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    Property profile & analytics

    3555 Farnam St Omaha, NE 68131

    • Office buildings
    • 159,534 SF
    For Lease
    View listing
    $24 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US57-0072677
    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

    • marubeni america / Wholesaler
    • RISE Academy - Nebraska Reentry Program Main Office / Non-Profit Organization
    • kiewit-plaza-barber-shop / Barber Shop
    • Rush ReCommerce / Software Company / E-Commerce Service
    • Blackstone Plaza / Corporate Office

    Property Details for 3555 Farnam St

    Year built
    1961
    Property size
    159,534 SF
    Property type
    Office buildings
    APN
    642504513
    APU
    642504513

    Description

    Blackstone Plaza, a 16-story, Class A building (235,000 total square feet) in Omaha's Blackstone District, offers a unique blend of historic charm and modern amenities. Built in 1961 and extensively renovated in 2021, this landmark property provides flexible office space options ranging from 689 to 12,440 contiguous square feet, with 35,261 square feet currently vacant. Multiple tenancy is available. The building features full floors of column-free space perfect for customization, fully furnished executive suites, and ground-floor retail spaces. Enjoy a wealth of on-site amenities including a top-floor lounge, a state-of-the-art fitness center, a coffee shop, a barbershop, and an automobile detailing center. Conveniently located at the intersection of 35th & Farnam Streets in Douglas County, the property boasts 485 parking spaces and excellent access to I-480, with on and off ramps less than five minutes away. Public transportation is also readily available via Metro bus route 15. The building sits on a 1.75-acre lot and its prime location offers easy access to upscale dining, trendy shopping, and entertainment venues in the vibrant Blackstone District, including the Kimpton Cottonwood Hotel. This is a truly exceptional opportunity to establish your business in a historic, yet completely modernized, Omaha landmark.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $14,661,000
      Market price range: $14.7M - $34.2M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $23,280,000
      Current use
      MEDICAL BUILDING
      $24,095,000
      Change: +4% Conversion: Easy
      AUTO REPAIR, GARAGE
      $23,675,000
      Change: +2% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $22,350,000
      Change: -4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Omaha
    County
    Douglas
    State
    Nebraska
    Longitude
    -95.9655
    Latitude
    41.2572
    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
    $78,723
    $0.00
    $3,731,300
    $3,731,300
    -
    $0.00
    $3,731,300
    $3,731,300

    Comparable in this City

    • Value Estimation by Request
      7,800 SF

      Omaha, NE 68131

      OFFICE BUILDING • 7,800 SF
      Omaha, NE 68131
      View Details
    • Value Estimation by Request
      860 SF

      Omaha, NE 68131

      OFFICE BUILDING • 860 SF
      Omaha, NE 68131
      View Details
    • Value Estimation
      $1,815,000
      15,120 SF

      4200 Douglas St

      OFFICE BUILDING • 15,120 SF
      4200 Douglas St, Omaha, NE 68131-2705
      View Details
    • Value Estimation by Request
      2,225 SF

      3916 Farnam St

      OFFICE BUILDING • 2,225 SF
      3916 Farnam St, Omaha, NE 68131-3014
      View Details
    • Value Estimation
      $720,000
      6,000 SF

      3000 Farnam St Ste S1b

      OFFICE BUILDING • 6,000 SF
      3000 Farnam St Ste S1b, Omaha, NE 68131-3506
      View Details
    • Value Estimation
      $3,725,000
      31,000 SF

      4444 Farnam St

      OFFICE BUILDING • 31,000 SF
      4444 Farnam St, Omaha, NE 68131-2729
      View Details

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    Similar Nearby for Lease

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      Blackstone Square Retail Space

      Omaha's Blackstone District: 757 SF Available
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      Omaha Office Space: Midtown Gem

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    • $24 SF/Yr
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      Blackstone Plaza: Omaha Office Space

      Prime Omaha Office, Retail & Amenities
      3555 Farnam St, Omaha, NE 68131
      View Details
    • Contact for pricing
      217,044 SF

      37 West: Blackstone District Retail

      Prime Omaha Retail Space: Multiple Units Available
      3710 Harney St, Omaha, NE 68131
      View Details
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    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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