Flat Commercial Land
For Sale
Contact for pricing
2406 LEAVENWORTH ST, Omaha, NE 68105
DS - Downtown Special Use zoning accompanies existing occupied space on the parcel.
Property Size16,860 SF
Price / SF$204.63
Days on Market8
Property Features for 2406 LEAVENWORTH ST
General Information
Standard status
Active
Size
16,860 SF
Class
D
Total Parking Spaces
80
Property subtype
Retail, Multifamily, Special Purpose
Zoning
DS - Downtown Special Use
Investment Type
Redevelopment
Building Details
Year Built
1913
Year Renovated
2010
Buildings
3
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Nebraska Realty
(402) 660-7929
Listed By:
Ryan Basye · License #NE 20230226
Source:
Crexi
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 5:58AM
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 Nebraska Realty
Investment Insights
Based on property information with market context.
This commercial land offering consists of a flat 0.45-acre parcel at 2406 Leavenworth St in Omaha, Nebraska. The property includes over 16,000 square feet of occupied space, with existing improvements dating to 1913. Its downtown-oriented zoning designation is DS - Downtown Special Use.
The parcel represents one-half of a city block and is located close to the Omaha Streetcar route. The site also sits along the trajectory of the city’s modern transit corridor, adding a transportation-related element to its downtown setting.
The parcel represents one-half of a city block and is located close to the Omaha Streetcar route. The site also sits along the trajectory of the city’s modern transit corridor, adding a transportation-related element to its downtown setting.
Key Highlights
- 0.45‑acre flat commercial land parcel
- DS - Downtown Special Use zoning
- Over 16,000 square feet of occupied space
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
$209,401
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
6.07%
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%
$4,188,020
$4.2M
Cap Rate 7%
$2,991,443
$3.0M
Cap Rate 9%
$2,326,678
$2.3M
Market Conditions
NOI Build-Up for 16,860 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
$364.2K $21.60/SF
− Vacancy
−$29.1K −$1.73/SF
EGI
$335.0K $19.87/SF
− OpEx
−$125.6K −$7.45/SF
NOI
$209.4K $12.42/SF
Area
Omaha, NE
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$4,188,020
Cap Rate 7%
$2,991,443
Cap Rate 9%
$2,326,678
Alternative Uses
Best Use
Mixed Use
$2.99M
$2.62M – $3.49M
NOI $209,401 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.44M
$3.88M – $5.18M
NOI $310,505 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,397
Businesses Nearby
Explore this area
Business Placement
Demographics for 68105, NE
22,669
Population
10,633
Households
2.1
Avg Household Size
32
Median Age
35%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
6,297
Density / Sq Mi
$53,253
Median Household Income
$36,969
Median Earnings
$1,010
Median Rent
$187,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - DS - Downtown Special Use zoning accompanies existing occupied space on the parcel.
Where is this commercial land located?
The property is located at 2406 LEAVENWORTH ST Omaha, NE.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: 0.45‑acre flat commercial land parcel; DS - Downtown Special Use zoning; Over 16,000 square feet of occupied space
