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Property profile & analytics
FOR LEASE
Retail residential properties
549 E Grand River Ave, East Lansing, MI 48823
Entity Owned
Free & Clear
Property ID
US43-1153441
For Lease
1 / 3
$2,500/Mo
549 E Grand River Ave, East Lansing, MI 48823
View Listing →
Property profile
Verified
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Year built
1946
Total area
5,280 SF
Lot
0.08 ac (3,659 SF)
Zoning code
B3
APN
33-20-02-18-168-009
UPID
US43-1153441
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
-
Campbell's Market Basket Grocery & Convenience Store Food Market
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$445k
CAP Approach
CAP
$805k
Comparable Approach
Comparable
$606k
Blend (final)
Blend
$595k
Owner & transaction history
Bodega Bros INC
Bodega Bros INC
since 2026
4 recorded transactions
Zoning & alternative use
B3 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$650,000
+7.9%
Restaurant
$615,000
+2.1%
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
$445,000
CAP Approach
CAP Return
Estimation
6%
$870,000
6.5%
$805,000
7%
$745,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$605,000
Current use
MEDICAL BUILDING
$650,000
Change: +8% · Conversion: Easy
RESTAURANT
$615,000
Change: +2% · Conversion: Difficult
AUTO REPAIR, GARAGE
$530,000
Change: -12% · Conversion: Difficult
OFFICE BUILDING
$525,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$595k
Range $536k – $655k · ±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
$113 / 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
$17,757
Tax year 2019
Assessed value
$265,200
Assessed 2023
Previous assessed
$253,600
+4.6% YoY
Effective rate
6.70%
On assessed value
Assessed land
$109,300
Assessed improvement
$155,900
Land market value
$218,600
Improvement market value
$311,800
Total market value
$530,400
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 residential properties
Use group
STORES & APARTMENTS
Status
For Lease
Year built
1946
Heating
YES
Cooling
AC.PACKAGE
Stories
2
Total area
5,280 SF
Lot
0.08 ac (3,659 SF)
Zoning code
B3
APN
33-20-02-18-168-009
UPID
US43-1153441
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
COMMERCIAL (GENERAL) Current
Est. value
$605,000
MEDICAL BUILDING
Est. value
$650,000
RESTAURANT
Est. value
$615,000
AUTO REPAIR, GARAGE
Est. value
$530,000
OFFICE BUILDING
Est. value
$525,000
COMMERCIAL (GENERAL) Current
MEDICAL BUILDING
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
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
1946
Heating
YES
Cooling
Yes
Stories
2
Lot
0.08 ac
Current owner
From public records · entity-resolved
Bodega Bros INC
Entity
Free & Clear · 0 yrs held
Mailing address
8994 W TONTO RIM DR, PINE, AZ 85544-2550
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 13, 2026
—
Bodega Bros INC
Perry Investment Group Of Michigan
Deed
—
Mar 20, 2017
—
Perry Investment Group & Mi LLC
—
Deed
related
$201,475 · Independent Bk
Jun 25, 2012
—
Perry Investment Group Of Mi LLC
Perry Leora G
Quit Claim Deed
related
$100,000 · Independent Bank
—
—
Perry Investment Group & Mi LLC
—
Loan Modification
related
$201,475 · Independent Bk
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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