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Property profile & analytics
OFF-MARKET
Estimated value
$785,000
Community centers
1500 Lk Lansing Rd East Lansing, MI 48823-1395
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US43-1422976
Property profile
Verified
Property type
Community centers
Use group
MINI-MALL
Year built
1988
Total area
9,028 SF
Lot
3.98 ac (173,369 SF)
Zoning code
B5
APN
33-20-01-02-426-018
UPID
US43-1422976
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
-
Maru Sushi & Grill Restaurant
-
Ingcredible Restaurant
-
The Phipps Plaza Restaurant
-
Fueld Restaurant
-
Gong cha Cafe & Coffee Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$535k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$812k
Blend (final)
Blend
$785k
Owner & transaction history
Phipps Plaza LLC
Phipps Plaza LLC
since 2026
4 recorded transactions
Zoning & alternative use
B5 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.1M
+92.1%
Restaurant
$1.1M
+81.7%
Commercial (general)
$1.0M
+78.0%
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
$535,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$580,000
Current use
MEDICAL BUILDING
$1,115,000
Change: +92% · Conversion: Difficult
RESTAURANT
$1,055,000
Change: +82% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,030,000
Change: +78% · Conversion: Easy
AUTO REPAIR, GARAGE
$910,000
Change: +57% · Conversion: Difficult
OFFICE BUILDING
$895,000
Change: +54% · Conversion: Moderate
RETAIL STORES
$715,000
Change: +24% · Conversion: Easy
WAREHOUSE, STORAGE
$590,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$785k
Range $707k – $864k · ±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
$87 / 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
$44,909
Tax year 2022
Assessed value
$630,100
Assessed 2023
Previous assessed
$603,000
+4.5% YoY
Effective rate
7.13%
On assessed value
Assessed land
$630,100
Land market value
$1,260,200
Total market value
$1,260,200
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
Community centers
Use group
MINI-MALL
Status
Off-Market
Year built
1988
Heating
YES
Buildings
2
Stories
1
Total area
9,028 SF
Lot
3.98 ac (173,369 SF)
Zoning code
B5
APN
33-20-01-02-426-018
UPID
US43-1422976
Jurisdiction
INGHAM
Zoning & alternative use
B5 · East Lansing, MI
Zoning B5 · permitted uses
B5 · 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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$580,000
MEDICAL BUILDING
Est. value
$1.1M
RESTAURANT
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$1.0M
AUTO REPAIR, GARAGE
Est. value
$910,000
OFFICE BUILDING
Est. value
$895,000
RETAIL STORES
Est. value
$715,000
WAREHOUSE, STORAGE
Est. value
$590,000
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
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
1988
Heating
YES
Stories
1
Buildings
2
Lot
3.98 ac
Current owner
From public records · entity-resolved
Phipps Plaza LLC
Entity
Mailing address
1331 E GRAND RIV AVE STE #200, EAST LANSING, MI 48823-6721
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2026
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
Feb 9, 2026
—
Phipps Plaza LLC
—
Deed
related
$313,068 · Robert J Phipps Revocable Trust No I
—
—
Dasak II INC
—
Deed Of Trust
related
$230,000 · Fifth Third Bank
—
—
Plaza
—
Deed Of Trust
related
$750,000 · Citizens Federal Bank Fsb
—
—
Plaza
—
Deed Of Trust
related
$600,000 · Citizens Federal Bank Fsb
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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