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Property profile & analytics
OFF-MARKET
Estimated value
$4,165,000
Office buildings
385 Leonard NE St, Grand Rapids, MI 49503-1129
Entity Owned
Absentee Owner
Free & Clear
Property ID
US43-2002306
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Total area
31,453 SF
Lot
3.39 ac (147,756 SF)
Zoning code
SD-NOS
APN
41-14-18-383-004
UPID
US43-2002306
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
-
National 1031 LLC Real Estate Agency
-
Dr. Gary Ralph Physician
-
Isle Construction Construction Company
-
Patrick Handlin Physician
-
Jaime Bachmeier Foster Care Service Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.16M
Blend (final)
Blend
$4.17M
Owner & transaction history
301 Leonard LLC
301 Leonard LLC
since 2025
3 recorded transactions
Zoning & alternative use
SD-NOS · Grand Rapids, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.3M
+35.1%
Retail stores
$2.6M
+6.0%
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 Grand Rapids submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grand Rapids 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)
$3,255,000
Change: +35% · Conversion: Easy
RETAIL STORES
$2,555,000
Change: +6% · Conversion: Moderate
Blend value · Realmo final
$4.17M
Range $3.75M – $4.58M · ±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
$132 / 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
Assessed value
$2,903,200
Assessed 2024
Previous assessed
$1,951,700
+48.8% YoY
Total market value
$5,806,400
Applied tax rate
51.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Buildings
4
Stories
2
Total area
31,453 SF
Lot
3.39 ac (147,756 SF)
Zoning code
SD-NOS
APN
41-14-18-383-004
UPID
US43-2002306
Jurisdiction
KENT
Zoning & alternative use
SD-NOS · Grand Rapids, MI
Zoning SD-NOS · permitted uses
SD-NOS · Grand Rapids, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Grand Rapids. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$3.3M
RETAIL STORES
Est. value
$2.6M
COMMERCIAL (GENERAL)
RETAIL STORES
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
Stories
2
Buildings
4
Lot
3.39 ac
Current owner
From public records · entity-resolved
301 Leonard LLC
Entity
Free & Clear · 0 yrs held
Mailing address
1410 PLAINFIELD AVE NE, GRAND RAPIDS, MI 49505-4917
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 23, 2025
—
301 Leonard LLC
Cd Hodlings LLC
Warranty Deed
—
Feb 21, 2022
—
Plainfield Exchange LLC
Hope Network Behavioral Health Serv
Warranty Deed
—
Aug 30, 2021
—
Cd Holdings LLC
Hope Network Behavioral Health Serv
Quit Claim Deed
related
$3,309,334 · Lake Michigan Cu
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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