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Property profile & analytics
FOR LEASE
Retail space
507-1/2 E Grand River Ave, East Lansing, MI 48823
Entity Owned
Absentee Owner
Free & Clear
Property ID
US43-1856075
For Lease
1 / 2
$10 SF/Yr
507-1/2 E Grand River Ave, East Lansing, MI 48823
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1965
Total area
10,670 SF
Lot
0.17 ac (7,231 SF)
Zoning code
B3
APN
33-20-02-18-168-010
UPID
US43-1856075
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
-
Bruegger's Bagels Take-out & Catering Catering Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$545k
CAP Approach
CAP
$1.13M
Comparable Approach
Comparable
$755k
Blend (final)
Blend
$830k
Owner & transaction history
505 EGR LLC
505 EGR LLC
Zoning & alternative use
B3 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.3M
+55.4%
Restaurant
$1.2M
+47.0%
Commercial (general)
$1.2M
+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
by Request
ML approach
$545,000
CAP Approach
CAP Return
Estimation
6%
$1,225,000
6.5%
$1,130,000
7%
$1,050,000
Alternative Use
Use
Estimation
RETAIL STORES
$845,000
Current use
MEDICAL BUILDING
$1,315,000
Change: +55% · Conversion: Difficult
RESTAURANT
$1,245,000
Change: +47% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,220,000
Change: +44% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,075,000
Change: +27% · Conversion: Difficult
OFFICE BUILDING
$1,055,000
Change: +25% · Conversion: Easy
WAREHOUSE, STORAGE
$700,000
Change: -17% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$685,000
Change: -19% · Conversion: Moderate
Blend value · Realmo final
$830k
Range $747k – $913k · ±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
$78 / 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 2019Property tax & assessments
Tax year 2019
Tax billed
$31,451
Tax year 2019
Assessed value
$495,900
Assessed 2023
Previous assessed
$454,800
+9.0% YoY
Effective rate
6.34%
On assessed value
Assessed land
$216,500
Assessed improvement
$279,400
Land market value
$433,000
Improvement market value
$558,800
Total market value
$991,800
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
1965
Heating
ZONE
Cooling
YES
Stories
2
Total area
10,670 SF
Lot
0.17 ac (7,231 SF)
Zoning code
B3
APN
33-20-02-18-168-010
UPID
US43-1856075
Jurisdiction
INGHAM
Zoning & alternative use
B3 · East Lansing, MI
Zoning B3 · permitted uses
B3 · 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
$845,000
MEDICAL BUILDING
Est. value
$1.3M
RESTAURANT
Est. value
$1.2M
COMMERCIAL (GENERAL)
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$1.1M
OFFICE BUILDING
Est. value
$1.1M
WAREHOUSE, STORAGE
Est. value
$700,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$685,000
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
1965
Heating
ZONE
Cooling
Yes
Stories
2
Lot
0.17 ac
Current owner
From public records · entity-resolved
505 EGR LLC
Entity
Free & Clear · 0 yrs held
Mailing address
1708 ANDERSON WAY, EAST LANSING, MI 48823-2121
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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