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Property profile & analytics
OFF-MARKET
Estimated value
$1,965,000
Warehouses
1902 Omaha Ave Norfolk, NE 68701-7302
Entity Owned
3-yr Hold
Free & Clear
Property ID
US57-0820601
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1969
Construction
STEEL FRAME
Total area
14,500 SF
Lot
1.62 ac (70,567 SF)
Zoning code
COMMERCIAL
APN
590041770
UPID
US57-0820601
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.93M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.28M
Blend (final)
Blend
$1.97M
Owner & transaction history
Spirit Master Funding X LLC · 3 yrs held
Spirit Master Funding X LLC
since 2022
Last sale
$2.0M
2 recorded transactions
Zoning & alternative use
COMMERCIAL · Norfolk, NE
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$1.6M
+89.5%
Office building
$1.6M
+88.2%
Restaurant
$1.4M
+66.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Norfolk submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Norfolk submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,955,000
ML approach
$1,925,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,630,000
Change: +89% · Conversion: Difficult
OFFICE BUILDING
$1,620,000
Change: +88% · Conversion: Difficult
RESTAURANT
$1,440,000
Change: +67% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,375,000
Change: +60% · Conversion: Difficult
Blend value · Realmo final
$1.97M
Range $1.77M – $2.16M · ±10% · vs last sale $1.97M (Aug 25 2022)
Last sale anchor
$1.97M
Aug 25 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$136 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$15,234
Tax year 2023
Assessed value
$823,990
Assessed 2023
Previous assessed
$756,503
+8.9% YoY
Effective rate
1.85%
On assessed value
Assessed land
$463,403
Assessed improvement
$360,587
Land market value
$463,403
Improvement market value
$360,587
Total market value
$823,990
Applied tax rate
30.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1969
Construction
STEEL FRAME
Heating
RADIANT
Stories
1
Total area
14,500 SF
Lot
1.62 ac (70,567 SF)
Zoning code
COMMERCIAL
APN
590041770
UPID
US57-0820601
Jurisdiction
MADISON
Zoning & alternative use
COMMERCIAL · Norfolk, NE
Zoning COMMERCIAL · permitted uses
COMMERCIAL · Norfolk, NE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Norfolk. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.6M
OFFICE BUILDING
Est. value
$1.6M
RESTAURANT
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.4M
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
RESTAURANT
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1969
Construction
STEEL FRAME
Heating
RADIANT
Stories
1
Lot
1.62 ac
Current owner
From public records · entity-resolved
Spirit Master Funding X LLC
Entity
Free & Clear · 3 yrs held
Mailing address
2727 N HARWOOD ST STE #300, DALLAS, TX 75201-2407
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 25, 2022
$1,970,000
Spirit Master Funding X LLC
Binswanger Enterprises LLC
Special Warranty Deed
—
Sep 30, 2006
—
Vitro America INC
V V P America Acquisition LLC
Assessor Sales History
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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