Flex Space with Office and
For Sale
$1,900,000
215 Kaufman Ave, Grand Island, NE 68803
Multi-purpose commercial building combining extensive office amenities with three separate warehouse areas.
Property Size24,164 SF
Price / SF$78.63
Days on Market14
Property Features for 215 Kaufman Ave
General Information
Standard status
Active
Size
24,164 SF
Amenities
reception area
conference rooms
board rooms
kitchen
break room
copy/printing area
restrooms
Listing Agency:
Berkshire Hathaway HomeServices Da-Ly Realty
(308) 380-6976
Listed By:
Jimmy Reed · License #20160460
(308) 380-6976
Source:
Exprealty
Added: Aug 10
Changed: Aug 21
Last Checked: Aug 22 at 11:55AM
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 Berkshire Hathaway HomeServices Da-Ly Realty
Investment Insights
Based on property information with market context.
This flex-space property combines a substantial office component with dedicated warehouse capacity. The interior includes approximately 23 private offices, a reception area, conference and board rooms, a large kitchen and break room, a copy and printing area, and separate men’s and women’s restrooms. A finished lower level adds further office space along with adaptable work or storage areas.
Three warehouse spaces are incorporated into the building, creating a combined office-and-industrial configuration at 215 Kaufman Ave in Grand Island, Nebraska. The layout also includes shared meeting, staff, and support areas, providing a range of work environments within one commercial property.
Three warehouse spaces are incorporated into the building, creating a combined office-and-industrial configuration at 215 Kaufman Ave in Grand Island, Nebraska. The layout also includes shared meeting, staff, and support areas, providing a range of work environments within one commercial property.
Key Highlights
- Approximately 23 private offices
- Three warehouse spaces within the building
- Finished lower level with additional offices and flexible work or storage areas
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
$165,223
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
8.70%
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%
$3,304,460
$3.3M
Cap Rate 7%
$2,360,329
$2.4M
Cap Rate 9%
$1,835,811
$1.8M
Market Conditions
NOI Build-Up for 24,164 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
$198.1K $8.20/SF
− Vacancy
−$3.8K −$0.16/SF
EGI
$194.4K $8.04/SF
− OpEx
−$29.2K −$1.21/SF
NOI
$165.2K $6.84/SF
Area
Hall County, NE
Vacancy
1.90%
Lease Rate
$8.20 /SF/Yr
Expense Ratio
15.00%
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%
$3,304,460
Cap Rate 7%
$2,360,329
Cap Rate 9%
$1,835,811
Alternative Uses
Best Use
Office B
$4.53M
$3.96M – $5.28M
NOI $317,087 @ 7.0% cap · market cap 16.69%
Second Best
Warehouse
$2.36M
$2.07M – $2.75M
NOI $165,223 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$6.05M
$5.29M – $7.06M
NOI $423,314 @ 7.0% cap · market cap 22.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 68803, NE
26,487
Population
11,188
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
86.9 sq mi
ZIP Area
305
Density / Sq Mi
$70,040
Median Household Income
$44,795
Median Earnings
$888
Median Rent
$224,100
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 - Multi-purpose commercial building combining extensive office amenities with three separate warehouse areas.
Where is this flex space located?
The property is located at 215 Kaufman Ave Grand Island, NE.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Approximately 23 private offices; Three warehouse spaces within the building; Finished lower level with additional offices and flexible work or storage areas
