Highway Frontage Commercial
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713 Olson Dr, Papillion, NE 68046
Commercial property on Highway 370 with two access points.
Property Size3,802 SF
Price / SF$263.02
Days on Market1523
Property Features for 713 Olson Dr
General Information
Standard status
Active
Size
3,802 SF
Total Parking Spaces
12
Property subtype
Land, Office
Zoning
03-Commercial
Building Details
Year Built
1981
Buildings
1
Stories
1
Listing Agency:
Aulner Home Team
(402) 657-1229
Listed By:
Aaron Aulner · License #Nebraska, 20110166
Source:
Crexi
Added: Jun 29, 2022
Changed: Aug 8
Last Checked: Aug 26 at 3:24PM
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 Aulner Home Team
Investment Insights
Based on property information with market context.
This commercial property is located on Highway 370 and features two entrances to the access road. The existing structure, with a size of 3802 square feet, currently houses a self-service car wash. However, the property is grandfathered in such a way that it cannot continue to operate as a car wash under new ownership. The current structure could be repurposed as a shell for the build-out of office space.
Key Highlights
- Prime commercial property on HWY 370
- Two entrances to access road
- Existing structure suitable as a shell for office space buildout
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
$49,841
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
4.98%
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%
$996,820
$996.8K
Cap Rate 7%
$712,014
$712.0K
Cap Rate 9%
$553,789
$553.8K
Market Conditions
NOI Build-Up for 3,802 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
$69.8K $18.36/SF
− Vacancy
−$3.4K −$0.88/SF
EGI
$66.5K $17.48/SF
− OpEx
−$16.6K −$4.37/SF
NOI
$49.8K $13.11/SF
Area
Sarpy County, NE
Vacancy
4.80%
Lease Rate
$18.36 /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%
$996,820
Cap Rate 7%
$712,014
Cap Rate 9%
$553,789
Alternative Uses
Best Use
Specialty Retail
$712.0K
$623.0K – $830.7K
NOI $49,841 @ 7.0% cap · market cap 4.98%
Second Best
Retail
$667.3K
$583.9K – $778.6K
NOI $46,713 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$1.02M
$892.8K – $1.19M
NOI $71,420 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Explore this area
Business Placement
Demographics for 68046, NE
32,242
Population
12,849
Households
2.5
Avg Household Size
36
Median Age
50%
College-Educated
97%
High-School Grad
28.0 sq mi
ZIP Area
1,152
Density / Sq Mi
$113,708
Median Household Income
$57,767
Median Earnings
$1,252
Median Rent
$331,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self service car wash - Commercial property on Highway 370 with two access points.
Where is this self service car wash located?
The property is located at 713 Olson Dr Papillion, NE.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Prime commercial property on HWY 370; Two entrances to access road; Existing structure suitable as a shell for office space buildout
