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Property profile & analytics
OFF-MARKET
Estimated value
$3,295,000
Motels
2603 Locust St Grand Island, NE 68801-8227
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US57-0359000
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1980
Total area
28,228 SF
Lot
6.63 ac (288,803 SF)
Zoning code
03-COMMERCIAL
APN
400060965
UPID
US57-0359000
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
-
Super 8 by Wyndham Grand Island Hotel & Motel
-
SureStay Plus By Best Western Grand Island Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.23M
CAP Approach
CAP
$2.79M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.30M
Owner & transaction history
Gi Lodging LLC · 3 yrs held
Gi Lodging LLC
since 2023
Last sale
$3.3M
2 recorded transactions
Zoning & alternative use
03-COMMERCIAL · Grand Island, NE
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$4.4M
+347.4%
Restaurant
$3.2M
+222.3%
Retail stores
$3.0M
+200.9%
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 Grand Island submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grand Island 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
$3,360,000
ML approach
$3,225,000
CAP Approach
CAP Return
Estimation
6%
$3,015,000
6.5%
$2,785,000
7%
$2,585,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,445,000
Change: +347% · Conversion: Difficult
RESTAURANT
$3,200,000
Change: +222% · Conversion: Difficult
RETAIL STORES
$2,990,000
Change: +201% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,690,000
Change: +171% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$2,625,000
Change: +164% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,420,000
Change: +144% · Conversion: Difficult
Blend value · Realmo final
$3.30M
Range $2.97M – $3.62M · ±10% · vs last sale $3.30M (Jan 3 2023)
Last sale anchor
$3.30M
Jan 3 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
$117 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$57,768
Tax year 2022
Assessed value
$3,179,086
Assessed 2023
Previous assessed
$3,179,086
+0.0% YoY
Effective rate
1.82%
On assessed value
Assessed land
$370,531
Assessed improvement
$2,808,555
Land market value
$370,531
Improvement market value
$2,808,555
Total market value
$3,179,086
Applied tax rate
5.0000
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
Motels
Use group
MOTEL
Status
Off-Market
Year built
1980
Heating
FLOOR/WALL FURNACE
Buildings
3
Stories
2
Units
1
Total area
28,228 SF
Lot
6.63 ac (288,803 SF)
Zoning code
03-COMMERCIAL
APN
400060965
UPID
US57-0359000
Jurisdiction
HALL
Zoning & alternative use
03-COMMERCIAL · Grand Island, NE
Zoning 03-COMMERCIAL · permitted uses
03-COMMERCIAL · Grand Island, NE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Grand Island. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING
Est. value
$4.4M
RESTAURANT
Est. value
$3.2M
RETAIL STORES
Est. value
$3.0M
AUTO REPAIR, GARAGE
Est. value
$2.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.6M
WAREHOUSE, STORAGE
Est. value
$2.4M
OFFICE BUILDING
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
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
1980
Heating
FLOOR/WALL FURNACE
Stories
2
Buildings
3
Units
1
Lot
6.63 ac
Current owner
From public records · entity-resolved
Gi Lodging LLC
Entity
Mailing address
5600 CORNHUSKER HWY, LINCOLN, NE 68507-3106
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 3, 2023
$3,300,000
Gi Lodging LLC
South Pointe Development LLC
Warranty Deed
$1,155,000 · Home Federal Sla
Dec 13, 2018
$1,870,000
South Pointe Development L L C
Mccloud Super 8 Motel INC
Warranty Deed
$1,900,000 · Pinnacle Bank
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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