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Property profile & analytics
OFF-MARKET
Estimated value
$12,065,000
Hospitals
1140 Michigan Ave Lansing, MI 48912-1805
Entity Owned
Free & Clear
Property ID
US43-4302904
Property profile
Verified
Property type
Hospitals
Use group
HOSPITAL - PRIVATE
Year built
2017
Total area
160,092 SF
Lot
3.11 ac (135,559 SF)
Zoning code
F COMM
APN
33-01-01-15-327-030
UPID
US43-4302904
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
-
Sparrow Medical Oncology Hospital
-
Lansing Heart & Vascular | University of Michigan Health-Sparrow Medical Group
-
Herbert-Herman Cancer Center Infusion| University of Michigan Health-Sparrow Medical Clinic Hospital
-
Cardiothoracic & Vascular Surgery | University of Michigan Health-Sparrow Medical Group
-
Tracy L. Pride, PA Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$13.61M
Blend (final)
Blend
$12.07M
Owner & transaction history
EDWARD W SPARROW HOSPITAL ASSOC
EDWARD W SPARROW HOSPITAL ASSOC
Zoning & alternative use
F COMM · Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$14.0M
+2.6%
Auto repair, garage
$13.7M
+0.3%
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 Lansing submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$13,615,000
Current use
RESTAURANT
$13,970,000
Change: +3% · Conversion: Difficult
AUTO REPAIR, GARAGE
$13,660,000
Change: +0% · Conversion: Difficult
OFFICE BUILDING
$13,210,000
Change: -3% · Conversion: Easy
RETAIL STORES
$11,430,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$12.07M
Range $10.86M – $13.27M · ±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
$75 / 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
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
Hospitals
Use group
HOSPITAL - PRIVATE
Status
Off-Market
Year built
2017
Heating
YES
Stories
4
Total area
160,092 SF
Lot
3.11 ac (135,559 SF)
Zoning code
F COMM
APN
33-01-01-15-327-030
UPID
US43-4302904
Jurisdiction
INGHAM
Zoning & alternative use
F COMM · Lansing, MI
Zoning F COMM · permitted uses
F COMM · Lansing, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lansing. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$13.6M
RESTAURANT
Est. value
$14.0M
AUTO REPAIR, GARAGE
Est. value
$13.7M
OFFICE BUILDING
Est. value
$13.2M
RETAIL STORES
Est. value
$11.4M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
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
2017
Heating
YES
Stories
4
Lot
3.11 ac
Current owner
From public records · entity-resolved
EDWARD W SPARROW HOSPITAL ASSOC
Individual
Free & Clear · 0 yrs held
Mailing address
1215 E MICHIGAN AVE STE #306, LANSING, MI 48912-1811
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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.
Try Rey
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