Freestanding Office
For Sale
Contact for pricing
2611 S 117th Street, Omaha, NE 68144
Freestanding office building with recent roof and interior renovations, seconds from I-680, in a highly accessible Omaha location.
Property Size6,431 SF
Price / SF$225.47
Days on Market55
Property Features for 2611 S 117th Street
General Information
Standard status
Active
Size
6,431 SF
Class
C
Property subtype
Office
Zoning
General Office
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1996
Year Renovated
2019
Buildings
1
Listing Agency:
Cushman & Wakefield | The Lund Company
Listed By:
Richard Secor · License #NE 0850068
(402) 393-8811
Source:
Crexi
Added: Jul 22
Changed: Aug 13
Last Checked: Sep 13 at 4:27AM
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 Cushman & Wakefield | The Lund Company
Investment Insights
Based on property information with market context.
Freestanding office building with a single-building setup and approximately 6,431 SF, built in 1996. Recent upgrades include a newer roof completed in 2019, interior renovations, and a parking lot resurfacing and striping.
The building is located along Arbor Street just north of West Center Road, positioned for easy access near the intersection of 120th and 114th Streets. It is seconds away from I-680.
With the recent improvements to the roof, interior, and parking lot, the property offers a refreshed option for an office tenant looking for a standalone facility in a convenient, drive-friendly location.
The building is located along Arbor Street just north of West Center Road, positioned for easy access near the intersection of 120th and 114th Streets. It is seconds away from I-680.
With the recent improvements to the roof, interior, and parking lot, the property offers a refreshed option for an office tenant looking for a standalone facility in a convenient, drive-friendly location.
Key Highlights
- 6,431 SF standalone office building built in 1996
- New roof completed in 2019
- Interior renovations completed recently
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
$87,919
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
6.06%
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%
$1,758,380
$1.8M
Cap Rate 7%
$1,255,986
$1.3M
Cap Rate 9%
$976,878
$976.9K
Market Conditions
NOI Build-Up for 6,431 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
$134.3K $20.88/SF
− Vacancy
−$17.1K −$2.65/SF
EGI
$117.2K $18.23/SF
− OpEx
−$29.3K −$4.56/SF
NOI
$87.9K $13.67/SF
Area
Omaha, NE
Vacancy
12.70%
Lease Rate
$20.88 /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%
$1,758,380
Cap Rate 7%
$1,255,986
Cap Rate 9%
$976,878
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $87,919 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,437 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
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Business Placement
Demographics for 68144, NE
24,994
Population
11,209
Households
2.2
Avg Household Size
38
Median Age
46%
College-Educated
96%
High-School Grad
7.3 sq mi
ZIP Area
3,424
Density / Sq Mi
$81,887
Median Household Income
$46,271
Median Earnings
$1,138
Median Rent
$248,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Omaha, NE
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Frequently Asked Questions
What type of property is this?
Office building - Freestanding office building with recent roof and interior renovations, seconds from I-680, in a highly accessible Omaha location.
Where is this office building located?
The property is located at 2611 S 117th Street Omaha, NE.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 6,431 SF standalone office building built in 1996; New roof completed in 2019; Interior renovations completed recently
