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Property profile & analytics
OFF-MARKET
Estimated value
$4,895,000
Banks
1600 Abbot Rd 1, East Lansing, MI 48823-1971
Entity Owned
3-yr Hold
Free & Clear
Property ID
US43-1814458
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
2004
Total area
12,256 SF
Lot
2.46 ac (107,158 SF)
Zoning code
B1
APN
33-20-02-07-100-020
UPID
US43-1814458
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
-
Bossenbrook Williams PC Law Firm
-
ATM Atm
-
Devos Graduate School College
-
Horizon Bank Bank Loan Service
-
ATA National Title Group Consultant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.59M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.90M
Owner & transaction history
Horizon Bank · 3 yrs held
Horizon Bank
since 2023
Last sale
$4.1M
3 recorded transactions
Zoning & alternative use
B1 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$5,795,000
ML approach
$5,590,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$4.90M
Range $4.41M – $5.38M · ±10% · vs last sale $4.10M (Jun 16 2023)
Last sale anchor
$4.10M
Jun 16 2023
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
$399 / 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 2019Property tax & assessments
Tax year 2019
Tax billed
$52,445
Tax year 2019
Assessed value
$782,600
Assessed 2023
Previous assessed
$772,600
+1.3% YoY
Effective rate
6.70%
On assessed value
Assessed land
$428,600
Assessed improvement
$354,000
Land market value
$857,200
Improvement market value
$708,000
Total market value
$1,565,200
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
Banks
Use group
FINANCIAL BUILDING
Status
Off-Market
Year built
2004
Heating
YES
Cooling
AC.PACKAGE
Stories
2
Total area
12,256 SF
Lot
2.46 ac (107,158 SF)
Zoning code
B1
APN
33-20-02-07-100-020
UPID
US43-1814458
Jurisdiction
INGHAM
Zoning & alternative use
B1 · East Lansing, MI
Zoning B1 · permitted uses
B1 · 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.
Building & site characteristics
From public records
Year built
2004
Heating
YES
Cooling
Yes
Stories
2
Lot
2.46 ac
Current owner
From public records · entity-resolved
Horizon Bank
Entity
Free & Clear · 3 yrs held
Mailing address
515 FRANKLIN ST, MICHIGAN CITY, IN 46360-3328
Ownership since
2023
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
Jun 16, 2023
$4,100,000
Horizon Bank
Patrick K Gillespie
Warranty Deed
—
Jun 12, 2023
—
Patrick K Gillespie
Jennifer E Gillespie
Intrafamily Transfer
related
—
Mar 12, 2004
—
Woodland Pass Partners
—
Trustees Deed
related
$1,430,400 · Summit Community Bank NA
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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