774 Olson Dr, Papillion, NE 68046-4851
- Office buildings
- 7,439 SF
- 1.65 lot acres
Current Use by Public Records
- Office buildings
Property Details for 774 Olson Dr
- Year built
- 2014
- Lot size
- 1.65 lot acres
- Property type
- Office buildings
- APN
- 11594876
- APU
- 11594876
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 27, 2024 | $2,287,000 | Papio Olson Dr LLC | 774 Olson Drive LLC | Special Warranty Deed | $1.8M · Charter West Bank |
| Jun 18, 2019 | — | 774 Olson Drive LLC | — | Deed · related | $2.3M · Bank Of Co |
| Sep 29, 2017 | — | 774 Olson Drive LLC | — | Deed · related | $2.3M · Bank Of Co |
| Sep 14, 2017 | $813,000 | 774 Olson Drive LLC | Twit,t J | Warranty Deed | — |
| Sep 14, 2017 | — | Avaden Shadow Lake LLC | Shadow Lake West LLC | Quit Claim Deed · related | — |
| Sep 14, 2017 | $695,000 | Matt Dwyer | Avaden Shadow Lake LLC | Warranty Deed · related | — |
| May 28, 2014 | — | Shadow Lake West LLC | — | Trustees Deed · related | $2M · Access Bk |
| — | — | 774 Olson Drive LLC | — | Loan Modification · related | $2.3M · Bank Of Co |
| — | — | 774 Olson Drive LLC | — | Deed Of Trust · related | $2.3M · Bank Of Co |
Description
This exceptional 9,237 square foot retail property, located at 774 Olson Drive in Papillion, Nebraska, presents a compelling investment opportunity. Built in 2014, this single-story building sits on a 0.82-acre lot and boasts a prime location just off Highway 370, between 72nd and 84th streets, a high-traffic area with approximately 43,000 vehicles per day. Currently, the property is 76% occupied by Berkshire Hathaway Home Services, with a lease term of approximately seven years remaining. This leaves 2,244 square feet available for lease to another tenant or for owner-occupancy. The asking price is $2,500,000, representing a price per square foot of $270.65. The current Net Operating Income (NOI) is $142,554, yielding a 5.70% cap rate. However, a pro-forma NOI of $212,533 projects a significantly higher 8.50% cap rate, highlighting the value-add potential. The property features a drive-thru and prominent pylon signage, ensuring high visibility. Its adjacency to Shadow Lake Towne Center, a major shopping destination with over 70 retailers, further enhances its desirability. The property is zoned for retail and office use, offering flexibility for various business types. This is a rare opportunity to acquire a well-located, partially leased retail building with significant upside potential in a thriving Nebraska market. Consider this property for lease or sale.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,285,000
- ML approach
- $2,285,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,870,000
- 6.5%
- $1,725,000
- 7%
- $1,600,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,895,000
- AI Estimate
- $1,513,000
Market price range: $867k - $1.90MMarket price range: $372k - $1.51M -
Alternative Use
- Use
- Estimation
- OFFICE BUILDING
- $1,410,000 Current use
- RESTAURANT
- $3,160,000 Change: +124% Conversion: Moderate
- COMMERCIAL (GENERAL)
- $2,765,000 Change: +96% Conversion: Easy
- NEIGHBORHOOD: SHOPPING CENTER
- $1,795,000 Change: +27% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Papillion
- County
- Sarpy
- State
- Nebraska
- Longitude
- -96.0316
- Latitude
- 41.1387
- CBSA code
- 36540
- CBSA name
- OMAHA-COUNCIL BLUFFS, NE-IA METROPOLITAN STATISTICAL AREA
