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Property profile & analytics
OFF-MARKET
Estimated value
$800,000
Outlet malls
4218 Aurelius Rd, Lansing, MI 48910-4807
Entity Owned
6-yr Hold
Free & Clear
Property ID
US43-2059461
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
2013
Total area
8,320 SF
Lot
2.68 ac (116,828 SF)
Zoning code
F COMM
APN
33-01-01-34-276-404
UPID
US43-2059461
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
-
Family Dollar Discount Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$683k
Blend (final)
Blend
$800k
Owner & transaction history
Spirit Master Funding X LLC · 6 yrs held
Spirit Master Funding X LLC
since 2019
4 recorded transactions
Zoning & alternative use
F COMM · Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$725,000
+45.5%
Auto repair, garage
$710,000
+42.3%
Medical building
$705,000
+41.8%
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
RETAIL STORES
$500,000
Current use
RESTAURANT
$725,000
Change: +45% · Conversion: Easy
AUTO REPAIR, GARAGE
$710,000
Change: +42% · Conversion: Difficult
MEDICAL BUILDING
$705,000
Change: +42% · Conversion: Difficult
OFFICE BUILDING
$580,000
Change: +16% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$535,000
Change: +7% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$520,000
Change: +5% · Conversion: Difficult
WAREHOUSE, STORAGE
$485,000
Change: -3% · Conversion: Difficult
Blend value · Realmo final
$800k
Range $720k – $880k · ±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
$96 / 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 2020Property tax & assessments
Tax year 2020
Tax billed
$30,301
Tax year 2020
Assessed value
$519,300
Assessed 2023
Previous assessed
$392,500
+32.3% YoY
Effective rate
5.83%
On assessed value
Assessed land
$214,000
Assessed improvement
$305,300
Land market value
$428,000
Improvement market value
$610,600
Total market value
$1,038,600
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
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
2013
Heating
YES
Stories
1
Bathrooms
1
Total area
8,320 SF
Lot
2.68 ac (116,828 SF)
Zoning code
F COMM
APN
33-01-01-34-276-404
UPID
US43-2059461
Jurisdiction
INGHAM
Zoning & alternative use
F COMM · Lansing, MI
Zoning F COMM · permitted uses
F COMM · Lansing, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lansing. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$500,000
RESTAURANT
Est. value
$725,000
AUTO REPAIR, GARAGE
Est. value
$710,000
MEDICAL BUILDING
Est. value
$705,000
OFFICE BUILDING
Est. value
$580,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$535,000
INDUSTRIAL (GENERAL)
Est. value
$520,000
WAREHOUSE, STORAGE
Est. value
$485,000
RETAIL STORES Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
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
2013
Heating
YES
Stories
1
Bathrooms
1
Lot
2.68 ac
Current owner
From public records · entity-resolved
Spirit Master Funding X LLC
Entity
Free & Clear · 6 yrs held
Mailing address
500 VOLVO PKWY, CHESAPEAKE, VA 23320-1604
Ownership since
2019
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 29, 2019
—
Spirit Master Funding X LLC
Arc Fd34pck001 LLC
Grant Deed
—
Nov 5, 2014
$1,587,600
Arc Fd34pck001 LLC
Wf-fd Master Lease II LLC
Grant Deed
—
Sep 12, 2013
$153,740
Wf-fd Master Lease II LLC
Family Dollar Stores Of Mi INC
Grant Deed
—
Dec 11, 2012
$100,000
Family Dollar Stores Of Michigan
Aurelius Dev Group LLC
Warranty 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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