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Property profile & analytics
OFF-MARKET
Estimated value
$2,710,000
Office buildings
321 2nd St, Rochester, MI 48307-6718
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US43-0017966
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2004
Total area
17,853 SF
Lot
1.35 ac (58,806 SF)
Zoning code
BI
APN
68-15-14-107-015
UPID
US43-0017966
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
-
Leoni Cable Telecommunications Service
-
White House Studio Photography Service (Bike/Boat/Book/etc) Store
-
Cain Group Accounting Firm
-
Tract, LLC Accounting Software Company
-
BizFleets (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.98M
Blend (final)
Blend
$2.71M
Owner & transaction history
321 East Second LLC · 1 yrs held
321 East Second LLC
since 2024
4 recorded transactions
Zoning & alternative use
BI · Rochester, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.1M
+47.6%
Retail stores
$3.0M
+43.9%
Medical building
$2.8M
+34.6%
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 Rochester submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rochester 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
OFFICE BUILDING
$2,095,000
Current use
RESTAURANT
$3,090,000
Change: +48% · Conversion: Moderate
RETAIL STORES
$3,015,000
Change: +44% · Conversion: Moderate
MEDICAL BUILDING
$2,820,000
Change: +35% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,190,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$2.71M
Range $2.44M – $2.98M · ±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
$152 / 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
$68,110
Tax year 2023
Assessed value
$1,633,270
Assessed 2024
Previous assessed
$1,551,140
+5.3% YoY
Effective rate
4.17%
On assessed value
Total market value
$3,266,540
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2004
Heating
YES
Buildings
2
Stories
2
Units
1
Total area
17,853 SF
Lot
1.35 ac (58,806 SF)
Zoning code
BI
APN
68-15-14-107-015
UPID
US43-0017966
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
BI · Rochester, MI
Zoning BI · permitted uses
BI · Rochester, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Rochester. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.1M
RESTAURANT
Est. value
$3.1M
RETAIL STORES
Est. value
$3.0M
MEDICAL BUILDING
Est. value
$2.8M
AUTO REPAIR, GARAGE
Est. value
$2.2M
OFFICE BUILDING Current
RESTAURANT
RETAIL STORES
MEDICAL BUILDING
AUTO REPAIR, GARAGE
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
2004
Heating
YES
Stories
2
Buildings
2
Units
1
Lot
1.35 ac
Current owner
From public records · entity-resolved
321 East Second LLC
Entity
Free & Clear · 1 yrs held
Mailing address
303 E 3RD ST STE #300, ROCHESTER, MI 48307-2061
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 17, 2024
—
321 East Second LLC
Pandra Ventures LLC
Warranty Deed
—
Oct 5, 2022
—
Panda Ventures LLC
—
Deed
related
$2,960,000 · Jpmorgan Chase Bank NA
Mar 1, 2017
—
Panda Ventures LLC
Kw Family Development II LLC
Warranty Deed
—
Mar 25, 2003
$837,000
Kw Family Development II LLC
Knitting Mills Co LLC
Grant Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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