Corner Office
For Sale
$280,000
721 W 7th St, Grand Island, NE 68801
Configured with private offices, flexible workspace, and dedicated parking.
Property Size1,848 SF
Price / SF$151.52
Days on Market86
Property Features for 721 W 7th St
General Information
Standard status
Active
Size
1,848 SF
Total Parking Spaces
5
Taxes and HOA fees
Annual Taxes
$2,854
Building Details
Buildings
1
Listing Agency:
Summit Real Estate
(308) 383-8047
Listed By:
Rocio Esparza-Guerrero
(308) 383-8047
Source:
Exprealty
Added: Jun 5
Changed: Aug 29
Last Checked: Aug 29 at 7:14PM
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 Summit Real Estate
Investment Insights
Based on property information with market context.
This office building is arranged for professional operations, with a reception area, waiting room, seven private offices, and a flexible room that can function as a conference room, break room, or additional office. An ADA-accessible ramp serves the front east entrance. The property includes five dedicated parking spaces, with additional street parking available. Commercial zoning supports a range of professional and business uses. Positioned on a prominent corner lot at 721 W 7th St in Grand Island, Nebraska, the building offers a visible setting for an owner-user or office investment property.
Key Highlights
- Seven private offices plus reception and waiting areas
- Flexible room suited for conference, break, or office use
- ADA‑accessible ramp at the front east entrance
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
$24,250
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
8.66%
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%
$485,000
$485.0K
Cap Rate 7%
$346,429
$346.4K
Cap Rate 9%
$269,444
$269.4K
Market Conditions
NOI Build-Up for 1,848 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
$35.3K $19.08/SF
− Vacancy
−$2.9K −$1.58/SF
EGI
$32.3K $17.50/SF
− OpEx
−$8.1K −$4.37/SF
NOI
$24.2K $13.12/SF
Area
Hall County, NE
Vacancy
8.30%
Lease Rate
$19.08 /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%
$485,000
Cap Rate 7%
$346,429
Cap Rate 9%
$269,444
Alternative Uses
Best Use
Office B
$346.4K
$303.1K – $404.2K
NOI $24,250 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$462.5K
$404.7K – $539.6K
NOI $32,374 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Configured with private offices, flexible workspace, and dedicated parking.
Where is this office building located?
The property is located at 721 W 7th St Grand Island, NE.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Seven private offices plus reception and waiting areas; Flexible room suited for conference, break, or office use; ADA‑accessible ramp at the front east entrance
