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Property profile & analytics
OFF-MARKET
Estimated value
$1,125,000
Office buildings
221 Lk Lansing Rd, East Lansing, MI 48823-8661
Entity Owned
2-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-1845683
Property summary
AI-generated overview
This exceptional 7,500 square foot Class B medical office building, located at 221 W. Lake Lansing Rd, Suite 300, in East Lansing, Michigan, presents a unique investment opportunity. Situated in the desirable Asher Court Office Park, this property offers multiple suites, with a minimum divisible space of 2,284 square feet and a maximum contiguous space of 3,927 square feet. Currently, 6,211 square feet is available for lease. The building features a total of two suites, providing flexibility for various medical practices or healthcare-related businesses. Ample free parking is provided for tenants and their clients. The property is conveniently located in Ingham County, with easy access to major roadways and local amenities. The lease rate is $15.75 per square foot, modified gross, and lease terms are negotiable. This presents a compelling opportunity to establish or expand a medical practice in a thriving East Lansing location. The property's zip code is 48823. This is a fantastic opportunity to secure a well-located, functional medical office space in a highly sought-after area.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1990
Total area
7,729 SF
Lot
8.86 ac (385,942 SF)
Zoning code
B4
APN
33-20-01-01-408-019
UPID
US43-1845683
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Greater Lansing Surgical: Dan L. Hunt, D.O. Physician
-
Greater Lansing Surgical Medical Clinic Hospital
-
Dr. Mujahed M. Abbas, MD Physician
-
Astral Compass Tattoo And Art Gallery Tattoo & Piercing Shop
-
ZenfinityDesigns® Artist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.07M
Comparable Approach
Comparable
$1.22M
Blend (final)
Blend
$1.13M
Owner & transaction history
Asher IV Partners LLC · 2 yrs held
Asher IV Partners LLC
since 2024
4 recorded transactions
Zoning & alternative use
B4 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$955,000
+24.5%
Restaurant
$900,000
+17.8%
Commercial (general)
$885,000
+15.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs East Lansing submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs East Lansing submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,160,000
6.5%
$1,070,000
7%
$995,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$765,000
Current use
MEDICAL BUILDING
$955,000
Change: +24% · Conversion: Easy
RESTAURANT
$900,000
Change: +18% · Conversion: Moderate
COMMERCIAL (GENERAL)
$885,000
Change: +15% · Conversion: Easy
AUTO REPAIR, GARAGE
$780,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$1.13M
Range $1.01M – $1.24M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$146 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$112,157
Tax year 2022
Assessed value
$1,528,500
Assessed 2023
Previous assessed
$1,463,400
+4.4% YoY
Effective rate
7.34%
On assessed value
Assessed land
$1,081,100
Assessed improvement
$447,400
Land market value
$2,162,200
Improvement market value
$894,800
Total market value
$3,057,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1990
Heating
YES
Buildings
5
Stories
1
Total area
7,729 SF
Lot
8.86 ac (385,942 SF)
Zoning code
B4
APN
33-20-01-01-408-019
UPID
US43-1845683
Jurisdiction
INGHAM
Zoning & alternative use
B4 · East Lansing, MI
Zoning B4 · permitted uses
B4 · East Lansing, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
East Lansing. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$765,000
MEDICAL BUILDING
Est. value
$955,000
RESTAURANT
Est. value
$900,000
COMMERCIAL (GENERAL)
Est. value
$885,000
AUTO REPAIR, GARAGE
Est. value
$780,000
OFFICE BUILDING Current
MEDICAL BUILDING
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1990
Heating
YES
Stories
1
Buildings
5
Lot
8.86 ac
Current owner
From public records · entity-resolved
Asher IV Partners LLC
Entity
Mailing address
784 W LK LANSING RD, EAST LANSING, MI 48823-1446
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 16, 2024
—
Asher IV Partners LLC
—
Deed
related
$100,000 · First National Bank Of Michigan
Aug 9, 2019
—
Asher IV Partners LLC
—
Deed
related
$3,225,000 · First National Bank Of Michigan
—
—
Asher IV Partners LLC
—
Deed Of Trust
related
$3,750,000 · Michigan Busn Connection Lc
—
—
Asher IV Partners LLC
—
Deed Of Trust
related
$50,000 · Michigan Busn Connection Lc
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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