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410 Spruce St - Senior Care Facility + Market-Rate Apts 41,421 SF Specialty Building Offered at $999,999 in Albert City, IA 50510
Matterport 3D Tours
Investment Highlights
- 410 Spruce Street is a 41,421-square-foot building comprised of 29 nursing home units and 17 residential apartment units for versatile use.
- Investor/operators' opportunity to collect in-place cash-flow (occupied apartment units) and tap into upside via repurposing the nursing home units.
- 22.5 miles from the Buena Vista Regional Medical Center, a general hospital with award-winning departments, specialties, and surgical care.
- Located on the corner of Hwy 197 and Spruce Street, the property is highly visible and easily accessible within the Albert City-Truesdale community.
- Over a quarter of the 10-mile residents are in the age group of 65+, and education and healthcare are among the three largest employment sectors.
- Nearly a quarter of the immediate 1-mile population resides in renter-occupied housing, while the average household income exceeds $96,400.
Executive Summary
NAI United proudly presents an exceptional investment opportunity on the outskirts of Albert City, Iowa, with immense upside that will enhance the in-place cash flow.
This expansive 41,421-square-foot property, constructed in 1965 and renovated in 2003, comprises 46 units: 29 nursing home units and 17 market-rate apartments. A restaurant, lounge, and gift shop operate on-site, providing additional streams of income, alongside the existing apartment rental income. The nursing home units, which are not currently utilized, can be reestablished to their original use or repurposed for apartments/school/or another vision.
Positioned at the corner of Highway 197 and Spruce Street, the asset serves the surrounding Albert City-Truesdale community and benefits from favorable demographic fundamentals, including a growing senior population, strong household incomes, and an economy driven by agriculture processing, and energy production, as well as stable employment in education and healthcare.
With solid construction, a history of renovations, and ample flexibility for an investor or operator to execute a new vision, this rare offering combines current income with meaningful upside in a market with limited comparable opportunities.
Boasting solid construction and situated in a prime location, this property offers limitless potential for a variety of applications. With its versatility and ample space, this property is a rare find in today's market. Don't miss out on the endless possibilities and watch a new vision come to life in this remarkable property.
Property tours are by appointment only. Please contact the listing broker more than 24 hours in advance to schedule.
This expansive 41,421-square-foot property, constructed in 1965 and renovated in 2003, comprises 46 units: 29 nursing home units and 17 market-rate apartments. A restaurant, lounge, and gift shop operate on-site, providing additional streams of income, alongside the existing apartment rental income. The nursing home units, which are not currently utilized, can be reestablished to their original use or repurposed for apartments/school/or another vision.
Positioned at the corner of Highway 197 and Spruce Street, the asset serves the surrounding Albert City-Truesdale community and benefits from favorable demographic fundamentals, including a growing senior population, strong household incomes, and an economy driven by agriculture processing, and energy production, as well as stable employment in education and healthcare.
With solid construction, a history of renovations, and ample flexibility for an investor or operator to execute a new vision, this rare offering combines current income with meaningful upside in a market with limited comparable opportunities.
Boasting solid construction and situated in a prime location, this property offers limitless potential for a variety of applications. With its versatility and ample space, this property is a rare find in today's market. Don't miss out on the endless possibilities and watch a new vision come to life in this remarkable property.
Property tours are by appointment only. Please contact the listing broker more than 24 hours in advance to schedule.
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Property Facts
| Price | $999,999 | Lot Size | 2.86 AC |
| Price Per SF | $24.14 | Building Size | 41,421 SF |
| Sale Type | Investment | No. Stories | 1 |
| Property Type | Specialty | Year Built/Renovated | 1965/2003 |
| Zoning | M - Residential (MR R3+) | ||
| Price | $999,999 |
| Price Per SF | $24.14 |
| Sale Type | Investment |
| Property Type | Specialty |
| Lot Size | 2.86 AC |
| Building Size | 41,421 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1965/2003 |
| Zoning | M - Residential (MR R3+) |
Not walkable
10/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 08-23-151-009 | Improvements Assessment | $906,740 |
| Land Assessment | $28,950 | Total Assessment | $935,690 |
Property Taxes
Parcel Number
08-23-151-009
Land Assessment
$28,950
Improvements Assessment
$906,740
Total Assessment
$935,690
Sale Advisors
Sale Advisors
Lawrence Jensen, Commercial Associate
Lawrence Jensen is a Commercial Associate with NAI United, focusing on Commercial Real Estate and Business Brokerage. NAI United operates across the tri-state area of Iowa, Nebraska, and South Dakota, and Lawrence holds licenses in all three states.
With a background in Banking and Entrepreneurship, Lawrence has accumulated 14 years at Wells Fargo, 5 years at Availa Bank, and 4 years managing his own last-mile delivery business. At Wells Fargo, he provided financial products and services to companies with annual revenues ranging from $20 million to $1 billion, including those in manufacturing, wholesale, and service sectors. His role at Availa Bank as the local market president allowed him to manage and expand the Sioux City portfolio, with a focus on local real estate transactions and operational entities. Additionally, his entrepreneurial journey involves running a delivery service company with a team of 22 employees in west central Iowa.
His banking experience has underscored the value of cultivating strong client relationships and acting as a strategic partner by taking the time to comprehend their business, goals, and the challenges they face. Meanwhile, his entrepreneurial ventures have fostered a mindset of recognizing opportunities, managing budgets, developing marketing strategies, and navigating legal complexities.
With a background in Banking and Entrepreneurship, Lawrence has accumulated 14 years at Wells Fargo, 5 years at Availa Bank, and 4 years managing his own last-mile delivery business. At Wells Fargo, he provided financial products and services to companies with annual revenues ranging from $20 million to $1 billion, including those in manufacturing, wholesale, and service sectors. His role at Availa Bank as the local market president allowed him to manage and expand the Sioux City portfolio, with a focus on local real estate transactions and operational entities. Additionally, his entrepreneurial journey involves running a delivery service company with a team of 22 employees in west central Iowa.
His banking experience has underscored the value of cultivating strong client relationships and acting as a strategic partner by taking the time to comprehend their business, goals, and the challenges they face. Meanwhile, his entrepreneurial ventures have fostered a mindset of recognizing opportunities, managing budgets, developing marketing strategies, and navigating legal complexities.
Beau Braunger, Senior Associate
Career Summary
Beau Braunger is a Senior Associate with NAI United and President of NAI United Management, the company's property management division. He is involved in selling and leasing all types of commercial properties for his diverse client base. Beau is a skilled negotiator with extensive experience representing buyers, sellers and investors of commercial real estate. Landlords, tenants, and investors trust his advice, market knowledge and dedication to provide them an advantage in achieving their business goals.
Beau utilizes old school and new technology to match prospective tenants to the right property, develop the correct marketing strategy, and communicate timely opportunities to his clients. He maintains a detailed client database tracking all needs and wants, including "off-market" information. Beau’s attention to detail gives his clients an edge in any negotiations. He takes pride in making every transaction seamless and successful.
Beau started his commercial real estate career in 2006 as an intern with United Commercial and in 2016 was promoted to Senior Associate. Beau takes his commercial real estate career very seriously and is constantly learning and sharing that knowledge with his clients.
Beau believes in giving back to his community and is on the board of several charitable organizations. In 2017 he was awarded the NAI Global of the Community Award for his dedication and commitment to The Boys and Girls Club of Siouxland.
Beau earned Top Producer honors in the Northwest Iowa Regional Board of REALTORS® in 2015 and 2021.
Beau Braunger is a Senior Associate with NAI United and President of NAI United Management, the company's property management division. He is involved in selling and leasing all types of commercial properties for his diverse client base. Beau is a skilled negotiator with extensive experience representing buyers, sellers and investors of commercial real estate. Landlords, tenants, and investors trust his advice, market knowledge and dedication to provide them an advantage in achieving their business goals.
Beau utilizes old school and new technology to match prospective tenants to the right property, develop the correct marketing strategy, and communicate timely opportunities to his clients. He maintains a detailed client database tracking all needs and wants, including "off-market" information. Beau’s attention to detail gives his clients an edge in any negotiations. He takes pride in making every transaction seamless and successful.
Beau started his commercial real estate career in 2006 as an intern with United Commercial and in 2016 was promoted to Senior Associate. Beau takes his commercial real estate career very seriously and is constantly learning and sharing that knowledge with his clients.
Beau believes in giving back to his community and is on the board of several charitable organizations. In 2017 he was awarded the NAI Global of the Community Award for his dedication and commitment to The Boys and Girls Club of Siouxland.
Beau earned Top Producer honors in the Northwest Iowa Regional Board of REALTORS® in 2015 and 2021.
- CCIM, Certified Commercial Investment Member since 2010.
o Beau has served on the executive board for the Iowa CCIM in several capacities since 2012, including 2019 Iowa CCIM Chapter President.
- Board of Directors for The Little Yellow Dog since 2016, served as President of the Board ’20 & ‘21
- Board of Directors for the Boys & Girls of Siouxland since 2009, served as President of the Board ’17 & ‘18
- Board of Directors for MercyOne Siouxland Foundation since 2021
- Greater Sioux City Board of Realtors Million Dollar Club since 2009
- Master Mason and Shriner since October 2017
Active member of 100+ Men Who Care
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Videos
Matterport 3D Exterior
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Photos
Street View
Street
Map
