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    117 32Nd Ave Omaha, NE 68131

    Sponsored
    For Lease
    $17 SF/Yr ($19,833 /Mo)

    Prime Omaha office space, flexible layouts, ample parking.

    Lot size:
    14,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This exceptional two-story office building, situated at 117 N 32nd Avenue in Omaha, Nebraska, offers a unique opportunity for businesses seeking flexible and conveniently located space. Built in 1967 and renovated in 1999, this Class B property boasts a total of 14,000 square feet, with 10,822 square feet currently available. The building is situated on a 0.31-acre lot and is zoned GO. Multiple tenancy options are available, with spaces ranging from a minimum of 1,290 square feet to a maximum contiguous space of 8,532 square feet. The property features convenient front door parking and additional covered parking in the rear. Its prime location just north of Midtown Crossing provides easy access to Dodge Street and places tenants within walking distance of numerous restaurants, shops, and other amenities. This is an excellent opportunity to be part of the vibrant growth in Omaha's Midtown area. The building consists of one structure with two stories.

    Property Features for 117 32Nd Ave

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    14,000 SF
    Class
    B
    Total Rate
    19833.33

    Building Details

    Year Built/Renovated
    1967/1999
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Upper Level
    Size
    8,532 SF
    Rate per SF
    $17
    Space
    Lower Level Suite 1
    Size
    1,290 SF
    Rate per SF
    $17
    Space
    Lower Level Suite 2
    Size
    1,000 SF
    Rate per SF
    $17

    We can help!

    Listing Contact
    Howard Shrier
    Howard Shrier

    Learn more

    Property Insight Report

    HighLights

    • 14,000 SF Class B office building in Omaha, NE.
    • Built in 1967, renovated in 1999.
    • Two‑story building on a 0.31‑acre lot.
    • GO zoning.
    • 10,822 SF currently available, divisible to 1,290 SF minimum.
    Property Profile Location Intelligence

    Current Use by Public Records

    Nebraska Advanced Radiology Medical Diagnostic Imaging Center Football for the World Foundation ... Non-Profit Organization K Watson Group, ... Corporate Office NAR Open MRI, ... Medical Diagnostic Imaging Center Law Office of Vivian ... Immigration Attorney

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Omaha
    County
    Douglas
    State
    Nebraska
    Longitude
    -95.960379436316
    Latitude
    41.260211266378

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Omaha office space, flexible layouts, ample parking.
    Where is this office property / space located?
    The property is located at 117 32Nd Ave Omaha, NE.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: 14,000 SF Class B office building in Omaha, NE.; Built in 1967, renovated in 1999.; Two-story building on a 0.31-acre lot.
    Request Owner's contact information
    117 32Nd Ave Omaha, NE 68131
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    117 32Nd Ave Omaha, NE 68131
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    We can help!
    Listing Contact
    Howard Shrier
    Howard Shrier
    Real Estate License ID: NE 20100356
    Learn more
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