1548 Front Street
- 1548 Front Street, Blair, NE 68008
- Property Type:
- Multi Tenant
- Cap Rate:
- 8.20% cap
- Square Feet:
- 36,372 sqft
- Lot Size:
- 1.03 Acres
- Price Per Square Foot:
- Year Built:
- 36,372 Flex Property Featuring Five Drive-Ins and Two Dock-High Doors
- Renovations Done to 2nd Floor Office, Garage Doors, a Portion of the Warehouse Roof, and Bathrooms
- Well Maintained Office with Warehouse Having Heating and Cooling
- Value-Add or Owner-User Opportunity with Short-Term Leases
- Located in Downtown Blair, 35 Minutes Northwest of Omaha Airport/Downtown Omaha
- In-Demand Submarket with 0.7% Vacancy Rate
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1548 Front Street in Blair, Nebraska. The subject property consists of approximately 36,372 square feet of flex space and is situated on 1.03 acres of land. The multi-tenant asset features seven suites, five drive-in doors, and two dock-high doors. Both the warehouse space and the 18,228-square-foot office space are well maintained and equipped with heating and cooling. Built in 1985, renovations have been completed to the second-floor office space, garage doors, bathrooms, and a portion of the warehouse roof. With up to 63.5 percent of the property coming available by May 2024, this asset can be acquired for partial owner use in addition to being a value-add opportunity. Located in downtown Blair, the property sits about a 35-minute drive northwest of both Downtown Omaha and Eppley Airfield via South 13th Street/U.S. Highway 75.
The subject property is primely situated within Washington County, a relatively small submarket with 2.7 million square feet of industrial space. In recent years, Washington County has experienced high demand and with the vacancy rate falling to just 70 basis points during the second quarter of 2023, there is essentially no availability. Tight supply has helped keep market rent growth in record-high territory, up 7.6 percent annually during Q2. Washington County is home to Dollar General’s newest distribution center spanning 930,000 square feet. Delivered this year, the distribution center is by far the largest industrial property in the submarket, increasing the local inventory by nearly 53 percent. Since its construction, the industrial pipeline has returned to zero, meaning that rent growth and vacancies will go unaffected by new supply for the foreseeable future (CoStar).
Omaha, Nebraska, and its metro area offer a diverse socioeconomic landscape. With a population of around 444,000 residents, Omaha is the largest city in Nebraska. Major industries in Omaha include banking, insurance, healthcare, logistics, life sciences, military and defense, agriculture, and energy. The area’s strategic location and excellent transportation infrastructure support a robust transportation and distribution network. Omaha is home to renowned educational institutions and houses notable corporations like Berkshire Hathaway and Union Pacific. The region boasts an affordable cost of living and diverse cultural amenities. Omaha’s diverse economy and vibrant offerings make it an appealing destination for residents and businesses alike (Marcus & Millichap).