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Property profile & analytics
OFF-MARKET
Bars & Pubs
506 Leonard NW St, Grand Rapids, MI 49504-4258
Entity Owned
Absentee Owner
Free & Clear
Property ID
US43-2163286
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1900
Total area
2,975 SF
Lot
0.06 ac (2,614 SF)
Zoning code
TN-TBA
APN
41-13-24-128-066
UPID
US43-2163286
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
-
Purpose Training Studio Gym & Fitness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
T & P Leasing Company LLC
T & P Leasing Company LLC
since 2025
7 recorded transactions
Zoning & alternative use
TN-TBA · Grand Rapids, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Grand Rapids submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grand Rapids 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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 2021Property tax & assessments
Tax year 2021
Tax billed
$4,520
Tax year 2021
Assessed value
$165,100
Assessed 2024
Previous assessed
$177,700
-7.1% YoY
Effective rate
2.74%
On assessed value
Total market value
$330,200
Applied tax rate
51.0000
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
Bars & Pubs
Use group
BAR, TAVERN
Status
Off-Market
Year built
1900
Heating
NONE
Buildings
3
Stories
2
Total area
2,975 SF
Lot
0.06 ac (2,614 SF)
Zoning code
TN-TBA
APN
41-13-24-128-066
UPID
US43-2163286
Jurisdiction
KENT
Zoning & alternative use
TN-TBA · Grand Rapids, MI
Zoning TN-TBA · permitted uses
TN-TBA · Grand Rapids, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Grand Rapids. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1900
Heating
NONE
Stories
2
Buildings
3
Lot
0.06 ac
Current owner
From public records · entity-resolved
T & P Leasing Company LLC
Entity
Free & Clear · 0 yrs held
Mailing address
510 LEONARD ST NW, GRAND RAPIDS, MI 49504-4258
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 25, 2025
—
T & P Leasing Company LLC
506 Leonard LLC
Warranty Deed
—
Aug 24, 2016
—
506 Leonard LLC
—
Deed
related
$258,282 · Mercantile Bk/mi
Aug 4, 2016
—
T & P Leasing Co LLC
506 Leonard LLC
Grant Deed
—
Jul 28, 2014
—
506 Leonard LLC
Deuce Holdings LLC
Warranty Deed
$45,000 · Mercantile Bank Of Michigan
Aug 29, 2007
$170,000
Deuce Holdings LLC
O-dog INC
Warranty Deed
$136,000 · Fifth Third Bank
Aug 8, 2006
—
O-dog INC
Todd Wawee Properties LLC
Warranty Deed
$128,000 · West Michigan Mortgage
May 27, 2005
—
Mtc Wawee LLC
Bailey Donald J Trust
Quit Claim Deed
related
—
Dec 13, 2004
—
Todd Wawee Properties LLC
Mtc Wawee LLC
Warranty Deed
$88,102 · Huntington National Bank
Dec 13, 2004
$120,000
Mtc Wawee LLC
Bailey D J & H T Trust
Warranty Deed
—
—
—
506 Leonard LLC
—
Deed Of Trust
related
$258,282 · Mercantile Bk/mi
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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