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Property profile & analytics
OFF-MARKET
Estimated value
$915,000
Office buildings
502 Southmoor Dr Spencer, IA 51301-5652
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US25-0622431
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1980
Construction
FRAME
Total area
8,272 SF
Lot
1.02 ac (44,505 SF)
Zoning code
C-1 GENERAL COMMERCIAL
APN
963713480018
UPID
US25-0622431
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
-
SERVPRO of Spencer & Iowa Great Lakes Hardware & Home Improvement Construction Company
-
Jcl Solutions Big Box & Wholesale Store Building Supply
-
Crav'n Nutrition Pharmacy (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$915k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$915k
Owner & transaction history
Boji Builders Properties LLC · 2 yrs held
Boji Builders Properties LLC
since 2024
Last sale
$912,500
2 recorded transactions
Zoning & alternative use
C-1 GENERAL COMMERCIAL · Spencer, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$750,000
+22.4%
Restaurant
$675,000
+10.0%
Warehouse, storage
$645,000
+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 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
$915,000
ML approach
$915,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$615,000
Current use
COMMERCIAL (GENERAL)
$750,000
Change: +22% · Conversion: Easy
RESTAURANT
$675,000
Change: +10% · Conversion: Moderate
WAREHOUSE, STORAGE
$645,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$915k
Range $824k – $1.01M · ±10% · vs last sale $913k (Mar 18 2024)
Last sale anchor
$913k
Mar 18 2024
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
$111 / 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
$15,242
Tax year 2023
Assessed value
$580,310
Assessed 2024
Previous assessed
$580,310
+0.0% YoY
Effective rate
2.63%
On assessed value
Assessed land
$200,080
Assessed improvement
$380,230
Land market value
$200,080
Improvement market value
$380,230
Total market value
$580,310
Applied tax rate
685.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1980
Construction
FRAME
Heating
NONE
Buildings
2
Stories
1
Total area
8,272 SF
Lot
1.02 ac (44,505 SF)
Zoning code
C-1 GENERAL COMMERCIAL
APN
963713480018
UPID
US25-0622431
Jurisdiction
CLAY
Zoning & alternative use
C-1 GENERAL COMMERCIAL · Spencer, IA
Zoning C-1 GENERAL COMMERCIAL · permitted uses
C-1 GENERAL COMMERCIAL · Spencer, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Spencer. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$615,000
COMMERCIAL (GENERAL)
Est. value
$750,000
RESTAURANT
Est. value
$675,000
WAREHOUSE, STORAGE
Est. value
$645,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
RESTAURANT
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
Construction
FRAME
Heating
NONE
Stories
1
Buildings
2
Lot
1.02 ac
Current owner
From public records · entity-resolved
Boji Builders Properties LLC
Entity
Mailing address
PO BOX 673, SPENCER, IA 51301-0673
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
Jul 24, 2025
—
Boji Builders Properties LLC
—
Deed
related
$500,000 · United States Small Business Admin
Mar 18, 2024
$912,500
Boji Builders Properties LLC
Kri Lar Building Partnership
Warranty Deed
$493,000 · Northwest 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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