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Property profile & analytics
OFF-MARKET
Commercial land
365th St Spencer, IA 51301
Individually Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-2459743
Property profile
Verified
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Lot
25.4 ac (1,106,424 SF)
Zoning code
A-1 AGRICULTURAL
APN
963621100010
UPID
US25-2459743
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
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
Bonnie M Pullen Lehman · 1 yrs held
Bonnie M Pullen Lehman
since 2024
Last sale
$187,500
2 recorded transactions
Zoning & alternative use
A-1 AGRICULTURAL · 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
$2,450
Tax year 2023
Assessed value
$149,400
Assessed 2024
Previous assessed
$149,400
+0.0% YoY
Effective rate
1.64%
On assessed value
Assessed land
$149,400
Land market value
$149,400
Total market value
$149,400
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
Commercial land
Use group
VACANT COMMERCIAL LAND
Status
Off-Market
Lot
25.4 ac (1,106,424 SF)
Zoning code
A-1 AGRICULTURAL
APN
963621100010
UPID
US25-2459743
Jurisdiction
CLAY
Zoning & alternative use
A-1 AGRICULTURAL · Spencer, IAZoning A-1 AGRICULTURAL · permitted uses
A-1 AGRICULTURAL · Spencer, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Lot
25.4 ac
Current owner
From public records · entity-resolved
Bonnie M Pullen Lehman
Individual
Free & Clear · 1 yrs held
Mailing address
215 35TH AVE W, SPENCER, IA 51301-6126
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
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
Dec 3, 2024
$249,000
Bonnie M Pullen Lehman
Joshua D Birchard
Warranty Deed
—
Mar 16, 2023
$187,500
Joshua D Birchard
Grant A Brecher
Warranty Deed
$187,500 · State 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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