Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    208 Grand Ave Spencer, IA 51301

    Sponsored
    For Sale
    Contact for pricing

    Commercial - Spencer, IA

    Property size:
    520 SF
    Days on Market:
    70
    Last Refresh:
    Feb 24 at 3:06 pm

    Property Features for 208 Grand Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    963618132020
    Size
    520 SF

    Utilities

    Heating system
    Forced Air
    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    1900
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Bob Bates

    Northwest Iowa Realty (712) 580-4692

    Listing agent Bob Bates (712) 580-4692 License #B64356

    Listing date Dec 17, 2025

    MLS# 251554 Listing URL

    Copyright © 2026 Iowa Great Lakes Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Valentine Diner on Grand Avenue

    This property is a historic "Valentine Diner" located on Grand Avenue in Spencer, Iowa. The building has a size of 520 square feet. The property is being sold "AS IS". It is suitable for use as a restaurant or coffee shop. The property is located on a high traffic count area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Breakfast & diners

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spencer
    County
    Clay
    State
    Iowa
    Longitude
    -95.1443573
    Latitude
    43.1398776

    Nearby Similar for Sale

    • $350,000
      9,644 SF

      Former Truck Shop with Extras

      Versatile commercial building with included equipment and additional lot.
      906 E Milwaukee St, Spencer, IA 51301
      View Details
    • $68,000
      0.18 Acres

      Spencer, Iowa Triplex Opportunity

      Three-unit property in Spencer, Iowa, ideal for investment.
      807 4Th Ave W, Spencer, IA 51301
      View Details
    • $82,000
      Pending

      Six-Unit Conversion Opportunity

      Six-unit conversion property near downtown and bike trails.
      312 W 2Nd St, Spencer, IA 51301
      View Details
    • New
      $285,000
      3,200 SF

      Premium Commercial Unit Near Highway

      New construction commercial unit perfect for storage or small business.
      00 11Th Ave SW B, Spencer, IA 51301
      View Details
    • New
      $285,000
      3,200 SF

      Premium Commercial Unit in Spencer

      New commercial unit with excellent exposure off Hwy 71.
      00 11Th Ave SW C, Spencer, IA 51301
      View Details
    • New
      $115,000
      2,050 SF

      Spencer Duplex: Investor Opportunity

      Two-unit property in Spencer, Iowa, with strong occupancy history.
      19 E 2Nd St, Spencer, IA 51301
      View Details
    • $85,000
      478 SF

      Corner Retail/Office Opportunity, Spencer, IA

      Prime corner property suitable for retail or office use.
      17 E 5Th St, Spencer, IA 51301
      View Details
    • $520,000
      80.00 Acres

      80 Acres of Pasture Land

      80 acres of pasture land northeast of Gillett Grove, IA.
      420 420Th St, Spencer, IA 51301
      View Details
    • Contact for pricing
      5,438 SF

      Restaurant with Playground and Office

      5,438 SF property featuring restaurant, playground, and office spaces.
      202 11Th Street Sw Plz SW, Spencer, IA 51301
      View Details
    • $214,900

      Light-Filled Home with Large Backyard

      Two-bedroom home featuring ample storage and a spacious backyard.
      1613 11Th Ave W, Spencer, IA 51301
      View Details

    FAQs

    What type of property is this?
    Breakfast & diner - Iconic diner on high-traffic Grand Avenue in Spencer, Iowa.
    Where is this breakfast & diner located?
    The property is located at 208 Grand Ave Spencer, IA.
    What is the asking price?
    The asking price for this property is $24,900.
    What are key features of this property?
    This property features: - Iconic "Valentine Diner" - Own a piece of history.; - High traffic location on Grand Avenue.; - Opportunity to start a restaurant or coffee shop.
    (712) 260-7148
    Request Owner's contact information
    208 Grand Ave Spencer, IA 51301
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    208 Grand Ave
    Spencer, IA 51301
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    208 Grand Ave Spencer, IA 51301
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Bob Bates
    Real Estate License ID: B64356
    (712) 260-7148 (712) 580-4692
    Learn more
    Google sign-in failed. Please try again or use another login method.