Auto Repair and Warehouse
For Sale
$925,000
2840 S Locust St, Grand Island, NE 68801
Real estate includes 4,900-sf main shop, 1,800-sf warehouse, office with gas heat and central A/C.
Property Size6,700 SF
Lot Size2.53 Acres
Price / SF$138.06
Days on Market94
Property Features for 2840 S Locust St
General Information
Standard status
Active
Size
6,700 SF
Lot size
2.53 Acres
Taxes and HOA fees
Annual Taxes
$7,278
Listing Agency:
Babcock Real Estate
Listed By:
Tracy Babcock · License #20120066
(308) 390-5904
Source:
Exprealty
Added: Jun 4
Changed: Aug 31
Last Checked: Sep 5 at 11:05AM
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 Babcock Real Estate
Investment Insights
Based on property information with market context.
For sale at 2840 S Locust St, Grand Island, NE: a tire and repair shop real estate package featuring a main building with shop and support space plus a separate warehouse. The main building totals 4,900 square feet, and the separate warehouse is 1,800 square feet. The property is configured for automotive service operations, with radiant heat in the shop space. The office and waiting area are equipped with gas heat and central A/C.
The sale includes five parcels being sold together, totaling 2.53 acres. The buildings and land can be sold together as real estate only, and the listing also notes the option to include business equipment under a separate MLS offering (see MLS #20262630).
This is a straightforward automotive service site with dedicated warehouse space on a combined, multi-parcel land holding, designed around the existing shop layout and environmental comfort for the office and waiting area.
The sale includes five parcels being sold together, totaling 2.53 acres. The buildings and land can be sold together as real estate only, and the listing also notes the option to include business equipment under a separate MLS offering (see MLS #20262630).
This is a straightforward automotive service site with dedicated warehouse space on a combined, multi-parcel land holding, designed around the existing shop layout and environmental comfort for the office and waiting area.
Key Highlights
- Total 2.53 acres with five parcels sold together
- 4,900‑sf main building plus 1,800‑sf separate warehouse
- Currently operating as a tire and repair shop
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
$81,975
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
8.86%
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%
$1,639,500
$1.6M
Cap Rate 7%
$1,171,071
$1.2M
Cap Rate 9%
$910,833
$910.8K
Market Conditions
NOI Build-Up for 6,700 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
$123.0K $18.36/SF
− Vacancy
−$5.9K −$0.88/SF
EGI
$117.1K $17.48/SF
− OpEx
−$35.1K −$5.24/SF
NOI
$82.0K $12.24/SF
Area
Hall County, NE
Vacancy
4.80%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
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%
$1,639,500
Cap Rate 7%
$1,171,071
Cap Rate 9%
$910,833
Alternative Uses
Best Use
Retail
$1.17M
$1.02M – $1.37M
NOI $81,975 @ 7.0% cap · market cap 8.86%
Second Best
Industrial
$548.2K
$479.7K – $639.5K
NOI $38,372 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,373 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 68801, NE
30,440
Population
11,684
Households
2.6
Avg Household Size
34
Median Age
17%
College-Educated
81%
High-School Grad
90.0 sq mi
ZIP Area
338
Density / Sq Mi
$63,214
Median Household Income
$37,995
Median Earnings
$931
Median Rent
$186,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cars For Less — 3630 S Locust St #2, Grand Island, NE 68801
- Walmart Auto Care Centers — 3501 S Locust St, Grand Island, NE 68801
- Anchest Auto Glass of Doniphan — 3231 Ramada Rd, Grand Island, NE 68801
- Classic Automotive — 315-379 W Husker Hwy, Grand Island, NE 68801
- Jack's Tire Service — 2840 S Locust St, Grand Island, NE 68801
Frequently Asked Questions
What type of property is this?
Auto shop - Real estate includes 4,900-sf main shop, 1,800-sf warehouse, office with gas heat and central A/C.
Where is this auto shop located?
The property is located at 2840 S Locust St Grand Island, NE.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Total 2.53 acres with five parcels sold together; 4,900‑sf main building plus 1,800‑sf separate warehouse; Currently operating as a tire and repair shop
