Scout Score
38
Commercial — Media/Industrial
Year unknown
29,782 sq ft
Assessed Value
$1,234,277 (2026)
Lot Size
36,995 sqft
Parcel ID
400007037
Zoning
CBD
Owner
Grand Island Independent
Underwriting
Margin at purchase
-$2,899,000-235%
medium confidence · 3/5 inputs recorded
Estimated market value
$1,234,000
Assessed $1,234,277 ÷ 100% assessment ratio (Neb. Rev. Stat. 77-201)
Acquisition estimate
$1,234,000
0% discount off market value from distress signals
+ Rehab
$3,723,000
29,782 sqft x $125/sqft (assumed full interior rehab)
− Nebraska Tax Increment Financing
−$744,000
15% of $4,957,000 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
− CDBG Downtown Revitalization
−$30,000
Assumed $30,000 per-building facade/code-compliance pass-through from a community CDBG Downtown Revitalization award
− HOME-ARP
not sized
Not sized — gap financing depends on unit count and a qualifying-population plan
= Effective basis
$4,133,000
Acquisition + rehab − $824,000 of incentives
Margin at purchase
-$2,899,000
Estimated market value less effective basis
Margin as stabilized
+$79,000
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.
- ·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.
- ·CDBG Downtown funds flow to the community first and require a national objective finding. The per-building figure is an assumption.
- ·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 comps205 W 1st St
78% match827 ft away · Related land use (Commercial)
112 W 2nd St
74% match0.2 mi away · Related land use (Commercial)
118 W 2nd St
73% match0.2 mi away · Related land use (Commercial)
201 W 3rd St
73% match0.2 mi away · Related land use (Commercial)
507 W 2nd St
67% match457 ft away · Related land use (Commercial — Hospitality)
$1,234,277 assessed is 12% above the $1,100,800 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.
Downtown Upper-Story Conversion
Convert vacant upper floors of downtown commercial buildings into apartments. Combines multiple programs.
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
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
Upper Story Potential
recordedLarge downtown parcel (36,995 sqft / 0.85 ac) — Grand Island Independent newspaper HQ
Grand Island GIS ParcelOwners layer · 2026-09-09
If newspaper operations relocate, this would be a significant redevelopment opportunity
Owner Intel
Grand Island Independent
Type unresolved- 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.
- No legal-form pattern matched "Grand Island Independent", so the owner type is unresolved rather than assumed individual.
- Search the SOS for "Grand Island Independent" 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
- ?Building year unknown — check assessor records to evaluate historic credit eligibility
- ?Story count unknown — upper-story conversion potential unverifiable without site visit
- ?CRA district membership inferred — boundary data not confirmed
- ?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 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