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    Property profile & analytics

    515 N 162Nd Ave Omaha, NE 68118

    • Medical Office Space
    • 63,667 SF
    • 4.17 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US57-0159589
    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

    • Methodist Endoscopy Center LLC. / Medical Clinic
    • West Dodge Medical Plaza / Medical Clinic
    • Methodist Hospital Sleep Center (West Dodge Medical Plaza) / Medical Clinic
    • Townley Peter M MD / Physician
    • Su Yungpo B MD / Physician

    Property Details for 515 N 162Nd Ave

    Year built
    2008
    Lot size
    4.17 lot acres
    Property size
    63,667 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    2442490642
    APU
    2442490642

    Description

    This exceptional Class A medical office building, the West Dodge Medical Plaza, offers a prime opportunity for healthcare professionals seeking flexible and modern space in Omaha, Nebraska. Located at 515 N 162nd Avenue, at the intersection of 156th & West Dodge Road, this three-story building boasts 64,852 square feet of total space, with multiple suites available for lease. The building features a total of 414 parking spaces, ensuring convenient access for patients and staff. Individual suites range from a minimum of 2,379 square feet to a maximum contiguous space of 4,884 square feet, providing options to accommodate various practice sizes. Currently, 13,949 square feet is available for lease. Built in 2007, the property sits on a 4.17-acre lot and is zoned GO (General Office). The building includes elevators for easy access to all three floors. Its location in the desirable Dodge Corridor submarket of Douglas County, Nebraska (zip code 68118) provides excellent visibility and accessibility. This is a rare opportunity to secure high-quality, well-maintained Class A medical office space in a thriving Omaha location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,908,000
      Market price range: $7.71M - $14.1M
      AI Estimate
      $4,573,000
      Market price range: $2.23M - $7.78M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $9,615,000
      Current use
      RETAIL STORES
      $9,950,000
      Change: +3% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $9,450,000
      Change: -2% Conversion: Difficult
      OFFICE BUILDING
      $9,290,000
      Change: -3% Conversion: Easy
      COMMERCIAL (GENERAL)
      $8,920,000
      Change: -7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Omaha
    County
    Douglas
    State
    Nebraska
    Longitude
    -96.1678
    Latitude
    41.2643
    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
    $176,202
    $2,317,600
    $6,532,900
    $8,850,500
    -
    $2,317,600
    $6,532,900
    $8,850,500

    Comparable in this City

    • Value Estimation
      $2,305,000
      19,910 SF

      17404 Burke St

      MEDICAL BUILDING • 19,910 SF
      17404 Burke St, Omaha, NE 68118-2239
      View Details
    • Value Estimation
      $980,000
      6,438 SF

      15801 Dodge Rd

      MEDICAL BUILDING • 6,438 SF
      15801 Dodge Rd, Omaha, NE 68118-2048
      View Details
    • Value Estimation
      $10,460,000
      112,128 SF

      17405 Burke St

      MEDICAL BUILDING • 112,128 SF
      17405 Burke St, Omaha, NE 68118-2262
      View Details
    • Value Estimation
      $10,925,000
      95,585 SF

      16125 Cass St

      MEDICAL BUILDING • 95,585 SF
      16125 Cass St, Omaha, NE 68118
      View Details
    • Value Estimation
      $25,335,000
      276,299 SF

      17500 Burke St

      MEDICAL BUILDING • 276,299 SF
      17500 Burke St, Omaha, NE 68118-2244
      View Details
    • Value Estimation by Request
      84,952 SF

      110 175th St

      MEDICAL BUILDING • 84,952 SF
      110 175th St, Omaha, NE 68118-3582
      View Details

    Similar Nearby for Sale

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      6,413 SF

      Omaha Medical Office Investment Opportunity

      NN Lease investment opportunity in Omaha, built in 2017.
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      Omaha Executive Office Building

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      Omaha Office Building: Prime Investment

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      Omaha Commercial Lots: Prime Location

      Three lots, high-traffic area, development ready.
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      1.60 Acres

      Omaha Commercial Land - Pacific Springs Vista

      Prime Omaha land, near golf course & expressway.
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      Omaha Specialty Property for Sale

      Specialty property available for purchase in Omaha, Nebraska.
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    Similar Nearby for Lease

    • $18 SF/Yr

      Class A Office Space

      Class A office building suitable for medical and non-medical tenants.
      515 N 162Nd Ave, Omaha, NE 68118
      View Details
    • $18 SF/Yr
      46,011 SF

      One Pacific Springs Office Suites

      West Omaha Class A Office Space Available
      17002 Marcy St, Omaha, NE 68118
      View Details
    • $20 SF/Yr
      5,348 SF

      Updated Office Space Sublease

      Sublease available until 2026 with updated features.
      15750 W Dodge Rd, Omaha, NE 68118
      View Details
    • Contact for pricing
      2,500 SF

      Prime West Dodge Road Office

      Office space with high visibility on West Dodge Road.
      15811 W Dodge Rd, Omaha, NE 68118
      View Details
    • $20 SF/Yr
      43,452 SF

      Omaha Class A Office Space

      Suburban West Dodge, 43,452 SF
      17110 Marcy St, Omaha, NE 68118
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space on West Dodge

      Retail space with high traffic and income demographics.
      15821 W Dodge Rd, Omaha, NE 68118
      View Details
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    Omaha, NE 68118
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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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