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    Property profile & analytics

    3201 Farnam St Omaha, NE 68131

    • Theaters & concert halls
    • 21,583 SF
    For Lease
    View listing
    $19 SF/Yr
    Last Sale
    Jun 29, 2023
    Value Estimations
    $910,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US57-1052005
    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

    • Pickleman's Gourmet Cafe / Coffee Shop / Pizza Restaurant
    • Long Dog Fat Cat Midtown Crossing / Pet Supply Store
    • Verizon / Telecommunications Service Provider / Cell Phone Store
    • Stories Coffee Company / Coffee Shop
    • Marcus Palimenio / Physical Therapist / Practitioner Service Location

    Property Details for 3201 Farnam St

    Year built
    2010
    Property size
    21,583 SF
    Property type
    Theaters & concert halls
    APN
    1741740501
    APU
    1741740501

    Description

    Midtown Crossing presents a unique retail investment opportunity in the heart of Omaha, Nebraska. This vibrant 15.5-acre development boasts seven buildings totaling 222,544 square feet, offering multiple tenancy options. Currently, 12,964 square feet of retail space is available, divisible into units ranging from a minimum of 1,523 square feet to a maximum contiguous space of 4,063 square feet. Located at 3201 Farnam St, Omaha, NE 68131, in the Central Omaha submarket of Douglas County, this property benefits from its high-traffic location and established presence within a thriving community. Built in 2010, Midtown Crossing is home to approximately 40 local businesses, creating a dynamic and diverse commercial environment. The property's prime location and the surrounding neighborhood's recognition on both local and international levels make this an exceptional opportunity for businesses seeking high visibility and a strong customer base. Ideal for restaurants, bars, or other service-oriented retailers, this space offers significant potential for growth and success within a well-established and highly sought-after commercial development. The property's size and flexibility allow for customization to suit a variety of business needs. This is a chance to become part of a thriving community in a prime Omaha location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $660,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,163,000
      Market price range: $532k - $1.16M

    • Alternative Use

      Use
      Estimation
      THEATER (MOVIE)
      $845,000
      Current use
      RETAIL STORES
      $1,430,000
      Change: +69% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,010,000
      Change: +20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Omaha
    County
    Douglas
    State
    Nebraska
    Longitude
    -95.9606
    Latitude
    41.2574
    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
    $108,435
    $138,500
    $5,001,100
    $5,139,600
    -
    $138,500
    $5,001,100
    $5,139,600

    Comparable in this City

    • Value Estimation by Request
      5,731 SF

      401 39th St

      DANCE HALL • 5,731 SF
      401 39th St, Omaha, NE 68131-3710
      View Details
    • Value Estimation by Request
      6,892 SF

      4008 Hamilton St

      THEATER (MOVIE) • 6,892 SF
      4008 Hamilton St, Omaha, NE 68131-1106
      View Details
    • Value Estimation
      $8,980,000
      42,511 SF

      3201 Farnam St, Unit 2

      THEATER (MOVIE) • 42,511 SF
      3201 Farnam St, Omaha, NE 68131-3402
      View Details
    • Value Estimation by Request
      0.16 Acres

      3002 Nicholas St

      VACANT COMMERCIAL LAND • 0.16 Acres
      3002 Nicholas St, Omaha, NE 68131-1446
      View Details
    • Value Estimation by Request
      0.67 Acres

      2902 Cuming St

      VACANT COMMERCIAL LAND • 0.67 Acres
      2902 Cuming St, Omaha, NE 68131
      View Details
    • Value Estimation by Request
      0.03 Acres

      Omaha, NE 68131

      VACANT COMMERCIAL LAND • 0.03 Acres
      Omaha, NE 68131
      View Details

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    Similar Nearby for Lease

    • $19 SF/Yr
      68,509 SF

      Midtown Omaha Retail Opportunity

      Prime Omaha street retail, 5 spaces available.
      3201 Farnam St, Omaha, NE 68131
      View Details
    • $20 SF/Yr
      25,088 SF

      Midtown Crossing Retail Opportunity

      Omaha Retail Space: Prime Farnam Street Location
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      View Details
    • $34 SF/Yr
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      Blackstone Square Retail Space

      Omaha's Blackstone District: 757 SF Available
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    • $25 SF/Yr
      1,895 SF

      Retail Space on Farnam Street

      Retail space available in mixed-use development, Fall 2024.
      3737 Farnam St, Omaha, NE 68131
      View Details
    • $13 SF/Yr
      1,920 SF

      Cuming Street Office with Storage

      Office space with prime visibility and basement storage available for rent.
      3913-3919 Cuming St, Omaha, NE 68131
      View Details
    • $12 SF/Yr
      1,045 SF

      Retail Space Near Creighton University

      Retail space serving residents, students, and employees with ample parking.
      2929 California St, Omaha, NE 68131
      View Details
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    3201 Farnam St
    Omaha, NE 68131
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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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