1400 5Th StNorth Platte, NE 69101

Property Details for 1400 5Th St

Year built

1996

Lot size

0.95 AC

Property size (Sq ft)

7,800 SF

Zone code

COMMERCIAL

Property type

Warehouses

Property subtype

Self storage facilities

APN

0032190.00

APU

3219000

Description

This exceptional self-storage facility in North Platte, Nebraska, presents a compelling investment opportunity. Located at 1400 E 5th St, this property boasts 15,300 net rentable square feet across two buildings, comprising 106 units. Currently operating at 94.34% occupancy (as of July 22, 2024), the facility generates a current NOI of $57,163, representing a 6.51% cap rate. A pro-forma analysis projects a stabilized NOI of $75,492, resulting in an attractive 8.60% pro-forma cap rate. Built in 1996, the property is priced at $878,000, or $57.39 per net rentable square foot and $8,283.02 per unit. The property benefits from its location in North Platte, a city experiencing significant economic growth fueled by the upcoming completion of a large beef processing plant, creating thousands of jobs and boosting the local population. North Platte's unique geography, with limited basement space in homes due to flood plain location, further enhances the demand for self-storage. The city's development-friendly environment and ongoing residential and mixed-use projects contribute to a positive outlook for the property's future performance. The property's APN is 0032190.00. This is a rare opportunity to acquire a well-performing asset in a rapidly growing market.

• Alternative Use

  Use

  Valuation

  Residential

  $1,675,748

  Hospitality

  $1,534,977

  Educational

  $1,277,082

  Medical

  $1,321,003

  Retail

  $1,986,573

Location Insight

City

North Platte

County

Lincoln

State

Nebraska

Latitude

41.135

Longitude

-100.747

CBSA code

35820

CBSA name

NORTH PLATTE, NE MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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