708 S Locust St

Grand Island, Hall County

Scout Score

16

Commercial — City-Owned

Year unknown

Assessed Value

$158,226 (2026)

Lot Size

8,090 sqft

Parcel ID

400096358

Zoning

Unknown

Owner

City of Grand Island

Underwriting

Margin at purchase

-$29,000-18%

low confidence · 2/5 inputs recorded

Estimated market value

$158,000

Assessed $158,226 ÷ 100% assessment ratio (Neb. Rev. Stat. 77-201)

Acquisition estimate

$142,000

10% discount off market value from distress signals

+ Rehab

$95,000

60% of estimated market value — building square footage unknown, so $/sqft sizing was unavailable

− 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

$187,000

Acquisition + rehab − $50,000 of incentives

Margin at purchase

-$29,000

Estimated market value less effective basis

Margin as stabilized

+$47,000

Market value + 80% of rehab spend recaptured as value, less effective basis. Rehab dollars are assumed not to create dollar-for-dollar value.

→

Outlook: Holding flat

Grand Island market outlook: flatGrand Island city 53,016 (2020) -> 53,943 (2025), +1.7% over 5 years; Hall County 62,767 -> 63,633, +1.4%. Both positive but under the +2% bucket line, and the city ticked down from its 2024 peak of 54,121. Census PEP Vintage 2025.
  • ·Assessed-to-market conversion uses 100% per Neb. Rev. Stat. 77-201 (commercial 100%). Assumption: the assessment is current and near the statutory ratio.
  • ·Acquisition discount is modeled from distress signals (vacant -10%), not from a broker opinion or an actual offer.
  • ·Rehab is sized as a share of value rather than $/sqft because building square footage is not in the GIS layer. This is the weakest number in the stack.
  • ·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

Above comps

200 W 1st St

78% match
$62,880·0.3 mi

Same land use (Commercial — City-Owned) · 0.3 mi away

504 W 1st St

73% match
$149,426·0.4 mi

0.4 mi away · Assessed within 6% of subject

216 W 2nd St

69% match
$125,159·0.3 mi

0.3 mi away · Related land use (Commercial)

125 W 4th St

68% match
$201,320·0.5 mi

0.5 mi away · Related land use (Commercial)

310 W 1st St

67% match
$103,931·0.3 mi

0.3 mi away · Related land use (Commercial)

$158,226 assessed is 26% above the $125,159 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

Rural Workforce Housing Conversion

Convert existing commercial/institutional building into workforce housing in a rural county.

RWHF

HOME-ARP Conversion

Convert motel/institutional/commercial to qualifying affordable rental. Balance of State application window through Dec 9, 2026.

HOME-ARP

Evidence

Rwhf Eligible Geography

recorded

Hall County population ~62,000 (under 100k threshold)

U.S. Census Bureau, 2020 Census · 2026-09-09

Vacant

inferred

City-owned, commercially classified (PCLCLASS 03) — current use unknown

Grand Island GIS ParcelOwners layer · 2026-09-09

Outside downtown core on S Locust; city ownership may indicate surplus property

Owner Intel

City of Grand Island

Government
Hall County Assessor
  • 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.
  • 2 of the 23 loaded parcels normalize to this owner. Scoped to the loaded pool only — a full holdings search means the assessor and SOS records.

What's Unknown

  • ?Building year unknown — check assessor records to evaluate historic credit eligibility
  • ?Building square footage not in GIS layer — verify with assessor or site visit
  • ?Vacancy inferred from records, not verified by physical inspection
  • ?No active land bank in Grand Island as of 2026-09-09

Next Due Diligence Step

Check building year at Hall County Assessor — needed to evaluate historic credit eligibility for Rural Workforce Housing Conversion

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: 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