ft basement is divided into two areas, offering abundant storage and a storm shelter on one side, plus a smaller storage/utility area that includes two furnaces and an on demand water heater. Outside, there is off-street parking easily accessed from the alley.
Constructed with frame and brick materials and served by forced air heating with natural gas and central air cooling, the building has a flat roof. The property is currently tax exempt, and taxes listed are from 2011 and may change after purchase.
Key Highlights
- 1,768 sq ft basement with storage and storm shelter plus separate storage/utility area with two furnaces
- Two separate entrances allowing the property to be used as two office units at the west end
- Secondary unit includes an additional waiting or storage area and two spacious offices
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
$14,003
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
6.83%
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%
$280,060
$280.1K
Cap Rate 7%
$200,043
$200.0K
Cap Rate 9%
$155,589
$155.6K
Market Conditions
NOI Build-Up for 1,768 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
$21.2K $12.00/SF
− Vacancy
−$2.5K −$1.44/SF
EGI
$18.7K $10.56/SF
− OpEx
−$4.7K −$2.64/SF
NOI
$14.0K $7.92/SF
Area
Scotts Bluff County, NE
Vacancy
12.00%
Lease Rate
$12.00 /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%
$280,060
Cap Rate 7%
$200,043
Cap Rate 9%
$155,589
Alternative Uses
Best Use
Office B
$200.0K
$175.0K – $233.4K
NOI $14,003 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$331.8K
$290.4K – $387.2K
NOI $23,229 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office units - Freestanding office setup with two entrances, central air, and off-street parking accessible from the alley.
Where is this office units located?
The property is located at 17 E 21ST STREET Scottsbluff, NE.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 1,768 sq ft basement with storage and storm shelter plus separate storage/utility area with two furnaces; Two separate entrances allowing the property to be used as two office units at the west end; Secondary unit includes an additional waiting or storage area and two spacious offices
