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Property profile & analytics
OFF-MARKET
Estimated value
$580,000
Retail space
603 Grand Ave Spencer, IA 51301-5350
Entity Owned
5-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0482864
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1957
Total area
6,000 SF
Lot
0.26 ac (11,456 SF)
Zoning code
C-2 HIGHWAY COMMERCIAL
APN
963618329013
UPID
US25-0482864
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
-
Advance Services, Inc. Employment Agency
-
Subway Take-out & Catering Catering Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$530k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$580k
Owner & transaction history
Carroll Subway INC · 5 yrs held
Carroll Subway INC
since 2021
Last sale
$650,000
3 recorded transactions
Zoning & alternative use
C-2 HIGHWAY COMMERCIAL · Spencer, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$545,000
+123.5%
Restaurant
$490,000
+100.8%
Warehouse, storage
$470,000
+92.5%
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
$495,000
ML approach
$530,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$545,000
Change: +123% · Conversion: Easy
RESTAURANT
$490,000
Change: +101% · Conversion: Easy
WAREHOUSE, STORAGE
$470,000
Change: +92% · Conversion: Difficult
OFFICE BUILDING
$445,000
Change: +83% · Conversion: Easy
MEDICAL BUILDING
$390,000
Change: +59% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$355,000
Change: +46% · Conversion: Difficult
Blend value · Realmo final
$580k
Range $522k – $638k · ±10% · vs last sale $650k (Apr 20 2021)
Last sale anchor
$650k
Apr 20 2021
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
$97 / 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
$5,824
Tax year 2023
Assessed value
$266,700
Assessed 2024
Previous assessed
$266,700
+0.0% YoY
Effective rate
2.18%
On assessed value
Assessed land
$127,180
Assessed improvement
$139,520
Land market value
$127,180
Improvement market value
$139,520
Total market value
$266,700
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1957
Heating
NONE
Stories
1
Total area
6,000 SF
Lot
0.26 ac (11,456 SF)
Zoning code
C-2 HIGHWAY COMMERCIAL
APN
963618329013
UPID
US25-0482864
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
COMMERCIAL (GENERAL)
Est. value
$545,000
RESTAURANT
Est. value
$490,000
WAREHOUSE, STORAGE
Est. value
$470,000
OFFICE BUILDING
Est. value
$445,000
MEDICAL BUILDING
Est. value
$390,000
INDUSTRIAL (GENERAL)
Est. value
$355,000
COMMERCIAL (GENERAL)
RESTAURANT
WAREHOUSE, STORAGE
OFFICE BUILDING
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
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
1957
Heating
NONE
Stories
1
Lot
0.26 ac
Current owner
From public records · entity-resolved
Carroll Subway INC
Entity
Mailing address
US HWY 30TH W, CARROLL, IA 51401
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 28, 2021
—
Carroll Subway INC
—
Deed
related
$145,000 · Iowa Business Growth Co
May 11, 2021
—
Carroll Subway INC
—
Deed
related
$648,000 · City State Bank
Apr 20, 2021
$650,000
Carroll Subway INC
Cory Jungjohan
Warranty Deed
$317,250 · City 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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