920 W 2nd St

Grand Island, Hall County

Scout Score

18

Commercial — Banking

Year unknown

6,034 sq ft

Assessed Value

$594,000 (2026)

Lot Size

34,841 sqft

Parcel ID

400081970

Zoning

Unknown

Owner

Overland National Bank

Underwriting

Margin at purchase

-$704,000-119%

medium confidence · 3/5 inputs recorded

Estimated market value

$594,000

Assessed $594,000 ÷ 100% assessment ratio (Neb. Rev. Stat. 77-201)

Acquisition estimate

$594,000

0% discount off market value from distress signals

+ Rehab

$754,000

6,034 sqft x $125/sqft (assumed full interior rehab)

− 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

$1,298,000

Acquisition + rehab − $50,000 of incentives

Margin at purchase

-$704,000

Estimated market value less effective basis

Margin as stabilized

-$101,000

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.
  • ·No distress signals on this parcel, so acquisition is modeled at full market value.
  • ·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

507 W 2nd St

68% match
$389,905·827 ft

827 ft away · Related land use (Commercial — Hospitality)

422 W 1st St

67% match
$1,234,277·0.2 mi

0.2 mi away · Related land use (Commercial — Media/Industrial)

309 W 2nd St

64% match
$339,673·0.3 mi

0.3 mi away · Related land use (Commercial — Converting to Residential)

112 W 2nd St

64% match
$976,715·0.4 mi

0.4 mi away · Related land use (Commercial)

403 W 1st St

63% match
$290,161·0.2 mi

0.2 mi away · Related land use (Commercial — Social Hall)

$594,000 assessed is 52% above the $389,905 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

Upper Story Potential

recorded

Large downtown-adjacent parcel (34,841 sqft / 0.80 ac) — Overland National Bank

Grand Island GIS ParcelOwners layer · 2026-09-09

Owner Intel

Overland National Bank

Bank
Hall County AssessorNE Secretary of State entity search
  • 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 "Overland National Bank" 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
  • ?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