Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    124 38th St Omaha, NE 68131-3165

    • Commercial real estate
    • 19,726 SF
    • 1.30 lot acres
    OFF-MARKET
    Value Estimations
    $2,535,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US57-1152651
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 124 38th St

    Year built
    1970
    Construction
    FRAME
    Lot size
    1.30 lot acres
    Property size
    19,726 SF
    Property type
    Commercial real estate
    APN
    1423370002
    APU
    1423370002

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,765,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $3,685,000
      Change: +33% Conversion: Difficult
      RETAIL STORES
      $3,080,000
      Change: +12% Conversion: Easy
      MEDICAL BUILDING
      $2,980,000
      Change: +8% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,925,000
      Change: +6% Conversion: Difficult
      OFFICE BUILDING
      $2,880,000
      Change: +4% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Omaha
    County
    Douglas
    State
    Nebraska
    Longitude
    -95.9694
    Latitude
    41.2587
    CBSA code
    36540
    CBSA name
    OMAHA-COUNCIL BLUFFS, NE-IA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $48,411
    $114,100
    $2,180,500
    $2,294,600
    -
    $114,100
    $2,180,500
    $2,294,600

    Comparable in this City

    • Value Estimation
      $1,185,000
      8,640 SF

      2505 Caldwell St

      COMMERCIAL (GENERAL) • 8,640 SF
      2505 Caldwell St, Omaha, NE 68131-4604
      View Details
    • Value Estimation
      $35,500,000
      1,049,257 SF

      2929 California Plz

      COMMERCIAL (GENERAL) • 1,049,257 SF
      2929 California Plz, Omaha, NE 68131-1502
      View Details
    • Value Estimation by Request
      3,080 SF

      350 35th St

      COMMERCIAL (GENERAL) • 3,080 SF
      350 35th St, Omaha, NE 68131-2471
      View Details
    • Value Estimation
      $650,000
      4,680 SF

      406 40th St

      COMMERCIAL (GENERAL) • 4,680 SF
      406 40th St, Omaha, NE 68131-3728
      View Details
    • Value Estimation
      $610,000
      4,480 SF

      128 43rd St

      COMMERCIAL (GENERAL) • 4,480 SF
      128 43rd St, Omaha, NE 68131-2247
      View Details
    • Value Estimation
      $1,390,000
      10,560 SF

      320 44th St

      COMMERCIAL (GENERAL) • 10,560 SF
      320 44th St, Omaha, NE 68131-2264
      View Details

    Similar Nearby for Sale

    • $440,000

      Midtown Omaha Development Land

      Prime Dodge Street location, multifamily potential.
      3870 Dodge St, Omaha, NE 68131
      View Details
    • $4,019,750
      44,119 SF

      Downtown Omaha Office Building

      44,119 SF Office Space, $4M
      2551 Dodge St, Omaha, NE 68131
      View Details
    • $2,399,000

      Omaha Multi-Family Investment Opportunity

      28-unit apartment building with grocery store and income potential.
      840 N 44Th St, Omaha, NE 68131
      View Details
    • Contact for pricing
      42,628 SF

      Industrial-Flex Warehouse in Midtown Omaha

      Industrial-flex warehouse in Midtown Omaha, ideal for owner-user.
      4370-4420 Izard St, Omaha, NE 68131
      View Details
    • Contact for pricing
      1,166 SF

      Midtown Crossing Penthouse Condo

      Stunning 2-bedroom penthouse with upgrades, amenities, and prime location.
      200 S 31St Ave, Omaha, NE 68131
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      21,890 SF

      Omaha Restaurant Space - Prime Location

      High-traffic restaurant & lounge, ample space.
      220 31St Ave, Omaha, NE 68131
      View Details
    • $22 SF/Yr
      21,890 SF

      Midtown Crossing Office Space

      Omaha office suites, prime location.
      120 31St Ave, Omaha, NE 68131
      View Details
    • $34 SF/Yr
      10,561 SF

      Blackstone Square Retail Space

      Omaha's Blackstone District: 757 SF Available
      3863 Farnam St, Omaha, NE 68131
      View Details
    • $19 SF/Yr
      68,509 SF

      Midtown Omaha Retail Opportunity

      Prime Omaha street retail, 5 spaces available.
      3201 Farnam St, Omaha, NE 68131
      View Details
    • $20 SF/Yr
      25,088 SF

      Midtown Crossing Retail Opportunity

      Omaha Retail Space: Prime Farnam Street Location
      3157 Farnam St, Omaha, NE 68131
      View Details
    • Contact for pricing
      1,920 SF

      Cuming Street Office with Storage

      Office space with prime visibility and basement storage available for rent.
      3913-3919 Cuming St, Omaha, NE 68131
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    124 38th St
    Omaha, NE 68131-3165
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.