B2-Zoned Retail
For Sale
$795,000
3012 S Locust Street Grand, Grand Island, NE 68801
Commercial building offering a dedicated retail setting with B2 zoning.
Property Size2,188 SF
Price / SF$363.35
Days on Market80
Property Features for 3012 S Locust Street Grand
General Information
Standard status
Active
Size
2,188 SF
Property subtype
Street Retail
Zoning
B2
Building Details
Building Size
2,188 SF
Year Built
2006
Listing Agency:
NAI NP Dodge
(402) 255-6060
Listed By:
Spencer Morrissey · License #20170041
(402) 255-6060
Source:
Thebrokerlist
Added: Jun 11
Changed: Aug 29
Last Checked: Jun 11 at 3:28AM
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 NAI NP Dodge
Investment Insights
Based on property information with market context.
This storefront property contains 2,188 SF and was constructed in 2006. The building is identified for retail use and carries B2 zoning, providing a defined commercial setting for a retail-oriented owner or occupant.
The property is located at 3012 S Locust Street in Grand Island, Nebraska, north of Woodland Drive. Its street-facing configuration supports a straightforward storefront presence along South Locust Street.
The property is located at 3012 S Locust Street in Grand Island, Nebraska, north of Woodland Drive. Its street-facing configuration supports a straightforward storefront presence along South Locust Street.
Key Highlights
- 2,188 SF storefront property
- Built in 2006
- B2 zoning
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
$26,770
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
3.37%
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%
$535,400
$535.4K
Cap Rate 7%
$382,429
$382.4K
Cap Rate 9%
$297,444
$297.4K
Market Conditions
NOI Build-Up for 2,188 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
$40.2K $18.36/SF
− Vacancy
−$1.9K −$0.88/SF
EGI
$38.2K $17.48/SF
− OpEx
−$11.5K −$5.24/SF
NOI
$26.8K $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%
$535,400
Cap Rate 7%
$382,429
Cap Rate 9%
$297,444
Alternative Uses
Best Use
Retail
$382.4K
$334.6K – $446.2K
NOI $26,770 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$547.6K
$479.1K – $638.8K
NOI $38,330 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Balanced
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
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Similar Off Market Nearby
- Williams Flower Co & Greenhouses — 2209 S Locust St, Grand Island, NE 68801
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial building offering a dedicated retail setting with B2 zoning.
Where is this storefront property located?
The property is located at 3012 S Locust Street Grand Grand Island, NE.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 2,188 SF storefront property; Built in 2006; B2 zoning
