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    89841 489th Avenue Spencer, NE 68777

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    For Sale
    $400,000

    Farm/Estate - Spencer, NE

    Type:Farm
    Property size:
    1,980 SF
    Lot size:
    20.91 Acres
    Price / SF:
    $202/SF
    Added:
    Jun 17, 2025
    Days on Market:
    311
    Last Refresh:
    Apr 23 at 10:06 pm

    Property Features for 89841 489th Avenue

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Bedrooms
    5
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Den, Dining Room, Living Room
    Parking features
    Garage
    Interior features
    Walk-in Closet
    Standard status
    Active
    Size
    1,980 SF
    Lot size
    20.91 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    727

    Building Details

    Year built
    1930
    Year renovated
    1930
    Floors in Building
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    Kyle Connot
    Kyle Connot

    Listing agent Kyle Connot

    Listing office Stracke Land & Realty PO Box 4, Stuart, NE

    Listing date Jun 17, 2025

    MLS# 11522472 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Spacious Farm Estate with Creek

    Located a couple miles from town, this property offers 20.91 acres of hay meadow and pasture with a spring-fed creek. The 1,980± sq. ft. home features 5 bedrooms and 1.5 bathrooms. The main floor includes a master suite with a walk-in closet. Upstairs, the four bedrooms feature original hardwood floors and antique doors. The home includes living and dining areas with an original wood staircase. French doors separate the office/den/hobby room from the dining room. The kitchen offers cabinet and counter space with a peninsula island. The remodeled main floor bathroom features a walk-in tile shower and an oversized tub. A spacious laundry room includes a half bath and cabinet space. Updates include new carpet installed in 2025, a new septic system in 2018, a furnace replaced in 2023, and a new water heater in 2025. Outbuildings include a 32'x28' hay shed with steel siding, a barn with a concrete floor and livestock stalls, a detached 2-car garage, a pole shed, an open-faced garage and small shed, and two grain bins. A 36'x60' concrete slab with power is ready for projects. The property includes three cattle watering sites, a covered draw, a natural spring-fed creek, and a shelterbelt. Built in 1930, the property is suited for a hobby farm or raising livestock. The property taxes for 2024 were $726.52.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Spencer
    County
    Boyd
    State
    Nebraska
    Longitude
    -98.723554
    Latitude
    42.848717

    FAQs

    What type of property is this?
    Farm - Five-bedroom home on 20.91 acres with multiple outbuildings.
    Where is this farm located?
    The property is located at 89841 489th Avenue Spencer, NE.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: 20.91± acres of hay meadow/pasture land with a spring‑fed creek, ideal for hobby farming or ranching.; Spacious 1,980± sq. ft. home with 5 bedrooms, including a main floor master suite with a walk‑in closet.; Multiple outbuildings, including a hay shed, barn with workshop, detached 2‑car garage, and grain bins, offering versatile space for various uses.
    (402) 340-2990
    We can help!
    Listing Contact
    Kyle Connot
    Kyle Connot
    Learn More
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    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
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