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Property profile & analytics
OFF-MARKET
Estimated value
$8,915,000
Office buildings
4660 Hagadorn Rd, East Lansing, MI 48823-5376
Trust Owned
3-yr Hold
Free & Clear
Property ID
US43-1803050
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1985
Total area
61,198 SF
Lot
13.1 ac (570,636 SF)
Zoning code
C-2
APN
33-02-02-20-301-003
UPID
US43-1803050
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
-
Capital Software (Bike/Boat/Book/etc) Store Corporate Office
-
Harper Psychological PLC Physician Medical Clinic
-
Dr. Jean-Claude Dutes Physician Medical Clinic
-
Kester Counseling Counselor
-
MSU Health Care Urology Medical Clinic Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$8.47M
Comparable Approach
Comparable
$9.67M
Blend (final)
Blend
$8.92M
Owner & transaction history
The Bard Of Trustees Of Michigan · 3 yrs held
The Bard Of Trustees Of Michigan
since 2023
3 recorded transactions
Zoning & alternative use
C-2 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$7.5M
+24.5%
Restaurant
$7.1M
+17.8%
Commercial (general)
$7.0M
+15.4%
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 East Lansing submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs East 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%
$9,175,000
6.5%
$8,470,000
7%
$7,865,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$6,060,000
Current use
MEDICAL BUILDING
$7,545,000
Change: +24% · Conversion: Easy
RESTAURANT
$7,135,000
Change: +18% · Conversion: Moderate
COMMERCIAL (GENERAL)
$6,990,000
Change: +15% · Conversion: Easy
AUTO REPAIR, GARAGE
$6,160,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$8.92M
Range $8.02M – $9.81M · ±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
$146 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$414,572
Tax year 2022
Assessed value
$5,966,300
Assessed 2023
Previous assessed
$5,760,200
+3.6% YoY
Effective rate
6.95%
On assessed value
Assessed land
$784,600
Assessed improvement
$5,181,700
Land market value
$1,569,200
Improvement market value
$10,363,400
Total market value
$11,932,600
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1985
Heating
HOT WATER
Buildings
2
Stories
2
Total area
61,198 SF
Lot
13.1 ac (570,636 SF)
Zoning code
C-2
APN
33-02-02-20-301-003
UPID
US43-1803050
Jurisdiction
INGHAM
Zoning & alternative use
C-2 · East Lansing, MI
Zoning C-2 · permitted uses
C-2 · East Lansing, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
East Lansing. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$6.1M
MEDICAL BUILDING
Est. value
$7.5M
RESTAURANT
Est. value
$7.1M
COMMERCIAL (GENERAL)
Est. value
$7.0M
AUTO REPAIR, GARAGE
Est. value
$6.2M
OFFICE BUILDING Current
MEDICAL BUILDING
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1985
Heating
HOT WATER
Stories
2
Buildings
2
Lot
13.1 ac
Current owner
From public records · entity-resolved
The Bard Of Trustees Of Michigan
Trust
Free & Clear · 3 yrs held
Mailing address
1147 CHESTNUT RD #101, EAST LANSING, MI 48824-3410
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
Jun 27, 2023
—
The Bard Of Trustees Of Michigan
George F Eyde Family LLC
Warranty Deed
—
Feb 7, 2019
—
George F Eyde Family LLC
Htrc Joint Venture
Quit Claim Deed
related
—
—
—
Htrc Jv
—
Loan Modification
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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