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Property profile & analytics
OFF-MARKET
Estimated value
$760,000
Drive through restaurants
321 State St Grayling, MI 49738-1851
Trust Owned
1-yr Hold
Free & Clear
Property ID
US43-3184367
Property profile
Verified
Property type
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Year built
1993
Total area
4,088 SF
Lot
1.58 ac (68,825 SF)
Zoning code
C-3A
APN
070-131-004-001-00
UPID
US43-3184367
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
-
Burger King Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$760k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$536k
Blend (final)
Blend
$760k
Owner & transaction history
Tsai Jk Trust · 1 yrs held
Tsai Jk Trust
since 2024
Last sale
$761,962
3 recorded transactions
Zoning & alternative use
C-3A · Grayling, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zone name
General Commercial
General category
COMMERCIAL
Zone area
107.69 ac
Source
Realmo
Top alternative use upside
Commercial (general)
$695,000
+74.7%
Office building
$550,000
+39.0%
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 Grayling submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grayling 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
$760,000
ML approach
$760,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$695,000
Change: +75% · Conversion: Easy
OFFICE BUILDING
$550,000
Change: +39% · Conversion: Moderate
Blend value · Realmo final
$760k
Range $684k – $836k · ±10% · vs last sale $762k (Sep 10 2024)
Last sale anchor
$762k
Sep 10 2024
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
$186 / 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
$18,212
Tax year 2023
Assessed value
$354,200
Assessed 2024
Previous assessed
$291,800
+21.4% YoY
Effective rate
5.14%
On assessed value
Assessed land
$43,400
Assessed improvement
$310,800
Land market value
$86,800
Improvement market value
$621,600
Total market value
$708,400
Applied tax rate
70.0000
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
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Status
Off-Market
Year built
1993
Heating
FORCED AIR
Stories
1
Total area
4,088 SF
Lot
1.58 ac (68,825 SF)
Zoning code
C-3A
APN
070-131-004-001-00
UPID
US43-3184367
Jurisdiction
CRAWFORD
Zoning & alternative use
C-3A · Grayling, MIZoning C-3A · permitted uses
C-3A · Grayling, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zone name
General Commercial
General category
COMMERCIAL
Zone area
107.69 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$695,000
OFFICE BUILDING
Est. value
$550,000
COMMERCIAL (GENERAL)
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
1993
Heating
FORCED AIR
Stories
1
Lot
1.58 ac
Current owner
From public records · entity-resolved
Tsai Jk Trust
Trust
Free & Clear · 1 yrs held
Mailing address
2100 RIVEREDGE PKWY STE #850, ATLANTA, GA 30328-4656
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 10, 2024
—
Tsai Jk Trust
Zhang Julie Jie Ing Trust
Quitclaim Deed
related
—
Dec 15, 2014
—
Lawrence Zhen Le Zhang
Lawrence Zhen Le Lawrence Zhe Le
Intrafamily Transfer
related
—
Sep 5, 2013
$761,962
Lawrence Zhen Le Zhang
King Venture Development LLC
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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