Flex Space with Detached
For Sale
$399,000
691 N 12th Road Palmyra, Omaha, NE 68110
Shop-house offers open living with shop functionality, covered patio, and detached garage access outside a FEMA flood zone.
Property Size1,488 SF
Lot Size3.00 Acres
Price / SF$268.15
Days on Market34
Property Features for 691 N 12th Road Palmyra
General Information
Standard status
Active
Size
1,488 SF
Lot size
3.00 Acres
Property subtype
Land
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,860
Amenities
1 to 5 Acres
Rural Water
251 x 1267 x 63 x 672 x 169 x 351
3
GIS Calculated
Concrete
County Road
Listing Agency:
Nebraska Realty; M
(866) 308-2448
Listed By:
Stacey Jaeger
(866) 308-2448
Source:
Oab.exprealty
Added: Jul 8
Changed: Aug 8
Last Checked: Jul 8 at 5:28AM
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 Nebraska Realty; M
Investment Insights
Based on property information with market context.
This versatile shouse (shop-house) combines comfortable living space with practical workshop-style utility. The interior features an open-concept layout connecting the kitchen, dining, and living areas. The home includes one bathroom and low-maintenance finishes including tile and carpet flooring, painted walls, and warm wood trim. Built with durable metal siding and roofing, the property is designed for straightforward upkeep and long-term use. Year-round comfort is provided by electric forced-air heat, a wood-burning stove, and central air. Outside, there is a covered concrete patio plus an open grill area, and a sidewalk leads to a detached garage for additional storage and convenience.
Access is provided via Hwy 2, and the property is outside a FEMA flood zone.
The combination of flexible indoor layout, covered outdoor entertaining space, and detached garage supports a variety of residential and business needs on one site.
Access is provided via Hwy 2, and the property is outside a FEMA flood zone.
The combination of flexible indoor layout, covered outdoor entertaining space, and detached garage supports a variety of residential and business needs on one site.
Key Highlights
- 3‑acre property outside a FEMA flood zone with county road frontage on concrete road surface
- Shop‑house with approximately 1,488 sq ft of finished space including 1 bathroom
- Open‑concept layout connecting kitchen, dining, and living areas
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
$15,437
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
3.87%
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%
$308,740
$308.7K
Cap Rate 7%
$220,529
$220.5K
Cap Rate 9%
$171,522
$171.5K
Market Conditions
NOI Build-Up for 1,488 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
$25.0K $16.80/SF
− Vacancy
−$1.2K −$0.84/SF
EGI
$23.7K $15.96/SF
− OpEx
−$8.3K −$5.59/SF
NOI
$15.4K $10.37/SF
Area
Omaha, NE
Vacancy
5.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$308,740
Cap Rate 7%
$220,529
Cap Rate 9%
$171,522
Alternative Uses
Best Use
Flex RnD
$220.5K
$193.0K – $257.3K
NOI $15,437 @ 7.0% cap · market cap 3.87%
Second Best
Industrial
$216.5K
$189.4K – $252.6K
NOI $15,155 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$391.5K
$342.6K – $456.7K
NOI $27,404 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 68110, NE
9,665
Population
3,545
Households
2.7
Avg Household Size
33
Median Age
13%
College-Educated
81%
High-School Grad
8.5 sq mi
ZIP Area
1,137
Density / Sq Mi
$36,517
Median Household Income
$21,739
Median Earnings
$920
Median Rent
$113,800
Median Home Value
Market
Vacancy Rate% for Industrial in Omaha, NE
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Shop-house offers open living with shop functionality, covered patio, and detached garage access outside a FEMA flood zone.
Where is this flex space located?
The property is located at 691 N 12th Road Palmyra Omaha, NE.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 3‑acre property outside a FEMA flood zone with county road frontage on concrete road surface; Shop‑house with approximately 1,488 sq ft of finished space including 1 bathroom; Open‑concept layout connecting kitchen, dining, and living areas
