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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1198 Harrison Rd East Lansing, MI 48823-5201

    • Grocery and convenience stores
    • 2,765 SF
    • 0.46 lot acres
    OFF-MARKET
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    4.3%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US43-1564691
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • J & H Family Stores-Trowbridge / Gas Station
    • Marathon Gas / Gas Station

    Property Details for 1198 Harrison Rd

    Year built
    2011
    Lot size
    0.46 lot acres
    Property size
    2,765 SF
    Zone code
    B2
    Property type
    Grocery and convenience stores
    APN
    33-20-01-24-122-009
    APU
    33200124122009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $445,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $320,000
      6.5%
      $295,000
      7%
      $270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $323,000
      Market price range: $119k - $323k
      AI Estimate
      $368,000
      Market price range: $142k - $369k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $340,000
      COMMERCIAL (GENERAL)
      $315,000
      AUTO REPAIR, GARAGE
      $280,000
      OFFICE BUILDING
      $275,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    East Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4943
    Latitude
    42.7201
    CBSA code
    29620
    CBSA name
    LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $23,283
    $81,000
    $241,800
    $322,800
    -
    $162,000
    $483,600
    $645,600

    Comparable in this City

    • Value Estimation
      $345,000
      427 SF

      1120 Grand Riv Ave, Unit 3

      GROCERY, SUPERMARKET • 427 SF
      1120 Grand Riv Ave, East Lansing, MI 48823-4642
      View Details
    • Value Estimation
      $1,130,000
      2,567 SF

      2139 Haslett Rd, Unit 40

      CONVENIENCE STORE • 2,567 SF
      2139 Haslett Rd, East Lansing, MI 48823-7738
      View Details
    • Value Estimation
      $260,000
      2,030 SF

      1435 Grand Riv Ave

      GROCERY, SUPERMARKET • 2,030 SF
      1435 Grand Riv Ave, East Lansing, MI 48823-4914
      View Details
    • Value Estimation
      $535,000
      2,480 SF

      1108 Grand Riv Ave, Unit 4

      GROCERY, SUPERMARKET • 2,480 SF
      1108 Grand Riv Ave, East Lansing, MI 48823-4642
      View Details
    • Value Estimation
      $460,000
      2,103 SF

      1831 Grand Riv Ave

      CONVENIENCE STORE • 2,103 SF
      1831 Grand Riv Ave, East Lansing, MI 48823-4908
      View Details
    • Value Estimation
      $575,000
      7,090 SF

      2778 Grand Riv Ave, Unit 24

      GROCERY, SUPERMARKET • 7,090 SF
      2778 Grand Riv Ave, East Lansing, MI 48823-4711
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      East Lansing Retail Building For Sale

      14,564 SF free-standing building in East Lansing, Michigan.
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      7,614 SF

      Renovated Retail/Office Space Near Campus

      Turn-key retail or office space near Michigan State campus.
      1234 E Grand River Ave, East Lansing, MI 48823
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    • $4,995,000
      39.38 Acres

      East Lansing Commercial Land - 39 Acres

      Prime C-2 zoned land, ideal for large-scale development.
      6365 Newton Rd, East Lansing, MI 48823
      View Details
    • $99,500
      1,338 SF

      East Lansing Restaurant - Turnkey Operation

      Profitable eatery near Michigan State University.
      219 East Grand River Avenue, East Lansing, MI 48823
      View Details
    • $495,000
      17.48 Acres

      East Lansing Residential Land Development

      17.48 Acres, High-Density Zoning, Prime Location
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      East Lansing Office Condo For Sale

      Office condo for sale near highway and MSU campus.
      1451 East Lansing Dr, East Lansing, MI 48823
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    Similar Nearby for Lease

    • $15 SF/Yr
      97,582 SF

      Hannah Plaza: East Lansing Retail Space

      Prime East Lansing retail, multiple spaces available.
      4790 Hagadorn Rd, East Lansing, MI 48823
      View Details
    • $20 SF/Yr
      7,077 SF

      Retail Space in East Lansing

      New retail/service space available for lease in vibrant area.
      3224 E Michigan Ave, East Lansing, MI 48823
      View Details
    • $30 SF/Yr
      2,500 SF

      Prime East Lansing Retail Space

      High-visibility storefront, 1250 sq ft available.
      947 Trowbridge Rd, East Lansing, MI 48823
      View Details
    • $40 SF/Yr
      1,174 SF

      Retail Space Near MSU Campus

      Retail space in a 3-tenant building across from MSU.
      1105 East Grand River Ave, East Lansing, MI 48823
      View Details
    • $14 SF/Yr
      17,904 SF

      Hannah Plaza: East Lansing Retail

      Prime East Lansing retail space, multiple suites available.
      4750 Hagadorn Rd, East Lansing, MI 48823
      View Details
    • $18 SF/Yr

      Retail Space Near Michigan State

      End-cap retail space near Michigan State University campus.
      920 Trowbridge Rd, East Lansing, MI 48823
      View Details

    Property Visit Statistics

    • Visits by month
      20.2k
    • Visitors by month
      14.4k
    • Avg Time on site
      5 min
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    East Lansing, MI 48823-5201
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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