1400 5th St North Platte, NE 69101
- Warehouses
- 7,800 SF
- 0.95 lot acres
Current Use by Public Records
- Warehouses
Property Details for 1400 5th St
- Year built
- 1996
- Lot size
- 0.95 lot acres
- Property size
- 7,800 SF
- Zone code
- COMMERCIAL
- Property type
- Warehouses
- Property subtype
- Self storage facilities
- APN
- 0032190.00
- APU
- 3219000
Description
This exceptional self-storage facility in North Platte, Nebraska, presents a compelling investment opportunity. Located at 1400 E 5th St, this property boasts 15,300 net rentable square feet across two buildings, comprising 106 units. Currently operating at 94.34% occupancy (as of July 22, 2024), the facility generates a current NOI of $57,163, representing a 6.51% cap rate. A pro-forma analysis projects a stabilized NOI of $75,492, resulting in an attractive 8.60% pro-forma cap rate. Built in 1996, the property is priced at $878,000, or $57.39 per net rentable square foot and $8,283.02 per unit. The property benefits from its location in North Platte, a city experiencing significant economic growth fueled by the upcoming completion of a large beef processing plant, creating thousands of jobs and boosting the local population. North Platte's unique geography, with limited basement space in homes due to flood plain location, further enhances the demand for self-storage. The city's development-friendly environment and ongoing residential and mixed-use projects contribute to a positive outlook for the property's future performance. The property's APN is 0032190.00. This is a rare opportunity to acquire a well-performing asset in a rapidly growing market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- North Platte
- County
- Lincoln
- State
- Nebraska
- Longitude
- -100.747
- Latitude
- 41.135
- CBSA code
- 35820
- CBSA name
- NORTH PLATTE, NE MICROPOLITAN STATISTICAL AREA
