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Property profile & analytics
OFF-MARKET
Estimated value
$635,000
Retail space
4980 Park Lk Rd, East Lansing, MI 48823-3836
Trust Owned
Free & Clear
Property ID
US43-1851281
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1945
Total area
6,000 SF
Lot
1.73 ac (75,359 SF)
Zoning code
C-2
APN
33-02-02-20-226-003
UPID
US43-1851281
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
-
Trailhead (MSU to Lake Lansing Trl) Hiking Area
-
Auto Value East Lansing Auto Parts Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$635k
CAP Approach
CAP
$635k
Comparable Approach
Comparable
$613k
Blend (final)
Blend
$635k
Owner & transaction history
Gail Sommers Wolfe Trust
Gail Sommers Wolfe Trust
since 2025
Last sale
$635,000
3 recorded transactions
Zoning & alternative use
C-2 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$740,000
+55.4%
Restaurant
$700,000
+47.0%
Commercial (general)
$685,000
+44.0%
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 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
$635,000
ML approach
$635,000
CAP Approach
CAP Return
Estimation
6%
$690,000
6.5%
$635,000
7%
$590,000
Alternative Use
Use
Estimation
RETAIL STORES
$475,000
Current use
MEDICAL BUILDING
$740,000
Change: +55% · Conversion: Difficult
RESTAURANT
$700,000
Change: +47% · Conversion: Easy
COMMERCIAL (GENERAL)
$685,000
Change: +44% · Conversion: Easy
AUTO REPAIR, GARAGE
$605,000
Change: +27% · Conversion: Difficult
OFFICE BUILDING
$595,000
Change: +25% · Conversion: Easy
WAREHOUSE, STORAGE
$395,000
Change: -17% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$385,000
Change: -19% · Conversion: Moderate
Blend value · Realmo final
$635k
Range $572k – $699k · ±10% · vs last sale $635k (May 28 2024)
Last sale anchor
$635k
May 28 2024
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
$106 / 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
$25,746
Tax year 2022
Assessed value
$402,600
Assessed 2023
Previous assessed
$402,600
+0.0% YoY
Effective rate
6.39%
On assessed value
Assessed land
$230,600
Assessed improvement
$172,000
Land market value
$461,200
Improvement market value
$344,000
Total market value
$805,200
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1945
Heating
FORCED AIR
Buildings
2
Stories
1
Total area
6,000 SF
Lot
1.73 ac (75,359 SF)
Zoning code
C-2
APN
33-02-02-20-226-003
UPID
US43-1851281
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
RETAIL STORES Current
Est. value
$475,000
MEDICAL BUILDING
Est. value
$740,000
RESTAURANT
Est. value
$700,000
COMMERCIAL (GENERAL)
Est. value
$685,000
AUTO REPAIR, GARAGE
Est. value
$605,000
OFFICE BUILDING
Est. value
$595,000
WAREHOUSE, STORAGE
Est. value
$395,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$385,000
RETAIL STORES Current
MEDICAL BUILDING
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
OFFICE BUILDING
WAREHOUSE, STORAGE
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
1945
Heating
FORCED AIR
Stories
1
Buildings
2
Lot
1.73 ac
Current owner
From public records · entity-resolved
Gail Sommers Wolfe Trust
Trust
Free & Clear · 0 yrs held
Mailing address
2298 BENNETT RD, OKEMOS, MI 48864-3233
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
Jul 9, 2025
—
Gail Sommers Wolfe Trust
Sommers Wolfe Gall
Deed
related
—
May 28, 2024
$635,000
Gail S Wolfe
David J Ambrose
Fiduciary Deed
—
Oct 6, 2005
—
Haynes,don A Trust
Haynes,don A
Quit Claim Deed
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.
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