Office/Warehouse Flex
New
For Sale
$390,000
2004 SW 5th Street Unit A, Lincoln, NE 68522
Well-maintained condo combines finished offices with heated warehouse space, storage, and practical work areas for commercial operations.
Property Size2,522 SF
Days on Market2
Property Features for 2004 SW 5th Street Unit A
General Information
Standard status
Active
Size
2,522 SF
Property subtype
Industrial - Manufacturing
Building Details
Building Size
2,522 SF
Listing Agency:
NAI FMA Realty
(402) 441-5800
Listed By:
Thomas Graf
Source:
Commercialcafe
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 6:27AM
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 NAI FMA Realty
Investment Insights
Based on property information with market context.
This 2,552 SF office/warehouse condo combines approximately 540 SF of updated office space with a heated warehouse and supporting storage areas. The office component includes a private office, reception area, bathroom with shower, built-in desk, cabinetry, and natural light. A second-level office is reached from the warehouse. Warehouse improvements include radiant heat, built-in storage, a floor drain, and a freestanding utility sink. Clear height is approximately 16 feet, increasing to 20 feet at the tallest point.
Zoned I-1, the property supports a range of commercial and industrial uses. The condo is located at 2004 SW 5th Street, Unit A, in southwest Lincoln’s industrial area, with access to West O Street, Highway 77, and I-80.
Zoned I-1, the property supports a range of commercial and industrial uses. The condo is located at 2004 SW 5th Street, Unit A, in southwest Lincoln’s industrial area, with access to West O Street, Highway 77, and I-80.
Key Highlights
- 2,552 SF office/warehouse condo at 2004 SW 5th Street, Unit A
- Approximately 540 SF of updated office space
- Warehouse offers approximately 16‑ft clear height and 20‑ft maximum height
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
$31,777
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
8.15%
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%
$635,540
$635.5K
Cap Rate 7%
$453,957
$454.0K
Cap Rate 9%
$353,078
$353.1K
Market Conditions
NOI Build-Up for 2,522 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
$53.0K $21.00/SF
− Vacancy
−$10.6K −$4.20/SF
EGI
$42.4K $16.80/SF
− OpEx
−$10.6K −$4.20/SF
NOI
$31.8K $12.60/SF
Area
Lincoln, NE
Vacancy
20.00%
Lease Rate
$21.00 /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%
$635,540
Cap Rate 7%
$453,957
Cap Rate 9%
$353,078
Alternative Uses
Best Use
Office B
$454.0K
$397.2K – $529.6K
NOI $31,777 @ 7.0% cap · market cap 8.15%
Second Best
Warehouse
$425.9K
$372.7K – $496.9K
NOI $29,816 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$618.3K
$541.0K – $721.3K
NOI $43,280 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
268
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 68522, NE
14,496
Population
4,682
Households
3.1
Avg Household Size
33
Median Age
26%
College-Educated
87%
High-School Grad
10.6 sq mi
ZIP Area
1,368
Density / Sq Mi
$77,151
Median Household Income
$35,788
Median Earnings
$1,204
Median Rent
$225,400
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?
Flex space - Well-maintained condo combines finished offices with heated warehouse space, storage, and practical work areas for commercial operations.
Where is this flex space located?
The property is located at 2004 SW 5th Street Unit A Lincoln, NE.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 2,552 SF office/warehouse condo at 2004 SW 5th Street, Unit A; Approximately 540 SF of updated office space; Warehouse offers approximately 16‑ft clear height and 20‑ft maximum height
