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Property profile & analytics
FOR LEASE
Flex space
400 Mccormick Dr Lapeer, MI 48446
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US43-4373403
For Lease
$1,320,000
400 Mccormick Dr, Lapeer, MI 48446
View Listing →
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1982
Total area
36,602 SF
Lot
4.05 ac (176,287 SF)
Zoning code
I1 INDU
APN
L21-31-129-040-00
UPID
US43-4373403
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.32M
Owner & transaction history
Rib Properties LLC · 4 yrs held
Rib Properties LLC
since 2022
Last sale
$1.4M
7 recorded transactions
Zoning & alternative use
I1 INDU · Lapeer, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Lapeer submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lapeer 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
$1,190,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.32M
Range $1.19M – $1.45M · ±10% · vs last sale $1.38M (Feb 9 2022)
Last sale anchor
$1.38M
Feb 9 2022
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
$36 / 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
$26,076
Tax year 2023
Assessed value
$637,600
Assessed 2024
Previous assessed
$546,900
+16.6% YoY
Effective rate
4.09%
On assessed value
Total market value
$1,275,200
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
For Lease
Year built
1982
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
36,602 SF
Lot
4.05 ac (176,287 SF)
Zoning code
I1 INDU
APN
L21-31-129-040-00
UPID
US43-4373403
Jurisdiction
LAPEER
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
I1 INDU · Lapeer, MI
Zoning I1 INDU · permitted uses
I1 INDU · Lapeer, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lapeer. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1982
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
4.05 ac
Current owner
From public records · entity-resolved
Rib Properties LLC
Entity
Mailing address
10850 WILSHIRE BLVD STE #1250, LOS ANGELES, CA 90024-4337
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 3, 2022
—
Rib Properties LLC
—
Deed
related
$1,032,500 · Midland States Bank
Feb 9, 2022
$1,382,250
Rib Properties LLC
Palo Alto Equity LLC
Warranty Deed
$1,032,500 · Palo Alto Equity LLC
Dec 16, 2020
$850,000
Palo Alto Equity LLC
Schreiber Holdings LLC
Warranty Deed
—
Oct 18, 2019
$622,009
Schreiber Holdings LLC
Marvin Engineering Co INC
Warranty Deed
related
—
Apr 23, 2007
$112,500
S & S Holdings Three LLC
Schreiber Services LLC
Quit Claim Deed
related
—
Feb 5, 2007
$637,500
Marvin Engineering Co
Schreiber Services LLC
Quit Claim Deed
related
—
—
—
Marvin Engineering Co INC
—
Deed Of Trust
related
—
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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