DEVELOPMENT OPPORTUNITY - Retail Building and Vacant Land

Retail-Commercial for Sale
Also listed as Vacant Land, Hospitality
Catylist Listing ID: 30456240
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Retail-Pad
Building Size (RSF): 90,319 SF
Gross Building Area: See Agent
Gross Land Area: 26.06 Acres
Sale Price: $3,500,000
Unit Price: $38.75 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/20/2019

Overview / Comments

This is an incredible opportunity to own a retail/commercial building plus 27+ acres for development at the busy intersection of Nebraska Highway 2 and US 75 South with nearly 23,000 cars passing daily. Development of the area has already started with the addition of a Holiday Inn Express hotel.
 
This is an ideal site for retail, travel plaza, hotel, restaurants, auto or equipment sales and service, self-storage, industrial uses, and more.
 
The 90,000+ sf former shopping mall building has over 75,000 of retail space plus 10,800 sf of warehouse/distribution with mezzanine storage and office area. Two dock doors provide access to warehouse/distribution area which has conveyor belt to move boxes from the mezzanine (which can be easily removed to provide use of the 18' ceiling).
 
Owners will consider salvaging the building for buyers that only want the land.
 
This offering includes four parcels - the building plus three parcels of vacant land that can also be purchased separately. See listings 30456430, 30456610, and 30456612.
 
Phase 1 environmental assessment has been completed. A concrete core test indicates the building will accommodate heavy loads.
 
The property was recently replatted so the parcel IDs and legal descriptions and plat maps available from the Otoe County Assessor may not be accurate. Please contact listing agent for details.

The owner will consider further subdivision of the vacant land.

TIF financing may be available.

Additional Details

Nearest MSA: Omaha-Council Bluffs
County: Otoe
Taxing Authority: Otoe County
Tax ID/APN: Ask listing agent for details
Zoning: COMMERCIAL
Retail Clientele: General, Business, Traveler
Property Located Between: At junction of Nebraska Hwy 2 and US 75 South
Property Visibility: Excellent
Largest Nearby Street: Nebraska Hwy 2 and US 75 south
Traffic/Vehicle Count: 22,975
Highway Access: 5 miles to I-29
Site Description: Located on the southeast corner of the busy NE Hwy 2 and US 75 South intersection. The former mall building and paved parking lot face the intersection. The 0.89 acre out parcel sits adjacent to the Holiday Inn Express and enjoys Hwy 2 exposure. The other two vacant parcels are to the east and south of the mall property.
Area Description: This area is on the south edge of Nebraska City and easily accessible to US 75 which leads into major commercial corridor. A Holiday Inn Express recently opened on an adjacent parcel. With great access to vehicles heading to I-29 and south on US 75, there is great potential for a travel plaza, retail, hospitality, or other uses.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 90,319 SF
Property Condition: Fair
Year Built: 1986
Construction/Siding: Metal Siding, Steel Frame
Total Parking Spaces: 575
Parking Type: Surface, Other
Parking Description: Large, hard-surface lot
Interior Description: The building has three distinct areas. (1) the mall area with 37,500 sf; (2) a large store area with 42,000 sf; and (3) a warehouse/distribution section with 10,800 sf. The warehouse area includes offices on two levels, a large work flow, second story storage with a conveyor system, and two dock doors. The second story storage area can be easily removed.
Zoning Description: Commerical
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Ask listing agent for details

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 7,606 7,606
Median Age: 41.55 41.55
Households: 3,081 3,081

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