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Property profile & analytics
OFF-MARKET
Medical Office Space
20 6th St Spencer, IA 51301-3901
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0464970
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1920
Total area
1,421 SF
Lot
0.24 ac (10,452 SF)
Zoning code
CBD CENTRAL B
APN
963607382007
UPID
US25-0464970
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Ms. Sharon Eckhart Physician
-
Boji Balance Massage & Spa Alternative Medicine Practice Spa & Massage Center
-
Farmers Insurance - Lezlie Pohlman Insurance Agency
-
Bria Rasmussen Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Ipwa LLC · 4 yrs held
Ipwa LLC
since 2022
4 recorded transactions
Zoning & alternative use
CBD CENTRAL B · Spencer, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Spencer submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Spencer submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$3,852
Tax year 2023
Assessed value
$124,480
Assessed 2024
Previous assessed
$124,480
+0.0% YoY
Effective rate
3.09%
On assessed value
Assessed land
$8,800
Assessed improvement
$115,680
Land market value
$8,800
Improvement market value
$115,680
Total market value
$124,480
Applied tax rate
683.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1920
Heating
NONE
Stories
1
Total area
1,421 SF
Lot
0.24 ac (10,452 SF)
Zoning code
CBD CENTRAL B
APN
963607382007
UPID
US25-0464970
Jurisdiction
CLAY
Zoning & alternative use
CBD CENTRAL B · Spencer, IA
Zoning CBD CENTRAL B · permitted uses
CBD CENTRAL B · Spencer, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Spencer. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1920
Heating
NONE
Stories
1
Lot
0.24 ac
Current owner
From public records · entity-resolved
Ipwa LLC
Entity
Mailing address
1412 COUNTRY CLB DR, SPENCER, IA 51301-2759
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 2, 2022
$110,000
Ipwa LLC
Jonathan Walburg
Warranty Deed
$98,655 · Farmers Trust & Savings Bank
May 4, 2018
$104,000
Jonathan Walburg
Lerch LLC
Warranty Deed
$88,400 · United Community Bank
Oct 10, 2017
—
Lerch LLC
—
Deed
related
$707,156 · Security National Bank
Mar 17, 2011
$1,400,000
Paul E Maurer
Richard D Hallet
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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