Renovated Mixed-Use Property with
For Sale
$725,000
2603 N 45 St, Omaha, NE 68104
The property combines an office, heated shop, basement storage, and three loft apartments.
Property Size4,578 SF
Price / SF$158.37
Days on Market52
Property Features for 2603 N 45 St
General Information
Standard status
Active
Size
4,578 SF
Property subtype
Multi-Family
Zoning
CG
Additional Details
Power
220 amps
Amenities
ADA-compliant restroom
ceiling-mounted security camera system
Building Details
Year Built
1918
Year Renovated
2021
Listing Agency:
Better Homes and Gardens R.E.
(402) 660-9078
Listed By:
Lisa Marie Pringle · License #20150747
Source:
Thatcheromaha
Added: Jul 11
Changed: Aug 30
Last Checked: Aug 25 at 5:35AM
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 Better Homes and Gardens R.E.
Investment Insights
Based on property information with market context.
Located at 2603 N 45 Street in Omaha, this CG-zoned mixed-use property was renovated in 2021. The commercial component includes an open office, an ADA-compliant restroom, ceiling-mounted security cameras, and a 2,111-square-foot walkout basement with washer/dryer hookups for storage or workspace.
A separate 1,260-square-foot heated shop features an insulated ceiling and 220-amp electrical service. The property also contains three loft-style residential apartments and a large gravel parking area accommodating employees, tenants, customers, work vehicles, trailers, and equipment. The combination of office, shop, basement, and residential areas creates a substantial mixed-use configuration at one property.
A separate 1,260-square-foot heated shop features an insulated ceiling and 220-amp electrical service. The property also contains three loft-style residential apartments and a large gravel parking area accommodating employees, tenants, customers, work vehicles, trailers, and equipment. The combination of office, shop, basement, and residential areas creates a substantial mixed-use configuration at one property.
Key Highlights
- Renovated in 2021 with office, shop, basement, and residential components
- 2,111‑square‑foot walkout basement with washer/dryer hookups
- 1,260‑square‑foot heated shop with insulated ceiling and 220‑amp electrical service
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
$44,704
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
6.17%
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%
$894,080
$894.1K
Cap Rate 7%
$638,629
$638.6K
Cap Rate 9%
$496,711
$496.7K
Market Conditions
NOI Build-Up for 4,578 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
$76.9K $16.80/SF
− Vacancy
−$5.4K −$1.18/SF
EGI
$71.5K $15.62/SF
− OpEx
−$26.8K −$5.86/SF
NOI
$44.7K $9.76/SF
Area
ZIP 68104
Vacancy
7.00%
Lease Rate
$16.80 /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%
$894,080
Cap Rate 7%
$638,629
Cap Rate 9%
$496,711
Alternative Uses
Best Use
Office B
$1.09M
$952.8K – $1.27M
NOI $76,224 @ 7.0% cap · market cap 10.51%
Second Best
Mixed Use
$638.6K
$558.8K – $745.1K
NOI $44,704 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,795 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 68104, NE
36,706
Population
16,330
Households
2.2
Avg Household Size
34
Median Age
31%
College-Educated
84%
High-School Grad
6.6 sq mi
ZIP Area
5,562
Density / Sq Mi
$57,488
Median Household Income
$38,703
Median Earnings
$1,049
Median Rent
$157,700
Median Home Value
Market
Vacancy Rate% for Office in Omaha, NE
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines an office, heated shop, basement storage, and three loft apartments.
Where is this mixed-use property located?
The property is located at 2603 N 45 St Omaha, NE.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Renovated in 2021 with office, shop, basement, and residential components; 2,111‑square‑foot walkout basement with washer/dryer hookups; 1,260‑square‑foot heated shop with insulated ceiling and 220‑amp electrical service
