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Property profile & analytics
OFF-MARKET
Estimated value
$2,380,000
Office buildings
4040 Spencer St Appleton, WI 54914-4015
Entity Owned
~
Est. High Equity
Property ID
US92-0155697
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2001
Total area
19,712 SF
Lot
2.89 ac (125,888 SF)
APN
10-1-1233-01
UPID
US92-0155697
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
-
Coaction Real Estate, LLC Real Estate Agency
-
Darren Sells Homes Inc. Powered by Co Action Real Estate Real Estate Agency
-
Shipps Sales Real Estate Agency
-
Nico Roensch - Realtor at Rieckmann Real Estate Real Estate Agency
-
Jason Rieckmann, Rieckmann Real Estate Group, Inc Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.40M
Blend (final)
Blend
$2.38M
Owner & transaction history
Morning Glory Investments LLC
Morning Glory Investments LLC
since 2026
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.7M
+42.8%
Auto repair, garage
$2.8M
+6.4%
Retail stores
$2.7M
+5.4%
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 Appleton submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Appleton 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
OFFICE BUILDING
$2,590,000
Current use
RESTAURANT
$3,695,000
Change: +43% · Conversion: Moderate
AUTO REPAIR, GARAGE
$2,755,000
Change: +6% · Conversion: Difficult
RETAIL STORES
$2,730,000
Change: +5% · Conversion: Moderate
WAREHOUSE, STORAGE
$2,380,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$2.38M
Range $2.14M – $2.62M · ±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
$121 / 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
$35,150
Tax year 2023
Assessed value
$2,021,000
Assessed 2023
Previous assessed
$2,021,000
+0.0% YoY
Effective rate
1.74%
On assessed value
Assessed land
$643,100
Assessed improvement
$1,377,900
Land market value
$833,841
Improvement market value
$1,786,579
Total market value
$2,620,420
Applied tax rate
20.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2001
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
8
Total area
19,712 SF
Lot
2.89 ac (125,888 SF)
APN
10-1-1233-01
UPID
US92-0155697
Jurisdiction
OUTAGAMIE
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
OFFICE BUILDING Current
Est. value
$2.6M
RESTAURANT
Est. value
$3.7M
AUTO REPAIR, GARAGE
Est. value
$2.8M
RETAIL STORES
Est. value
$2.7M
WAREHOUSE, STORAGE
Est. value
$2.4M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
2001
Heating
FORCED AIR
Cooling
Yes
Buildings
8
Lot
2.89 ac
Current owner
From public records · entity-resolved
Morning Glory Investments LLC
Entity
Mailing address
1254TH RIV DR, GREENVILLE, WI 54942-8616
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 5, 2026
$2,300,000
Morning Glory Investments LLC
Applewood Properties LLC
Warranty Deed
$1,840,000 · Capital Cu
Sep 1, 2017
$2,150,000
Applewood Properties LLC
Rsdd LLC
Warranty Deed
$1,612,500 · Borrower's Ln Protection
Jul 7, 2016
$1,550,000
Rsdd LLC
Ftk Property Vii LLC
Warranty Deed
$2,800,000 · Nicolet Nat'l Bk
—
—
Ftk Property Vii LLC
—
Deed Of Trust
related
$2,130,225 · American Nat'l Bank Fox Cities
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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