SR
Compiling Market Analysis
A Commercial Market Analysis
Prepared 18 May 2026  ·  Report No. SR-2026-1223-CMA
I.
A Comparable Market Analysis

1223 S
Railroad Avenue.

Sugar City, Idaho/Mixed-Use Commercial/Rexburg–Sugar City Growth Corridor

Asset Class
Flex Commercial
Building Area
6,500 SF
Land Area
1.469 acres
Permitted Use
Office / Retail / Shop
Indicated Range
$1.43M — $1.58M
Comp Set
5 sales / 24 mo.
Report No. SR-2026-1223-CMA
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Prepared by Smith Robinson Real Estate Two70
II.
Contents
I.Section One

Executive Summary.

A flexible-use commercial site in the path of directional growth. The following analysis triangulates five MLS-verified sales and applies market-based adjustments to derive a defensible value opinion for 1223 S Railroad Avenue.

Estimated Market Value Range · Reconciled
$1,425,000
— $1,575,000

Supported by the strongest adjusted comparables in the set and reinforced by the property's corridor positioning, land utility, and breadth of permitted use.

The Subject in Brief.

The subject is a 6,500 SF mixed-use commercial building on 1.469 acres along the Railroad Avenue corridor between Sugar City and Rexburg — a high-visibility frontage in the path of the area's most concentrated commercial expansion.

Five MLS-verified sales were reviewed and adjusted for six material differences: building size, land size, location, building utility, finish & condition, and basement / usable-area composition.

I.Approach

Sales-comparison approach using a broker analytical framework. Five MLS-verified sales reviewed and adjusted for the most material differences relative to the subject — size, land, location, utility, finish, and usable-area composition.

5 comps · 24-month window
II.Adjusted Range

Strict mathematical indications cluster between $1.34M and $1.47M. The strongest upper-end indicators (21 Winn Drive and 1133 Stocks Avenue) both land near $1.42–1.47M, providing the analytical anchor.

$1,337,500 — $1,467,250
III.Reconciled Opinion

Reconciled modestly above the strict adjusted indications to reflect drivers not fully captured by SF / acreage adjustments alone — corridor visibility, multi-buyer appeal, and proximate growth catalysts (Home Depot, WinCo, new temple).

$1,425,000 — $1,575,000
II.Section Two

The Subject Property.

A 6,500 SF commercial building on 1.469 acres of Railroad Avenue frontage. Flexible office, service, retail, warehouse, and mixed commercial utility — positioned at the intersection of visibility, optionality, and growth.

Property characteristics & positioning

The subject offers approximately 6,500 square feet of commercial building area on approximately 1.469 acres. The improvements provide flexible office, service, retail, warehouse, and mixed commercial utility, with multiple offices, restrooms, off-street parking, a commercial kitchen, a rear shop area, an overhead door, and storage space.

The site sits along the rapidly growing Rexburg / Sugar City commercial corridor, with directly proximate commercial generators including Walmart, Home Depot, WinCo, and the newly designated temple area. The combination of large usable acreage, an established mixed-use building footprint, and high corridor visibility makes the property unusually well-suited to multi-buyer demand — owner-users, investors, and ground-up redevelopers alike.

The property's value drivers are not single-use specific. The building's ability to accommodate office-and-shop tenants, food-service operators, service contractors, retail buildouts, or owner-occupied flex use creates optionality that we believe is materially priced into the market today.

  • Multiple private offices
  • Commercial kitchen
  • Rear shop area
  • Overhead service door
  • Off-street parking
  • Dedicated storage
  • Restroom facilities
  • Public sewer connection
1223 S Railroad Avenue
Sugar City, Idaho · Madison County
Asset classFlex Commercial
Gross building area~6,500 SF
Land area~1.469 acres
FrontageS Railroad Avenue
Permitted useOffice · Service · Retail · Shop
ImprovementsSingle building, multi-zone
ParkingOff-street, on-site
UtilitiesPublic sewer · Municipal
Corridor contextRexburg / Sugar City growth zone
Proximate generatorsWalmart · Home Depot · WinCo
Buyer profileOwner-user / Investor / Redev.
III.Section Three

Methodology & Adjustment Framework.

A transparent, market-based adjustment framework. Each adjustment is intended to reflect likely market reaction to a meaningful difference relative to the subject — not formal appraisal methodology.

Important
Disclosure
Commercial adjustments are not as clean as residential adjustments — particularly in the absence of verified income, lease terms, cost data, or paired sales. The framework below is positioned as a market-based analytical adjustment structure, not a formal appraisal model. This is not a formal appraisal. It is a broker's analytical value opinion based on the available MLS sales data and prevailing corridor conditions.
Adjustment CategoryAdjustment Logic Applied
Building Size Adjusted at approximately $125 / SF for meaningful differences in usable commercial building area between comparable and subject.
Land Size Adjusted at approximately $200,000 / acre for meaningful differences in commercial land utility. Reflects the area's per-acre commercial site economics, not raw land.
Location Adjusted based on corridor strength, visibility, access, and surrounding commercial growth pattern. The subject benefits from a frontage position in a directional-growth corridor.
Building Utility Adjusted for flexibility of use — shop / warehouse function, overhead doors, kitchen, storage, and multi-use appeal that broaden the addressable buyer pool.
Finish & Condition Adjusted for superior or inferior professional office, medical, or specialty buildout. Heavier finish (e.g., medical) reads as a premium versus the subject's general-commercial finish.
Basement / Usable Area Adjusted when the comparable's reported square footage materially includes less valuable basement, unfinished, or non-conditioned space. The subject's reported SF is above-grade and usable.

Adjustment magnitudes are intended to reflect likely market reaction, not exact replacement cost or income-capitalized differential. Where a category did not produce a material difference between comp and subject, the adjustment is set to $0.

IV.Section Four

Comparable Sales.

Five MLS-verified comparable sales, each individually adjusted. Each comparable is presented as a single-screen analytical record: identifying facts, sale-data strip, complete adjustment grid, interpretation, and a clean adjusted value indication. Presented in order of analytical relevance, not chronology.

Comp
01
Comparable Sale
225 N Railroad Avenue
Sugar City, Idaho
Weight
Moderate
Sale Price
$1,050,000
Building Size
7,200 SF
Lot Size
0.60 ac
Sale Date
08 · 01 · 2024
Price / SF
$145.83
Adjustment Grid
Sale Price$1,050,000
Building size — comp is 700 SF larger than subject−$87,500
Land size — subject has 0.869 more acres+$175,000
Building utility — subject offers broader office / shop / storage / overhead door utility+$125,000
Basement / specialized layout — comp has event-venue layout & basement component+$75,000
Location$0
Condition & finish$0
Adjusted Value Indication$1,337,500
Interpretation

This is a strong location comparable — also on Railroad Avenue in Sugar City, providing direct corridor support. The subject has less total building area but materially more land and substantially broader commercial utility. The comp's event-venue layout with a basement component dilutes the directness of its building-area comparison.

After adjustments for land, utility, and the basement-impacted SF, this sale supports a value indication of approximately:

Adjusted Value Indication
$1,340,000
Rounded · location comp · moderate weight
Comp
02
Comparable Sale
21 Winn Drive
Rexburg, Idaho
Weight
Moderate
Sale Price
$1,200,000
Building Size
5,002 SF
Lot Size
0.44 ac
Sale Date
10 · 02 · 2025
Price / SF
$239.90
Adjustment Grid
Sale Price$1,200,000
Building size — subject has 1,498 more SF+$187,250
Land size — subject has 1.029 more acres+$205,000
Location — strong Rexburg commercial location vs. subject's growth corridor$0
Building utility — subject has broader mixed-use / shop / warehouse flexibility+$75,000
Finish — comp has superior medical / professional office buildout−$150,000
Basement / lower-level adjustment−$50,000
Adjusted Value Indication$1,467,250
Interpretation

One of the strongest upper-range indicators in the set. The comp benefits from a superior medical / professional office finish, but the subject offsets that premium with significantly more land, more usable square footage, and broader commercial utility — all material drivers in this corridor.

After accounting for the comp's superior finish and below-grade discount, the sale supports a value indication of approximately:

Adjusted Value Indication
$1,470,000
Rounded · upper-range anchor · moderate weight
Comp
03
Comparable Sale
1133 Stocks Avenue
Rexburg, Idaho
Weight
High
Sale Price
$930,000
Building Size
5,400 SF
Lot Size
0.95 ac
Sale Date
02 · 14 · 2025
Price / SF
$172.22
Adjustment Grid
Sale Price$930,000
Building size — subject has 1,100 more SF+$137,500
Land size — subject has 0.519 more acres+$105,000
Location — subject benefits from stronger growth-corridor story+$75,000
Building utility — subject offers shop / storage / kitchen / overhead door flexibility+$125,000
Finish & condition$0
Income / lease limitation — comp had tenant lease limitations & month-to-month uncertainty+$50,000
Adjusted Value Indication$1,422,500
Interpretation

A strong functional comparable. The subject is larger across both building and land, offers materially broader utility, and is positioned in what we believe is a stronger forward growth corridor. The comp also carried tenant-occupancy uncertainty at sale, which we treat as a discount that should be added back when extrapolating to a clean subject baseline.

After adjustments, this sale supports a value indication of approximately:

Adjusted Value Indication
$1,425,000
Rounded · functional comp · high weight
Comp
04
Comparable Sale
3475 W Hwy 33
Rexburg, Idaho
Weight
Mod / Low
Sale Price
$1,180,875
Building Size
5,200 SF
Lot Size
2.867 ac
Sale Date
11 · 01 · 2024
Price / SF
$227.09
Adjustment Grid
Sale Price$1,180,875
Building size — subject has 1,300 more SF+$162,500
Land size — comp has 1.398 more acres than subject−$280,000
Location — subject has stronger Rexburg / Sugar City corridor influence+$150,000
Building utility — subject has broader office / service / shop / storage utility+$50,000
Finish — comp appears to have superior office finish−$75,000
Utility infrastructure — subject has public sewer; comp has private septic+$25,000
Adjusted Value Indication$1,213,375
Interpretation

This sale is useful but becomes a lower adjusted indicator once its much larger land component is properly accounted for. The subject earns credit for the stronger corridor position and broader utility, but the comp's 2.867-acre site is a meaningful site-economic advantage that pulls the indication down.

After adjustment, this sale supports a value indication of approximately:

Adjusted Value Indication
$1,215,000
Rounded · large-land comp · moderate/low weight
Comp
05
Comparable Sale
1109 Summers Drive
Rexburg, Idaho
Weight
Low / Mod
Sale Price
$720,000
Building Size
5,230 SF
Lot Size
0.66 ac
Sale Date
02 · 10 · 2026
Price / SF
$137.67
Adjustment Grid
Sale Price$720,000
Building size — subject has 1,270 more SF+$158,750
Land size — subject has 0.809 more acres+$160,000
Location — subject has stronger growth-corridor influence+$75,000
Usable area — comp includes unfinished basement space+$125,000
Building utility — subject has broader mixed-use / shop / storage / kitchen utility+$100,000
Finish & condition$0
Adjusted Value Indication$1,338,750
Interpretation

The most recent sale in the set, but a weaker direct comparable because a significant portion of the comp's reported square footage was unfinished basement space — materially less valuable than the subject's above-grade, usable area. After adjusting for usable area, land, utility, and corridor positioning, the sale aligns with the cluster of mid-range indications.

The sale supports a value indication of approximately:

Adjusted Value Indication
$1,340,000
Rounded · recency comp · low/moderate weight
V.Section Five

Adjusted Value Summary.

The tightest adjusted cluster falls between $1.34M and $1.47M. The strongest upper-range indicators — 21 Winn Drive and 1133 Stocks Avenue — both land squarely inside the upper-mid portion of the indicated range, providing the analytical anchor.

Comparable Sale Sale Price $ / SF Adjusted Indication Weight
i.225 N Railroad Avenue · Sugar City $1,050,000 $145.83 $1,337,500 Moderate
ii.21 Winn Drive · Rexburg $1,200,000 $239.90 $1,467,250 Moderate
iii.1133 Stocks Avenue · Rexburg $930,000 $172.22 $1,422,500 High
iv.3475 W Hwy 33 · Rexburg $1,180,875 $227.09 $1,213,375 Mod / Low
v.1109 Summers Drive · Rexburg $720,000 $137.67 $1,338,750 Low / Mod
Figure 5.01
Sale price → adjusted indication, plotted against the reconciled range.
Original sale price
Adjusted indication
Reconciled range
Reconciled Range $1.43M $1.58M $700K $900K $1.1M $1.3M $1.5M i. 225 N Railroad Ave · Sugar City $1,337,500 ii. 21 Winn Dr · Rexburg $1,467,250 · Moderate iii. 1133 Stocks Ave · Rexburg $1,422,500 · High iv. 3475 W Hwy 33 · Rexburg $1,213,375 v. 1109 Summers Dr · Rexburg $1,338,750 Indicated Value · USD
Tightest Adjusted Cluster
$1,335,000
— $1,470,000
Strict mathematical range across the most relevant adjusted sales, before applying qualitative reconciliation premiums.
Cluster Center
~$1,425,000
Approximate analytical center of the upper-range indicators where the strongest adjusted indications land.
Reconciled Range
$1,425,000
— $1,575,000
Reconciled opinion incorporating qualitative drivers not fully captured by SF / acreage adjustments alone.

Subject's value drivers, beyond the math.

A strict SF-and-acreage adjustment grid does not fully price the subject's qualitative strengths. The following are the drivers that the reconciled range should take into account — for either side of the transaction.

  • i.High-visibility S Railroad Avenue frontage.
  • ii.Proximate to major commercial growth nodes.
  • iii.New Home Depot & WinCo influence within the trade area.
  • iv.Newly designated temple area driving secondary commercial demand.
  • v.1.469-acre commercial site — above-median for the corridor.
  • vi.Multi-buyer appeal — owner-user, investor, or redevelopment.
  • vii.Building utility spans office, service, retail, warehouse, mixed-use.
  • viii.Public sewer connection — eliminates septic-buyer friction.
VI.Section Six

Reconciliation & Final Opinion.

A range that reflects the math — and respects what the math can't price.

Reconciliation Rationale

The adjusted indications support a broad range from approximately $1.3M to $1.5M, with the strongest comparable support — specifically Comparables ii and iii — clustering in the low-to-mid $1.4M range. That cluster is reliable on the math alone.

But the subject offers a combination of attributes that a strict adjustment grid does not fully credit: a high-visibility corridor frontage, more usable land than the comparable median, a building footprint with genuinely multi-use flexibility, and proximity to a concentration of new commercial development unlike anything currently transacting in the immediate dataset.

For an owner-user or investor who understands the corridor, the math is a floor — not a ceiling. — Reconciliation Note

Accordingly, the final opinion is reconciled slightly above the strict adjusted indications, particularly when marketed to a buyer who can underwrite the corridor's directional trajectory rather than only its current condition.

The resulting range is presented as a defensible, market-sensitive band — not a single point — to preserve flexibility in negotiation while remaining grounded in the comparable data.

Final Reconciled Opinion
SR-2026-1223-CMA · 18 May 2026
VI.
Estimated Market Value Range
$1,425,000
—$1,575,000
Defensible Range  ·  Negotiable Within
For 1223 S Railroad Avenue, Sugar City, Idaho. Supported by five MLS-verified comparable sales, a market-based adjustment framework, and qualitative reconciliation for corridor drivers not captured by SF / acreage adjustments alone.
Rick Robinson
Designated Broker  ·  Smith Robinson