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Property profile & analytics
OFF-MARKET
Estimated value
$585,000
Manufacturing properties
428 Cedar St Lansing, MI 48912-1202
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US43-0887462
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1975
Total area
5,662 SF
Lot
0.5 ac (21,911 SF)
Zoning code
H LT IN
APN
33-01-01-16-228-042
UPID
US43-0887462
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
-
Noble Road Company Laboratory
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$575k
CAP Approach
CAP
$565k
Comparable Approach
Comparable
$593k
Blend (final)
Blend
$585k
Owner & transaction history
Teas Real Estate Holdings LLC · 3 yrs held
Teas Real Estate Holdings LLC
since 2023
Last sale
$630,000
3 recorded transactions
Zoning & alternative use
H LT IN · Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$495,000
+39.1%
Auto repair, garage
$485,000
+36.0%
Medical building
$480,000
+35.6%
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 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
$595,000
ML approach
$575,000
CAP Approach
CAP Return
Estimation
6%
$615,000
6.5%
$565,000
7%
$525,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$355,000
Current use
RESTAURANT
$495,000
Change: +39% · Conversion: Difficult
AUTO REPAIR, GARAGE
$485,000
Change: +36% · Conversion: Easy
MEDICAL BUILDING
$480,000
Change: +36% · Conversion: Difficult
OFFICE BUILDING
$465,000
Change: +32% · Conversion: Difficult
RETAIL STORES
$405,000
Change: +14% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$365,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$585k
Range $527k – $644k · ±10% · vs last sale $630k (Feb 13 2023)
Last sale anchor
$630k
Feb 13 2023
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
$103 / 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
$9,881
Tax year 2020
Assessed value
$238,100
Assessed 2023
Previous assessed
$199,300
+19.5% YoY
Effective rate
4.15%
On assessed value
Assessed land
$54,800
Assessed improvement
$183,300
Land market value
$109,600
Improvement market value
$366,600
Total market value
$476,200
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1975
Heating
YES
Stories
1
Total area
5,662 SF
Lot
0.5 ac (21,911 SF)
Zoning code
H LT IN
APN
33-01-01-16-228-042
UPID
US43-0887462
Jurisdiction
INGHAM
Zoning & alternative use
H LT IN · Lansing, MI
Zoning H LT IN · permitted uses
H LT IN · 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
INDUSTRIAL (GENERAL) Current
Est. value
$355,000
RESTAURANT
Est. value
$495,000
AUTO REPAIR, GARAGE
Est. value
$485,000
MEDICAL BUILDING
Est. value
$480,000
OFFICE BUILDING
Est. value
$465,000
RETAIL STORES
Est. value
$405,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$365,000
INDUSTRIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
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
1975
Heating
YES
Stories
1
Lot
0.5 ac
Current owner
From public records · entity-resolved
Teas Real Estate Holdings LLC
Entity
Mailing address
2180 CIDER ML DR, EAST LANSING, MI 48823-6920
Ownership since
2023
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
Feb 13, 2023
$630,000
Teas Real Estate Holdings LLC
Castriciano Holdings LLC
Warranty Deed
$708,000 · The Commercial Bank
Aug 19, 2019
—
Castriciano Holdings LLC
Castriciano,sostine & Filomena
Quit Claim Deed
—
—
—
Castriciano Holdings LLC
—
Deed Of Trust
related
$126,000 · Capitol National Bank
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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