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    Property profile & analytics

    1413 Washington St Papillion, NE 68046-4165

    • Office buildings
    • 12,342 SF
    • 2.18 lot acres
    OFF-MARKET
    Last Sale
    Jan 05, 2022
    $3,300,000
    Value Estimations
    $2,960,000
    Show details
    Cap Rate Potential
    6.3%
    Office buildings
    Location Intelligence
    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.

    Current Use by Public Records

    • Office buildings

    Property Details for 1413 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 valuation — 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

    • Value Estimation
      $835,000
      22,653 SF

      7148 Towne Ctr Pkwy

      OFFICE BUILDING • 22,653 SF
      7148 Towne Ctr Pkwy, Papillion, NE 68046-2125
      View Details
    • Value Estimation
      $705,000
      26,508 SF

      701 Olson Dr

      OFFICE BUILDING • 26,508 SF
      701 Olson Dr, Papillion, NE 68046-4797
      View Details
    • Value Estimation
      $260,000
      2,574 SF

      818 Tara Plz

      OFFICE BUILDING • 2,574 SF
      818 Tara Plz, Papillion, NE 68046-2044
      View Details
    • Value Estimation
      $260,000
      7,320 SF

      1211 Monroe St

      OFFICE BUILDING • 7,320 SF
      1211 Monroe St, Papillion, NE 68046-2045
      View Details
    • Value Estimation
      $280,000
      3,200 SF

      105 Sherman St

      OFFICE BUILDING • 3,200 SF
      105 Sherman St, Papillion, NE 68046-2627
      View Details
    • Value Estimation
      $410,000
      1,958 SF

      1203 Washington St

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

    Similar Nearby for Sale

    • Contact for pricing
      800,000 SF

      Oak Leaf Development: Papillion, NE

      Prime Mixed-Use Land, 12 Pads Available
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    • $1,000,000
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      Papillion Commercial Lot - Huge Potential

      Prime Hwy 370 location, 3802 sq ft, high-growth area.
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      Portal Plaza South: Papillion Land

      Commercial Land, Papillion, NE. Excellent development opportunity.
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    • Contact for pricing
      48.70 Acres

      Papillion Commercial Land - 48.7 Acres

      Prime Nebraska development land, high-traffic location.
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      View Details
    • Contact for pricing
      50,529 SF

      Highway 370 Mixed-Use Development

      Mixed-use development land for sale or build-to-suit.
      114th St & Hwy, Papillion, NE 68046
      View Details
    • $98,500
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      Residential Land in Papillion, Nebraska

      Residential land available in Papillion, Nebraska.
      9801 Overland Trl, Papillion, NE 68046
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      654,666 SF

      Shadow Lake Towne Center Office Space

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      32,027 SF

      Midlands Two Medical Office Suites

      Papillion medical office space available.
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      View Details
    • $17 SF/Yr
      15,000 SF

      Papillion Medical Office Space

      15,000 sq ft medical/office building, flexible suites.
      1502 Washington St, Papillion, NE 68046
      View Details
    • Contact for pricing
      11,561 SF

      Midland's Place: Papillion Office Space

      Retail & Office Suites Available in Papillion, NE
      465 Olson Dr, Papillion, NE 68046
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    • $14 SF/Yr
      42,698 SF

      Hillside Flex: Prime Sarpy County Space

      Modern flex space, I-80 access, immediate occupancy.
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    • Contact for pricing

      Land for Lease

      Land available for lease in Papillion, Nebraska.
      7751 Towne Center Pkwy, Papillion, NE 68046
      View Details
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    Papillion, NE 68046-4165
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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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