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Property profile & analytics
OFF-MARKET
Estimated value
$935,000
Turn key restaurants
2608 Patterson Rd, Wayland, MI 49348-9435
Entity Owned
9-yr Hold
Property ID
US43-2143898
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1920
Total area
13,324 SF
Lot
1.52 ac (66,211 SF)
APN
24-025-026-00
UPID
US43-2143898
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.00M
Blend (final)
Blend
$935k
Owner & transaction history
Gruver Corner LLC · 9 yrs held
Gruver Corner LLC
since 2017
5 recorded transactions
Zoning & alternative use
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 Wayland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wayland 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
RESTAURANT
$1,450,000
Current use
COMMERCIAL (GENERAL)
$1,445,000
Change: 0% · Conversion: Easy
WAREHOUSE, STORAGE
$1,310,000
Change: -10% · Conversion: Difficult
OFFICE BUILDING
$1,295,000
Change: -11% · Conversion: Moderate
Blend value · Realmo final
$935k
Range $842k – $1.03M · ±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
$70 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$8,460
Tax year 2023
Assessed value
$286,200
Assessed 2024
Previous assessed
$169,500
+68.8% YoY
Effective rate
2.96%
On assessed value
Assessed land
$29,100
Assessed improvement
$257,100
Land market value
$58,200
Improvement market value
$514,200
Total market value
$572,400
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1920
Heating
FORCED AIR
Buildings
5
Stories
1
Bathrooms
2
Total area
13,324 SF
Lot
1.52 ac (66,211 SF)
APN
24-025-026-00
UPID
US43-2143898
Jurisdiction
ALLEGAN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$1.4M
WAREHOUSE, STORAGE
Est. value
$1.3M
OFFICE BUILDING
Est. value
$1.3M
RESTAURANT Current
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
1920
Heating
FORCED AIR
Stories
1
Buildings
5
Bathrooms
2
Lot
1.52 ac
Current owner
From public records · entity-resolved
Gruver Corner LLC
Entity
Mailing address
2602 PATTERSON RD, WAYLAND, MI 49348-9435
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 20, 2018
—
Gruver One LLC
—
Deed
related
$1,168,000 · Chemical Bank
May 22, 2017
—
Gruver Corner LLC
Gruver Sales LLC
Warranty Deed
—
Apr 28, 2017
—
Gruver Sales LLC
—
Deed
related
$375,000 · Chemical Bank
Mar 24, 2016
—
Gruver Sales LLC
Gun Lake Properties LLC
Warranty Deed
$240,000 · Chemical Bank
Jun 7, 2006
$375,000
Gun Lake Properties LLC
J Grass Properties LLC
Warranty Deed
$233,283 · Byron Bank
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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