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    Property profile & analytics

    2306 Michigan Ave Norfolk, NE 68701

    • Land
    • 1.62 lot acres
    For Sale
    View listing
    $84,396
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 2306 Michigan Ave

    Lot size
    1.62 lot acres
    Property type
    Land
    Property subtype
    Industrial properties

    Description

    This 1.62-acre commercial and industrial lot is located in Norfolk, Nebraska's Bradford Business Park, at the northeast intersection of South 37th Street and West Omaha Avenue. The property, zoned I-1, is part of Phase 1, with 12 remaining lots available. All utilities are on-site, making this a truly shovel-ready opportunity. The lot's size is ideal for various industrial or heavy commercial uses. Its convenient location on the edge of Norfolk, within city limits, provides easy access to Highways 275 and 81, ensuring excellent transportation links. The asking price is $84,396. Larger lots, ranging from 1.6 acres to over 5 acres, are also available within the park, offering flexibility for businesses of all sizes. This is an exceptional opportunity for companies looking to expand, relocate, or establish a new presence in a thriving business park. The address is 2306 W Michigan Ave, Norfolk, NE 68701. This property presents a compelling investment opportunity in a strategic location with excellent infrastructure and accessibility.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Madison
    State
    Nebraska
    Longitude
    -97.4432
    Latitude
    42.0217

    Comparable in this City

    • Value Estimation by Request
      1.61 Acres

      3407 Bradford Ave

      Land • 1.61 Acres
      3407 Bradford Ave, Norfolk, NE 68701
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    • Value Estimation by Request
      1.72 Acres

      3506 Bradford Ave

      Land • 1.72 Acres
      3506 Bradford Ave, Norfolk, NE 68701
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    • Value Estimation by Request
      2.01 Acres

      3406 Bradford Ave

      Land • 2.01 Acres
      3406 Bradford Ave, Norfolk, NE 68701
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    • Value Estimation by Request
      1.61 Acres

      3507 Bradford Ave

      Land • 1.61 Acres
      3507 Bradford Ave, Norfolk, NE 68701
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    • Value Estimation by Request
      5.63 Acres

      3407 Michigan Ave

      Land • 5.63 Acres
      3407 Michigan Ave, Norfolk, NE 68701
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    • Value Estimation by Request
      32.00 Acres

      1601 1St St

      Land • 32.00 Acres
      1601 1St St, Norfolk, NE 68701
      View Details

    Similar Nearby for Sale

    • $84,396
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      Norfolk Industrial Land - $84,396

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      1.59 Acres

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      Shovel-ready lot, prime industrial location.
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      32.00 Acres

      Norfolk Industrial Land: 32 Acres

      Prime Norfolk, NE industrial land – ideal for development.
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    2306 Michigan Ave
    Norfolk, NE 68701
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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
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