202 11Th Street Sw Plz SW Spencer, IA 51301
Property profile & analytics
202 11Th Street Sw Plz SW Spencer, IA 51301
- Turn key restaurants
- 5,438 SF
- 0.90 lot acres
Property ID
US25-1076810
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.
Location Intelligence
Current Use by Public Records
- Abelardos Mexican Food / Restaurant
- Abelardo's Mexican Fresh / Restaurant
Property Details for 202 11Th Street Sw Plz SW
- Year built
- 1979
- Lot size
- 0.90 lot acres
- Property size
- 5,438 SF
- Zone code
- C-2 HIGHWAY COMMERCIAL
- Property type
- Turn key restaurants
- APN
- 963619102007
- APU
- 963619102007
Description
This exceptional investment opportunity presents a thriving Abelardo's Mexican Fresh QSR restaurant located at 202 11th St SW, Spencer, IA 51301. The property boasts 5,438 square feet on a 0.9-acre lot, built in 1979 and completely renovated in 2023. Currently operating under a modified net lease with a franchisee tenant, the lease commenced May 1, 2023, and has a remaining term of 7.6 years, expiring June 30, 2032, with two 5-year options. The annual rent includes 2% increases, generating a strong NOI of $58,000 and a compelling 7.26% cap rate. The asking price is $799,000, translating to $146.93 per square foot. This single-tenant property benefits from a personal guaranteed lease backed by over 40 units, providing significant security. Situated on Spencer's main retail corridor, the restaurant enjoys high visibility and proximity to major retailers like Walmart, Bomgaars, Hobby Lobby, and more. Spencer, IA, serves as a regional hub, experiencing 2.98% growth since the last census. The replaceable rents of $13.24/SF further solidify this investment's strong fundamentals. This is a rare opportunity to acquire a well-established, high-performing restaurant in a growing market.
Value Estimations
based on Realmo’s proprietary methodology
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Spencer
- County
- Clay
- State
- Iowa
- Longitude
- -95.1472
- Latitude
- 43.1258
- 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
$13,408
$187,200
$332,000
$519,200
-
$187,200
$332,000
$519,200
