Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$810,000
Flex space
2808 4th W Ave Spencer, IA 51301-2111
Entity Owned
~
Est. High Equity
Property ID
US25-0887129
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1982
Total area
14,508 SF
Lot
2.05 ac (89,155 SF)
Zoning code
C-2 HIGHWAY COMMERCIAL
APN
963606102007
UPID
US25-0887129
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
-
North Central International, Inc. Car Dealership
-
Fox International Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$810k
Owner & transaction history
SMS PROPERTIES, LLC
SMS PROPERTIES, LLC
Zoning & alternative use
C-2 HIGHWAY COMMERCIAL · Spencer, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.3M
+53.2%
Restaurant
$1.2M
+37.6%
Warehouse, storage
$1.1M
+31.9%
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 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
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$860,000
Current use
COMMERCIAL (GENERAL)
$1,315,000
Change: +53% · Conversion: Difficult
RESTAURANT
$1,185,000
Change: +38% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,135,000
Change: +32% · Conversion: Easy
OFFICE BUILDING
$1,075,000
Change: +25% · Conversion: Difficult
MEDICAL BUILDING
$940,000
Change: +9% · Conversion: Difficult
Blend value · Realmo final
$810k
Range $729k – $891k · ±10%
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
$56 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$31,286
Tax year 2023
Assessed value
$1,114,480
Assessed 2024
Previous assessed
$1,114,480
+0.0% YoY
Effective rate
2.81%
On assessed value
Assessed land
$112,750
Assessed improvement
$1,001,730
Land market value
$112,750
Improvement market value
$1,001,730
Total market value
$1,114,480
Applied tax rate
682.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1982
Heating
NONE
Stories
1
Total area
14,508 SF
Lot
2.05 ac (89,155 SF)
Zoning code
C-2 HIGHWAY COMMERCIAL
APN
963606102007
UPID
US25-0887129
Jurisdiction
CLAY
Zoning & alternative use
C-2 HIGHWAY COMMERCIAL · Spencer, IAZoning C-2 HIGHWAY COMMERCIAL · permitted uses
C-2 HIGHWAY COMMERCIAL · Spencer, IA
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
$860,000
COMMERCIAL (GENERAL)
Est. value
$1.3M
RESTAURANT
Est. value
$1.2M
WAREHOUSE, STORAGE
Est. value
$1.1M
OFFICE BUILDING
Est. value
$1.1M
MEDICAL BUILDING
Est. value
$940,000
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
RESTAURANT
WAREHOUSE, STORAGE
OFFICE BUILDING
MEDICAL BUILDING
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
1982
Heating
NONE
Stories
1
Lot
2.05 ac
Current owner
From public records · entity-resolved
SMS PROPERTIES, LLC
Entity
Mailing address
PO BOX 157, SANBORN, MN 56083-0157
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2808 4th W Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
