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    Former Truck Shop with Extras Title is generated by Realmo AI

    906 E Milwaukee St, Spencer, IA 51301

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    Claim this Listing
    Pending
    $350,000

    Commercial - Spencer, IA

    Property size:
    9,644 SF
    Added:
    Aug 28, 2025
    Days on Market:
    269
    Last Refresh:
    May 23 at 2:06 pm

    Property Features for 906 E Milwaukee St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Driveway
    Standard status
    Pending
    APN
    963607479003/963607479004
    Size
    9,644 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    2986

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1979
    Building materials
    Steel Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Jimy Mac Lenz
    Jimy Mac Lenz

    Listing agent Jimy Mac Lenz License #S68436

    Listing office Hinn Real Estate 2916 Hwy 71 S, Spirit Lake, IA

    Listing date Aug 28, 2025

    MLS# 251113 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.

    HighLights

    • Large, insulated, and heated 60x180 main shop with concrete floor.
    • Includes adjacent 165' x 208' east lot.
    • Three garage doors (12' to 20' high) with remotes.
    • Equipped with two Hotsy pressure washers, acid wash system, and fire hose system (350 psi).
    • Complete office area with equipment, 5‑line phone system, and computer system.
    • Three bathrooms, washer/dryers, and shower included.

    Overview

    This commercial property, formerly a truck shop, features a 60x180 insulated building with a concrete floor. The main shop area encompasses just under 9000 square feet, complemented by an additional 800+ square foot office area. The building includes three garage doors ranging in height from 12 to 20 feet, all equipped with remotes. It is fitted with a new heater, a new water heater, and an oil heater. Included with the property are two Hotsy pressure washers, an acid wash system, and a fire hose system capable of 350 psi. The complete office area comes equipped with all necessary equipment, including a 5-line phone system, computer system, file cabinets, and storage. The property also features three bathrooms, washer/dryers, and a shower. An additional east lot measuring 165' x 208' is included. The property is located in Spencer, IA, and offers potential for various business uses such as a new truck business, storage facility, or tech shop.
    Property Profile Location Intelligence

    Current Use by Public Records

    STL Logistics LLC Trucking Company

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    • Tiger Pride Storage — 425 E 5th St, Spencer, IA 51301

    Location Insight

    • Map
    • Local Demand
    City
    Spencer
    County
    Clay
    State
    Iowa
    Longitude
    -95.1316695
    Latitude
    43.1440011

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    FAQs

    What type of property is this?
    Warehouse - Versatile commercial building with included equipment and additional lot.
    Where is this warehouse located?
    The property is located at 906 E Milwaukee St Spencer, IA.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Large, insulated, and heated 60x180 main shop with concrete floor.; Includes adjacent 165' x 208' east lot.; Three garage doors (12' to 20' high) with remotes.
    (712) 240-0695
    We can help!
    Listing Contact
    Jimy Mac Lenz
    Jimy Mac Lenz
    Real Estate License ID: S68436
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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.

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