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Property profile & analytics
OFF-MARKET
Estimated value
$9,835,000
Office buildings
500 Reno Dr, Wayland, MI 49348-1218
Individually Owned
2-yr Hold
~
Est. High Equity
Property ID
US43-0467166
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Total area
62,500 SF
Lot
18.89 ac (822,848 SF)
APN
56-006-053-00
UPID
US43-0467166
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
-
Michigan regional council of Carpenters training center Vocational School Training Center
-
Carpenter's Union Local 525 General Contractor
-
Nick’s Graduation Training Center Tutoring Service
-
Carpenter's Union Local Advocacy Group
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$11.30M
Comparable Approach
Comparable
$8.14M
Blend (final)
Blend
$9.84M
Owner & transaction history
Adams Outdoor Advertising · 2 yrs held
Adams Outdoor Advertising
since 2024
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$7.9M
+30.2%
Restaurant
$6.8M
+12.1%
Commercial (general)
$6.8M
+11.7%
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 Wayland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wayland 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%
$12,240,000
6.5%
$11,300,000
7%
$10,490,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$6,075,000
Current use
RETAIL STORES
$7,910,000
Change: +30% · Conversion: Moderate
RESTAURANT
$6,810,000
Change: +12% · Conversion: Moderate
COMMERCIAL (GENERAL)
$6,785,000
Change: +12% · Conversion: Easy
WAREHOUSE, STORAGE
$6,155,000
Change: +1% · Conversion: Difficult
Blend value · Realmo final
$9.84M
Range $8.85M – $10.82M · ±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
$157 / 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
$204,972
Tax year 2023
Assessed value
$3,515,900
Assessed 2024
Previous assessed
$3,605,400
-2.5% YoY
Effective rate
5.83%
On assessed value
Assessed land
$151,200
Assessed improvement
$3,364,700
Land market value
$302,400
Improvement market value
$6,729,400
Total market value
$7,031,800
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
Heating
FORCED AIR
Buildings
2
Stories
1
Total area
62,500 SF
Lot
18.89 ac (822,848 SF)
APN
56-006-053-00
UPID
US43-0467166
Jurisdiction
ALLEGAN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$6.1M
RETAIL STORES
Est. value
$7.9M
RESTAURANT
Est. value
$6.8M
COMMERCIAL (GENERAL)
Est. value
$6.8M
WAREHOUSE, STORAGE
Est. value
$6.2M
OFFICE BUILDING Current
RETAIL STORES
RESTAURANT
COMMERCIAL (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
Heating
FORCED AIR
Stories
1
Buildings
2
Lot
18.89 ac
Current owner
From public records · entity-resolved
Adams Outdoor Advertising
Individual
Mailing address
407 E RANSOM ST, KALAMAZOO, MI 49007-3622
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 25, 2024
—
Adams Outdoor Advertising
Mrcc Properties Holding Company LLC
Lease
—
Feb 15, 2018
—
Mrcc Properties Holding Company LLC
—
Deed
related
$12,500,000 · Chemical Bank
Dec 8, 2016
$574,560
Mrcc Properties Holding Company LLC
A & R Development II LLC
Warranty Deed
—
Apr 23, 2010
—
Schwartz Family Properties LLC
Schwartz Properties
Quit Claim Deed
related
—
Jul 20, 2007
—
Sawmill Estates Senior Ltd Dividend
A & R Development II 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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