Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3407 Michigan Ave Norfolk, NE 68701
    Property profile & analytics

    3407 Michigan Ave, Norfolk, NE 68701

    View on Map
    • Commercial real estate
    • 5.63 lot acres
    Off-Market
    Property ID
    US57-0376616
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 3407 Michigan Ave

    Lot size
    5.63 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 5.63-acre commercial and industrial land parcel is ideally situated in Norfolk, Nebraska's Bradford Business Park, at the northeast intersection of South 37th Street and West Omaha Avenue. The property is part of Phase 1, with 12 remaining lots available, and a future Phase 2 planned. Zoned I-1, it's perfectly suited for industrial or heavy commercial development. All utilities are conveniently located on-site, making this a truly "shovel-ready" opportunity. The lot offers significant advantages due to its size and accessibility, being within Norfolk city limits and close proximity to Highways 275 and 81. This location provides excellent access to transportation networks, facilitating efficient logistics and distribution. The asking price for this expansive lot is $292,812. The property is easily configurable to meet diverse business needs, ranging from expansion projects to new business ventures. This presents a rare chance to acquire a strategically positioned lot in a thriving business park, offering significant potential for growth and return on investment. Contact us today to explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Madison
    State
    Nebraska
    Longitude
    -97.443202
    Latitude
    42.0216834

    Comparable in this City

    • Contact for pricing
      3,000 SF

      Versatile Metal Shop/Garage for Sale

      Spacious shop/garage with insulated bay and expansion potential.
      920 S Birch St, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Industrial Lots in Bradford Park

      Shovel-ready industrial lots for sale, configurable to your needs.
      3205 W Michigan Ave, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Industrial Lots in Bradford Business Park

      Shovel-ready industrial lots for sale, configurable to your needs.
      3506 Bradford Ave, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Industrial Lots in Bradford Business Park

      Shovel-ready industrial lots in Norfolk's Bradford Business Park.
      3307 W Michigan Ave, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Development Ready Land Parcel

      Land parcel with completed grading and utility services available.
      1015 Magnet Dr, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Retail Lot in Norfolk, Nebraska

      1.21 AC retail lot for sale near shopping hub.
      2501 W Pasewalk Ave, Norfolk, NE 68701
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,000 SF

      Versatile Metal Shop/Garage for Sale

      Spacious shop/garage with insulated bay and expansion potential.
      920 S Birch St, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Industrial Lots in Bradford Park

      Shovel-ready industrial lots for sale, configurable to your needs.
      3205 W Michigan Ave, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Industrial Lots in Bradford Business Park

      Shovel-ready industrial lots for sale, configurable to your needs.
      3506 Bradford Ave, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Industrial Lots in Bradford Business Park

      Shovel-ready industrial lots in Norfolk's Bradford Business Park.
      3307 W Michigan Ave, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Development Ready Land Parcel

      Land parcel with completed grading and utility services available.
      1015 Magnet Dr, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Retail Lot in Norfolk, Nebraska

      1.21 AC retail lot for sale near shopping hub.
      2501 W Pasewalk Ave, Norfolk, NE 68701
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      4,934 SF

      Former Medical Clinic For Lease

      Former medical clinic with 35 parking spaces available for lease.
      1130 South 13Th St, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Retail Space Near Walmart

      Retail space available in shadow center anchored by Walmart.
      701 S 25Th St, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Retail/Medical Building with High Visibility

      Class A retail/medical space with excellent visibility in Norfolk.
      1130 S 13Th St, Norfolk, NE 68701
      View Details
    • Contact for pricing
      4,250 SF

      Retail Showroom with Highway Visibility

      Outlot retail space with excellent highway visibility and traffic.
      2305 Krenzien Dr, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Retail/Office Space Available For Lease

      4,934 SF retail/office space for lease at $20.00/SF NNN.
      1130 S 13Th St, Norfolk, NE 68701
      View Details
    • Contact for pricing

      Retail Space Near Major Businesses

      High-traffic retail space near Target and Fortune 500 company.
      1710 Market Ln, Norfolk, NE 68701
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3407 Michigan Ave
    Norfolk, NE 68701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3407 Michigan Ave, Norfolk, NE, 68701
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!