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Property profile & analytics
OFF-MARKET
Estimated value
$1,710,000
Outlet malls
3003 Michigan Ave, Lansing, MI 48912-4616
Entity Owned
Absentee Owner
Free & Clear
Property ID
US43-1154488
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1949
Total area
21,408 SF
Lot
1.27 ac (55,365 SF)
Zoning code
F COMM
APN
33-01-01-14-256-064
UPID
US43-1154488
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
-
Staples (Bike/Boat/Book/etc) Store
-
Pups In Cradle (Bike/Boat/Book/etc) Store Pet Store
-
Staples Travel Services (Bike/Boat/Book/etc) Store
-
Staples Print & Marketing Services (Bike/Boat/Book/etc) Store Printing Service
-
Divine Connection Association / Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.55M
Blend (final)
Blend
$1.71M
Owner & transaction history
SHAHEEN PROPERTIES L L C
SHAHEEN PROPERTIES L L C
Zoning & alternative use
F COMM · Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.9M
+22.2%
Auto repair, garage
$1.8M
+19.5%
Medical building
$1.8M
+19.1%
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
RETAIL STORES
$1,530,000
Current use
RESTAURANT
$1,870,000
Change: +22% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,825,000
Change: +19% · Conversion: Difficult
MEDICAL BUILDING
$1,820,000
Change: +19% · Conversion: Difficult
OFFICE BUILDING
$1,765,000
Change: +16% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$1,375,000
Change: -10% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$1,345,000
Change: -12% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,245,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$1.71M
Range $1.54M – $1.88M · ±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
$80 / 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 2020Property tax & assessments
Tax year 2020
Tax billed
$56,259
Tax year 2020
Assessed value
$939,600
Assessed 2023
Previous assessed
$1,049,800
-10.5% YoY
Effective rate
5.99%
On assessed value
Assessed land
$191,800
Assessed improvement
$747,800
Land market value
$383,600
Improvement market value
$1,495,600
Total market value
$1,879,200
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
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
1949
Heating
YES
Stories
1
Bathrooms
2
Total area
21,408 SF
Lot
1.27 ac (55,365 SF)
Zoning code
F COMM
APN
33-01-01-14-256-064
UPID
US43-1154488
Jurisdiction
INGHAM
Zoning & alternative use
F COMM · Lansing, MI
Zoning F COMM · permitted uses
F COMM · 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
RETAIL STORES Current
Est. value
$1.5M
RESTAURANT
Est. value
$1.9M
AUTO REPAIR, GARAGE
Est. value
$1.8M
MEDICAL BUILDING
Est. value
$1.8M
OFFICE BUILDING
Est. value
$1.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.4M
INDUSTRIAL (GENERAL)
Est. value
$1.3M
WAREHOUSE, STORAGE
Est. value
$1.2M
RETAIL STORES Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
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
1949
Heating
YES
Stories
1
Bathrooms
2
Lot
1.27 ac
Current owner
From public records · entity-resolved
SHAHEEN PROPERTIES L L C
Individual
Free & Clear · 0 yrs held
Mailing address
3400 WW RD, EAST LANSING, MI 48823-7309
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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