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Property profile & analytics
OFF-MARKET
Estimated value
$2,915,000
Manufacturing properties
241 Spenker Ave Modesto, CA 95354-3920
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US09-0583105
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
2001
Construction
STEEL FRAME
Total area
16,375 SF
Lot
2.09 ac (91,040 SF)
APN
036-018-025-000
UPID
US09-0583105
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
-
Trader Joe‘s #943 Receiving Office Warehouse & Storage
-
Pitts Co Department Store
-
USALCO Chemical Plant Factory
-
Cal Chem Enterprises Home Appliance Store Hardware & Home Improvement
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.94M
CAP Approach
CAP
$2.40M
Comparable Approach
Comparable
$3.82M
Blend (final)
Blend
$2.92M
Owner & transaction history
Usalco Modesto Plant LLC · 3 yrs held
Usalco Modesto Plant LLC
since 2023
Last sale
$2.0M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$4.8M
+45.6%
Restaurant
$4.8M
+45.4%
Commercial (general)
$4.3M
+30.2%
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 Modesto submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Modesto 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
Method
Estimation
Statistic approach
$3,170,000
ML approach
$2,935,000
CAP Approach
CAP Return
Estimation
6%
$2,600,000
6.5%
$2,400,000
7%
$2,230,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$3,290,000
Current use
APARTMENT HOUSE (5+ UNITS)
$4,790,000
Change: +46% · Conversion: Difficult
RESTAURANT
$4,785,000
Change: +45% · Conversion: Difficult
COMMERCIAL (GENERAL)
$4,280,000
Change: +30% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$3,745,000
Change: +14% · Conversion: Difficult
Blend value · Realmo final
$2.92M
Range $2.62M – $3.21M · ±10% · vs last sale $2.00M (May 24 2023)
Last sale anchor
$2.00M
May 24 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$178 / SF
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 2024Property tax & assessments
Tax year 2024
Tax billed
$27,333
Tax year 2024
Assessed value
$2,040,000
Assessed 2024
Previous assessed
$2,040,000
+0.0% YoY
Effective rate
1.34%
On assessed value
Assessed land
$346,800
Assessed improvement
$1,693,200
Applied tax rate
80.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
2001
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
CENTRAL
Buildings
2
Total area
16,375 SF
Lot
2.09 ac (91,040 SF)
APN
036-018-025-000
UPID
US09-0583105
Jurisdiction
STANISLAUS
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$3.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.8M
RESTAURANT
Est. value
$4.8M
COMMERCIAL (GENERAL)
Est. value
$4.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.7M
INDUSTRIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
RESTAURANT
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2001
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Buildings
2
Lot
2.09 ac
Current owner
From public records · entity-resolved
Usalco Modesto Plant LLC
Entity
Free & Clear · 3 yrs held
Mailing address
2601 CANNERY AVE, BALTIMORE, MD 21226-1510
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 24, 2023
$2,000,000
Usalco Modesto Plant LLC
Chemical Property Holdings LLC
Grant Deed
—
Jul 10, 2013
$1,800,000
Chemical Property Holdings LLC
Velthoen 2004 Trust
Grant Deed
related
—
Dec 31, 2012
$1,800,000
Chemical Property Holdings LLC
Florence Blanche Velthoen
Grant Deed
$1,266,500 · Wells Fargo Bank NA
Jun 21, 2011
—
Daniels Living Trust
Daniels Family Trust
Quit Claim Deed
related
—
Feb 15, 2011
—
Velthoen B K & M A Family Trust
Velthoen,brian K
Quit Claim Deed
related
—
Feb 7, 2011
—
Brian K Veithoen
Daniels James R
Quit Claim Deed
related
—
Feb 5, 2007
—
Velthoen B K & M A Family
Velthoen,brian K & Margaret
Quit Claim Deed
related
—
Nov 2, 2006
—
Brian K Velthoen
Velthoen,brian & Margaret
Quit Claim Deed
related
—
—
—
Velthoen B K & M A Family Trust
—
Deed Of Trust
related
$1,373,307 · Us Bank NA
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.
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