Bellevue Commercial Space For
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3704 Summit Plaza Dr, Bellevue, NE 68123
High-traffic location suitable for medical, corporate, or retail use.
Property Size9,500 SF
Price / SF$157.89
Days on Market142
Property Features for 3704 Summit Plaza Dr
General Information
Standard status
Active
Size
9,500 SF
Class
B
Property subtype
Office
Building Details
Stories
1
Listing Agency:
PJ Morgan Real Estate
(402) 609-4668
Listed By:
Ryan Ellis · License #NE 20080578
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 2 at 7:23AM
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 PJ Morgan Real Estate
Investment Insights
Based on property information with market context.
Located in the Twin Creek development in Bellevue, this property offers a blend of high-traffic exposure and a flexible layout. The property is suitable for medical practices, corporate headquarters, or high-end retail businesses. The property has a size of 9500 square feet.
Key Highlights
- Premier opportunity in Bellevue's thriving Twin Creek development.
- High‑traffic exposure.
- Flexible layout.
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
$134,158
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
8.94%
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%
$2,683,160
$2.7M
Cap Rate 7%
$1,916,543
$1.9M
Cap Rate 9%
$1,490,644
$1.5M
Market Conditions
NOI Build-Up for 9,500 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
$193.8K $20.40/SF
− Vacancy
−$14.9K −$1.57/SF
EGI
$178.9K $18.83/SF
− OpEx
−$44.7K −$4.71/SF
NOI
$134.2K $14.12/SF
Area
Sarpy County, NE
Vacancy
7.70%
Lease Rate
$20.40 /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%
$2,683,160
Cap Rate 7%
$1,916,543
Cap Rate 9%
$1,490,644
Alternative Uses
Best Use
Office B
$1.92M
$1.68M – $2.24M
NOI $134,158 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.55M
$2.23M – $2.97M
NOI $178,457 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
Explore this area
Business Placement
Demographics for 68123, NE
32,203
Population
12,963
Households
2.5
Avg Household Size
32
Median Age
39%
College-Educated
95%
High-School Grad
24.9 sq mi
ZIP Area
1,293
Density / Sq Mi
$96,188
Median Household Income
$48,253
Median Earnings
$1,395
Median Rent
$273,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - High-traffic location suitable for medical, corporate, or retail use.
Where is this office building located?
The property is located at 3704 Summit Plaza Dr Bellevue, NE.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Premier opportunity in Bellevue's thriving Twin Creek development.; High‑traffic exposure.; Flexible layout.
