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    1413 S Washington St Papillion, NE 68107

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    1413 S Washington St Papillion, NE 68107

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    • Office buildings
    • 12,342 SF
    • 2.18 lot acres
    For Lease
    $14 SF/Yr
    View Listing →
    Office Space in Prime Location For Lease
    $14 SF/Yr
    3,223 SF

    Office Space in Prime Location

    Office suites available with great views and convenient amenities.

    1413 S Washington St, Papillion, NE
    View Listing
    Property ID
    US57-0162035
    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.
    Value Estimations
    $2,880,000
    Cap Rate Potential
    6.3%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 1413 S Washington St

    Year built
    1998
    Construction
    STEEL FRAME
    Lot size
    2.18 lot acres
    Property size
    12,342 SF
    Zone code
    1
    Property type
    Office buildings
    APN
    11592917
    APU
    11592917

    Description

    This exceptional three-story, 36,000 square foot building, situated at 1413 S Washington St, Papillion, NE 68046, presents a unique investment opportunity. Built in 1998, the Midlands Professional Centre boasts a prime location at the intersection of 84th & Highway 370, enjoying high visibility to an estimated 43,350 vehicles daily. The property is zoned CC and features three individual suites ranging from 1,760 to 3,223 square feet, currently available for lease. The building offers ample parking with 146 spaces and convenient elevator access. Property taxes are $15 per square foot. The building's classification includes both retail and executive office space, making it suitable for a variety of businesses. With its strategic location, substantial size, and modern amenities, the Midlands Professional Centre provides an excellent opportunity for businesses seeking a prominent presence in the thriving Papillion market. The property consists of one building with three suites, offering flexibility for various business needs. This is a multi-tenant building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,945,000
      ML approach
      $2,830,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,100,000
      6.5%
      $2,860,000
      7%
      $2,655,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,144,000
      Market price range: $1.44M - $3.14M
      AI Estimate
      $2,511,000
      Market price range: $616k - $2.51M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,340,000
      Current use
      COMMERCIAL (GENERAL)
      $4,585,000
      Change: +96% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,975,000
      Change: +27% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Papillion
    County
    Sarpy
    State
    Nebraska
    Longitude
    -96.0422
    Latitude
    41.1381
    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
    $63,482
    $853,938
    $2,517,482
    $3,371,420
    -
    $853,938
    $2,517,482
    $3,371,420

    Comparable in this City

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      22,653 SF

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    • Value Estimation
      $2,960,000
      26,508 SF

      701 Olson Dr

      OFFICE BUILDING • 26,508 SF
      701 Olson Dr, Papillion, NE 68046-4797
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    • Value Estimation by Request
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      818 Tara Plz

      OFFICE BUILDING • 2,574 SF
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    • Value Estimation by Request
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      1211 Monroe St

      OFFICE BUILDING • 7,320 SF
      1211 Monroe St, Papillion, NE 68046-2045
      View Details
    • Value Estimation by Request
      3,200 SF

      105 Sherman St

      OFFICE BUILDING • 3,200 SF
      105 Sherman St, Papillion, NE 68046-2627
      View Details
    • Value Estimation by Request
      1,958 SF

      1203 Washington St

      OFFICE BUILDING • 1,958 SF
      1203 Washington St, Papillion, NE 68046-2566
      View Details

    Similar Nearby for Sale

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      7,150 SF industrial condominium with office space and drive doors.
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      Papillion Land Lot For Sale

      Corner walkout lot backing to green space in Tower District.
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      Daylight Corner Lot in Papillion

      Daylight corner lot in a walkable mixed-use community.
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      Walkout lot in a walkable mixed-use community.
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    Similar Nearby for Lease

    • Contact for pricing

      Regional Shopping Center in Papillion

      654,666 SF shopping center at 72nd and Highway 370.
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      Medical Office Space Available

      Medical office space near CHI Midland’s Hospital for lease.
      1502 S Washington St, Papillion, NE 68046
      View Details
    • Contact for pricing

      Commercial Space Available For Lease

      Commercial space available for lease at 465 Olson Dr.
      465 Olson Dr, Papillion, NE 68046
      View Details
    • Contact for pricing

      New Office/Flex Space Opportunity

      New construction office/flex space minutes from I-80, ready for build-out.
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    • $2 SF/Yr
      24,858 SF

      Shadow Lake Towne Center Pad

      Prime Sarpy County commercial land
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    • Contact for pricing

      Turnkey Church Space in Papillion

      Move-in ready church space with sanctuary and children's rooms.
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    1413 S Washington St
    Papillion, NE 68107
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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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