Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    1823 Hwy Blvd Spencer, IA 51301-2226
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1823 Hwy Blvd Spencer, IA 51301-2226

    View on Map
    • Medical Office Space
    • 7,311 SF
    • 0.83 lot acres
    Off-Market
    Property ID
    US25-0490442
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Northwest Iowa Surgeons Pc / Physician
    • Patrick J Slattery, MD / Physician
    • Tom D Throckmorton, MD / Physician
    • Brian F Luepke, MD / Physician
    • Dr. Jaren Ricker / Physician

    Property Details for 1823 Hwy Blvd

    Year built
    1945
    Lot size
    0.83 lot acres
    Property size
    7,311 SF
    Zone code
    C-2 HIGHWAY COMMERCIAL
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    963606351013
    APU
    963606351013

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spencer
    County
    Clay
    State
    Iowa
    Longitude
    -95.1475
    Latitude
    43.1563
    CBSA code
    43980
    CBSA name
    SPENCER, IA MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $16,032
    $205,570
    $401,000
    $606,570
    -
    $205,570
    $401,000
    $606,570

    Comparable in this City

    • Value Estimation
      $500,000
      3,777 SF

      920 Grand Ave

      MEDICAL BUILDING • 3,777 SF
      920 Grand Ave, Spencer, IA 51301-3641
      View Details
    • Value Estimation by Request
      1,936 SF

      337 11th SW St

      MEDICAL BUILDING • 1,936 SF
      337 11th SW St, Spencer, IA 51301-5849
      View Details
    • Value Estimation by Request
      2,488 SF

      3 18th St

      MEDICAL BUILDING • 2,488 SF
      3 18th St, Spencer, IA 51301-3441
      View Details
    • Value Estimation by Request
      2,000 SF

      119 Grand Ave

      MEDICAL BUILDING • 2,000 SF
      119 Grand Ave, Spencer, IA 51301-4224
      View Details
    • Value Estimation
      $960,000
      4,000 SF

      820 Grand Ave

      MEDICAL BUILDING • 4,000 SF
      820 Grand Ave, Spencer, IA 51301-3631
      View Details
    • Value Estimation by Request
      3,550 SF

      14 4th St

      MEDICAL BUILDING • 3,550 SF
      14 4th St, Spencer, IA 51301-4009
      View Details

    Similar Nearby for Sale

    • $399,000
      6,200 SF

      Mixed-Use Property in Spencer, Iowa

      Office, retail, and warehouse space with ample parking.
      2 North Grand Ave, Spencer, IA 51301
      View Details
    • $79,900
      478 SF

      Corner Commercial Opportunity in Spencer

      Prime corner commercial space ideal for various business ventures.
      17 E 5Th St, Spencer, IA 51301
      View Details
    • $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
    • 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
    • Contact for pricing
      0.37 Acres

      Residential Lot Near Golf Course

      Residential lot available near Spencer Golf and Country Club.
      1804 22 Ave W, Spencer, IA 51301
      View Details
    • Contact for pricing
      0.32 Acres

      Residential Land Near Golf Club

      Land available near Spencer Golf & Country Club.
      1905 20 Ave W, Spencer, IA 51301
      View Details
    Request Owner's contact information
    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.
    1823 Hwy Blvd
    Spencer, IA 51301-2226
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!