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Property profile & analytics
OFF-MARKET
Estimated value
$1,535,000
Medical Office Space
2025 Washington Ave, Lansing, MI 48910-0828
Entity Owned
21-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-5197467
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1987
Total area
19,320 SF
Lot
1.15 ac (50,094 SF)
Zoning code
H LT IN
APN
33-01-01-28-126-062
UPID
US43-5197467
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
-
Pain Managment laboratory Medical Laboratory Pediatric Dentist
-
Peter Cotey Pediatrician Physician
-
John Callegari Physician
-
Your Detox Plans Counselor
-
Ainslee Mcvay Foster Care Service Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.52M
Blend (final)
Blend
$1.54M
Owner & transaction history
Vlahakis Dev LLC · 21 yrs held
Vlahakis Dev LLC
since 2005
2 recorded transactions
Zoning & alternative use
H LT IN · Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.7M
+2.6%
Auto repair, garage
$1.7M
+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
$1,645,000
Current use
RESTAURANT
$1,685,000
Change: +3% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,650,000
Change: +0% · Conversion: Difficult
OFFICE BUILDING
$1,350,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$1.54M
Range $1.38M – $1.69M · ±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
$79 / 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
$27,028
Tax year 2022
Assessed value
$719,700
Assessed 2023
Previous assessed
$583,800
+23.3% YoY
Effective rate
3.76%
On assessed value
Assessed land
$99,300
Assessed improvement
$620,400
Land market value
$198,600
Improvement market value
$1,240,800
Total market value
$1,439,400
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1987
Heating
YES
Buildings
2
Stories
3
Total area
19,320 SF
Lot
1.15 ac (50,094 SF)
Zoning code
H LT IN
APN
33-01-01-28-126-062
UPID
US43-5197467
Jurisdiction
INGHAM
Zoning & alternative use
H LT IN · Lansing, MI
Zoning H LT IN · permitted uses
H LT IN · 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
$1.6M
RESTAURANT
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.7M
OFFICE BUILDING
Est. value
$1.4M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
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
1987
Heating
YES
Stories
3
Buildings
2
Lot
1.15 ac
Current owner
From public records · entity-resolved
Vlahakis Dev LLC
Entity
Mailing address
4900 MONTROSE AVE STE #100, OKEMOS, MI 48864-1665
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 18, 2005
$582,000
Vlahakis Dev LLC
First National Bank Of Howell
Warranty Deed
—
—
—
Vlahakis Dev LLC
—
Deed Of Trust
related
$50,000 · Foster Swift Collins & Smith
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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