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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2216 Spencer St Omaha, NE 68110-1956

    • Apartment buildings
    • 2,994 SF
    • 0.14 lot acres
    OFF-MARKET
    Value Estimations
    $310,000
    Show details
    Cap Rate Potential
    7.9%
    Apartment buildings
    Location Intelligence
    Property ID
    US57-0204074
    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

    • Desperate Housemaids / House Cleaning Service

    Property Details for 2216 Spencer St

    Year built
    1900
    Construction
    FRAME
    Lot size
    0.14 lot acres
    Property size
    2,994 SF
    Property type
    Apartment buildings
    APN
    1527330000
    APU
    1527330000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $305,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $400,000
      6.5%
      $370,000
      7%
      $345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $247,000
      Market price range: $248k - $431k
      AI Estimate
      $193,000
      Market price range: $193k - $294k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $325,000
      Current use
      RETAIL STORES
      $470,000
      Change: +43% Conversion: Difficult
      MEDICAL BUILDING
      $450,000
      Change: +38% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $445,000
      Change: +36% Conversion: Difficult
      OFFICE BUILDING
      $435,000
      Change: +34% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $420,000
      Change: +28% Conversion: Moderate
      WAREHOUSE, STORAGE
      $295,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Omaha
    County
    Douglas
    State
    Nebraska
    Longitude
    -95.9461
    Latitude
    41.2881
    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
    $2,806
    $6,200
    $126,800
    $133,000
    -
    $6,200
    $126,800
    $133,000

    Comparable in this City

    • Value Estimation
      $410,000
      3,438 SF

      1609 Binney St

      APARTMENT HOUSE (5+ UNITS) • 3,438 SF
      1609 Binney St, Omaha, NE 68110-2001
      View Details
    • Value Estimation
      $330,000
      4,340 SF

      5711 24th St

      APARTMENT HOUSE (5+ UNITS) • 4,340 SF
      5711 24th St, Omaha, NE 68110-1061
      View Details
    • Value Estimation
      $480,000
      8,624 SF

      1811 Maple St

      APARTMENT HOUSE (5+ UNITS) • 8,624 SF
      1811 Maple St, Omaha, NE 68110
      View Details
    • Value Estimation by Request
      4,352 SF

      2101 Binney St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,352 SF
      2101 Binney St, Omaha, NE 68110-2035
      View Details
    • Value Estimation
      $300,000
      3,868 SF

      2006 18th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,868 SF
      2006 18th St, Omaha, NE 68110-2467
      View Details
    • Value Estimation
      $285,000
      3,868 SF

      2005 Florence Blvd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,868 SF
      2005 Florence Blvd, Omaha, NE 68110-4411
      View Details

    Similar Nearby for Sale

    • $225,000

      Tenant-Ready Tri-Plex Opportunity

      Non-conforming triplex with separate access, ready for tenants.
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      Omaha Warehouse Space For Sale

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      Omaha Warehouse Space For Sale

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    • Contact for pricing

      Vacant Lot in Omaha

      Vacant lot with endless potential in the heart of Omaha.
      2217 N 16Th St, Omaha, NE 68110
      View Details
    • $2,400,000
      12,320 SF

      Omaha Office Building: Prime Location

      12,300 SF Office Space, $2.4M
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      View Details

    Similar Nearby for Lease

    • $795,000
      17,497 SF

      Industrial Property with Fenced Storage

      Lease or purchase opportunity with drive-in bays and storage.
      2611 Florence Blvd, Omaha, NE 68110
      View Details
    • $9 SF/Yr
      8,335 SF

      Omaha Retail Space - 8,335 SF

      Former Family Dollar, high-traffic location.
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      View Details
    • $1,500 /Mo

      Omaha Land for Lease

      1-65 acres available for lease in North Downtown Omaha.
      1304 Manderson St, Omaha, NE 68110
      View Details
    • Contact for pricing
      1 SF

      Omaha Industrial Land Portfolio

      Multiple lots, flexible sizes, prime location
      13th & Locust St, Omaha, NE 68110
      View Details
    • $6 SF/Yr
      11,268 SF

      Omaha Flex Warehouse For Lease

      11,268 SF Flex Space, North Downtown Omaha
      1531 18Th St, Omaha, NE 68110
      View Details
    • Contact for pricing
      150,000 SF

      Industrial Warehouse Near Eppley Airfield

      150,000 SF Class A warehouse near Eppley Airfield.
      5906 Abbott Dr, Omaha, NE 68110
      View Details
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    2216 Spencer St
    Omaha, NE 68110-1956
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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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