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Property profile & analytics
OFF-MARKET
Estimated value
$695,000
Flex space
1113 Electric Ave, Wayland, MI 49348-8907
Individually Owned
12-yr Hold
~
Est. High Equity
Property ID
US43-2098734
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
2002
Total area
11,888 SF
Lot
1.9 ac (82,764 SF)
APN
13-216-027-00
UPID
US43-2098734
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$420k
CAP Approach
CAP
$855k
Comparable Approach
Comparable
$464k
Blend (final)
Blend
$695k
Owner & transaction history
Little Green Riding Hood L L C · 12 yrs held
Little Green Riding Hood L L C
since 2013
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.2M
+25.2%
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 Wayland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wayland 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
$420,000
CAP Approach
CAP Return
Estimation
6%
$925,000
6.5%
$855,000
7%
$795,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$925,000
Current use
OFFICE BUILDING
$1,155,000
Change: +25% · Conversion: Difficult
AUTO REPAIR, GARAGE
$840,000
Change: -9% · Conversion: Easy
Blend value · Realmo final
$695k
Range $626k – $765k · ±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
$58 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$12,587
Tax year 2023
Assessed value
$354,600
Assessed 2024
Previous assessed
$327,700
+8.2% YoY
Effective rate
3.55%
On assessed value
Assessed land
$36,000
Assessed improvement
$318,600
Land market value
$72,000
Improvement market value
$637,200
Total market value
$709,200
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
2002
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
11,888 SF
Lot
1.9 ac (82,764 SF)
APN
13-216-027-00
UPID
US43-2098734
Jurisdiction
ALLEGAN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$925,000
OFFICE BUILDING
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$840,000
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
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
2002
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
1.9 ac
Current owner
From public records · entity-resolved
Little Green Riding Hood L L C
Individual
Mailing address
850 N OLD US HWY 23, BRIGHTON, MI 48114-9634
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 21, 2024
—
Little Green Riding Hood LLC
—
Deed
related
$4,889,279 · Mercantile Bank
Sep 10, 2013
—
Little Green Riding Hood L L C
Mcm Holding Company L L C
Warranty Deed
—
Jun 20, 2005
—
Little Green Riding Hood LLC
Mcm Holding Co LLC
Land Contract
—
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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