Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$10,025,000
Retail residential properties
3140 Michigan Ave Lansing, MI 48912-4669
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US43-0836174
Property profile
Verified
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Year built
2021
Total area
131,040 SF
Lot
2.36 ac (102,802 SF)
APN
33-01-01-14-426-006
UPID
US43-0836174
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
-
Gateway Lofts Lansing Apartment Building Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.84M
Blend (final)
Blend
$10.03M
Owner & transaction history
Vesper Lansing Gateway LLC
Vesper Lansing Gateway LLC
since 2025
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$11.4M
+80.4%
Auto repair, garage
$11.2M
+76.4%
Medical building
$11.1M
+75.8%
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
COMMERCIAL (GENERAL)
$6,335,000
Current use
RESTAURANT
$11,435,000
Change: +80% · Conversion: Difficult
AUTO REPAIR, GARAGE
$11,180,000
Change: +76% · Conversion: Difficult
MEDICAL BUILDING
$11,140,000
Change: +76% · Conversion: Easy
OFFICE BUILDING
$10,810,000
Change: +71% · Conversion: Easy
RETAIL STORES
$9,360,000
Change: +48% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$8,410,000
Change: +33% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$8,220,000
Change: +30% · Conversion: Moderate
Blend value · Realmo final
$10.03M
Range $9.02M – $11.03M · ±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
$77 / 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
$512,631
Tax year 2023
Assessed value
$7,531,800
Assessed 2024
Previous assessed
$7,570,600
-0.5% YoY
Effective rate
6.81%
On assessed value
Assessed land
$341,800
Assessed improvement
$7,190,000
Land market value
$683,600
Improvement market value
$14,380,000
Total market value
$15,063,600
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
Retail residential properties
Use group
STORES & APARTMENTS
Status
Off-Market
Year built
2021
Heating
YES
Stories
5
Total area
131,040 SF
Lot
2.36 ac (102,802 SF)
APN
33-01-01-14-426-006
UPID
US43-0836174
Jurisdiction
INGHAM
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
COMMERCIAL (GENERAL) Current
Est. value
$6.3M
RESTAURANT
Est. value
$11.4M
AUTO REPAIR, GARAGE
Est. value
$11.2M
MEDICAL BUILDING
Est. value
$11.1M
OFFICE BUILDING
Est. value
$10.8M
RETAIL STORES
Est. value
$9.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$8.4M
INDUSTRIAL (GENERAL)
Est. value
$8.2M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
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
2021
Heating
YES
Stories
5
Lot
2.36 ac
Current owner
From public records · entity-resolved
Vesper Lansing Gateway LLC
Entity
Mailing address
1223 TURNER ST STE #300, LANSING, MI 48906-4363
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
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
Aug 25, 2025
—
Vesper Lansing Gateway LLC
Red Cedar Apartments Holdings LLC
Deed
$30,500,000 · Acres Mortgage Loan Funding LLC
Dec 5, 2022
—
Red Cedar Apartments Holdings LLC
—
Deed
related
$265,000 · Pnc 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 3140 Michigan Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
