Scout Score
48
Commercial
Built 1904 · 2 stories
2,466 sq ft
Assessed Value
$289,268 (2026)
Lot Size
11,644 sqft
Parcel ID
400006944
Zoning
CBD
Owner
Zoul Properties, LLC
Underwriting
Margin at purchase
-$116,000-40%
high confidence · 4/5 inputs recorded
Estimated market value
$289,000
Assessed $289,268 ÷ 100% assessment ratio (Neb. Rev. Stat. 77-201)
Acquisition estimate
$289,000
0% discount off market value from distress signals
+ Rehab
$308,000
2,466 sqft x $125/sqft (assumed full interior rehab)
− Federal Historic Rehabilitation Credit
not sized
Substantial rehabilitation test not met at the modeled spend: QRE $262,000 does not exceed the adjusted-basis proxy $289,000 (IRC sec. 47(c)(1))
− Nebraska Historic Tax Credit
−$52,000
20% of $262,000 eligible rehab; transferable, allocation required before work begins
− Nebraska Tax Increment Financing
−$90,000
15% of $597,000 eligible redevelopment cost (acquisition + rehab), 15-year increment per Neb. Rev. Stat. 18-2116
− Rural Workforce Housing Fund
−$50,000
Midpoint of an assumed $25,000-$75,000 per-project assistance range; Hall County is under the 100k population threshold
− HOME-ARP
not sized
Not sized — gap financing depends on unit count and a qualifying-population plan
= Effective basis
$405,000
Acquisition + rehab − $192,000 of incentives
Margin at purchase
-$116,000
Estimated market value less effective basis
Margin as stabilized
+$130,000
Market value + 80% of rehab spend recaptured as value, less effective basis. Rehab dollars are assumed not to create dollar-for-dollar value.
Outlook: Trending up
- ·Assessed-to-market conversion uses 100% per Neb. Rev. Stat. 77-201 (commercial 100%). Assumption: the assessment is current and near the statutory ratio.
- ·No distress signals on this parcel, so acquisition is modeled at full market value.
- ·Federal historic credit is shown at $0 because the modeled rehab spend fails the substantial rehabilitation test. A deeper rehab would qualify it.
- ·TIF proceeds are modeled as a share of eligible cost, not a pledged increment. A real number needs a but-for finding, a post-project valuation, the local levy, and city council approval.
- ·RWHF is awarded to a qualifying nonprofit development organization, not to a private buyer. Capturing it means partnering with one, and the award size here is an assumed range, not a published schedule.
- ·HOME-ARP is left at $0 rather than guessed. Balance of State application window closes 2026-12-09.
- ·RWHF: Explicit restrictions on combinations with certain affordable-housing funding sources and income restrictions
- ·Every incentive line is an estimate of what could be applied for. None are awarded, and stacking rules can knock lines out of the total.
- ·Margin at purchase compares as-is market value against a basis that already includes rehab spend. The as-stabilized figure is the one that credits rehab with value.
Validate against
In line313 W 2nd St
93% matchSame land use (Commercial) · 55 ft away
106 E 4th St
89% matchSame land use (Commercial) · 0.2 mi away
125 W 4th St
83% matchSame land use (Commercial) · 0.2 mi away
504 W 1st St
82% matchSame land use (Commercial) · 756 ft away
403 W 1st St
82% match413 ft away · Same assessed value
$289,268 assessed is within 10% of the $263,277 median of 5 of 5 comps with values on record. Assessed value trails the market and is set for taxation, not sale — confirm with recent sales before acting.
Possible Plays
Historic Credit Stacking
Rehabilitate a qualifying historic building using state + potentially federal historic credits + local TIF.
Rural Workforce Housing Conversion
Convert existing commercial/institutional building into workforce housing in a rural county.
HOME-ARP Conversion
Convert motel/institutional/commercial to qualifying affordable rental. Balance of State application window through Dec 9, 2026.
Evidence
Rwhf Eligible Geography
recordedHall County population ~62,000 (under 100k threshold)
U.S. Census Bureau, 2020 Census · 2026-09-09
Downtown Location
recordedCentral Business District zoning
Grand Island GIS — Planning/Grand_Island_Zoning/MapServer · 2026-09-09
Historic District
inferredGrand Island Historic District (NR listed 2017-12-13, ~64 contributing resources, ~1870-1960)
National Register of Historic Places — Hall County listings · 2026-09-09
District boundary approximate from NR description; individual building contributing status unverified with SHPO
National Register
recordedGrand Island Carnegie Library — individually NR listed 1975
National Register of Historic Places · 2026-09-09
Cra District
inferredGrand Island CRA — downtown area likely within redevelopment authority jurisdiction
Grand Island Community Redevelopment Authority program page · 2026-09-09
CRA boundary GIS service returning HTTP 500 as of 2026-09-09; CRA program confirmed active with monthly meetings
Building Age Pre1940
recordedBuilt 1904
National Register listing / news coverage · 2026-09-09
Owner Intel
Zoul Properties, LLC
LLC- No owner mailing address on this record, so absentee status is unverified — shown as not absentee, which is an absence of evidence, not evidence of local ownership.
- Search the SOS for "Zoul Properties, LLC" to get registered agent, officers, and status. The form is reCAPTCHA-gated so it cannot be prefilled, and the SOS is migrating to a new system before the end of 2026.
What's Unknown
- ?CRA district membership inferred — boundary data not confirmed
- ?No active land bank in Grand Island as of 2026-09-09
Next Due Diligence Step
Drive by 321 W 2nd St and assess physical condition; then contact Grand Island CRA about Historic Credit Stacking
Data Sources
Parcel data: Hall County ArcGIS parcel layer (retrieved 2026-09-09)
Historic districts: National Register of Historic Places — Hall County listings
TIF/CRA: local redevelopment authority records
Assessed value, land/improvement split and building sqft: Hall County Assessor, 2026 roll (retrieved 2026-09-09)
Building year and zoning: not available from the GIS layer
Verified parcel records · Assessed values are the assessor's, not a sale price · Verify all facts before acting