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Property profile & analytics
OFF-MARKET
Estimated value
$775,000
Retail space
551 Grand Riv Ave 1, East Lansing, MI 48823-4404
Entity Owned
10-yr Hold
Free & Clear
Property ID
US43-2138962
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1949
Total area
10,044 SF
Lot
0.25 ac (10,890 SF)
Zoning code
B3
APN
33-20-02-18-170-002
UPID
US43-2138962
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
-
Rice Kitchen Restaurant
-
Poké Fresh Bar & Pub
-
New Rice Kitchen延吉烤串 Restaurant
-
Hummus Hut - East Lansing Restaurant
-
University Weiner Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$545k
CAP Approach
CAP
$1.07M
Comparable Approach
Comparable
$685k
Blend (final)
Blend
$775k
Owner & transaction history
Stonehouse Village V LLC · 10 yrs held
Stonehouse Village V LLC
since 2015
1 recorded transaction
Zoning & alternative use
B3 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.2M
+55.4%
Restaurant
$1.2M
+47.0%
Commercial (general)
$1.1M
+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%
$1,155,000
6.5%
$1,065,000
7%
$990,000
Alternative Use
Use
Estimation
RETAIL STORES
$795,000
Current use
MEDICAL BUILDING
$1,240,000
Change: +55% · Conversion: Difficult
RESTAURANT
$1,170,000
Change: +47% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,145,000
Change: +44% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,010,000
Change: +27% · Conversion: Difficult
OFFICE BUILDING
$995,000
Change: +25% · Conversion: Easy
WAREHOUSE, STORAGE
$660,000
Change: -17% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$645,000
Change: -19% · Conversion: Moderate
Blend value · Realmo final
$775k
Range $698k – $853k · ±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
$77 / 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
$21,570
Tax year 2019
Assessed value
$449,800
Assessed 2023
Previous assessed
$433,400
+3.8% YoY
Effective rate
4.80%
On assessed value
Assessed land
$326,700
Assessed improvement
$123,100
Land market value
$653,400
Improvement market value
$246,200
Total market value
$899,600
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
1949
Heating
YES
Cooling
AC.PACKAGE
Stories
1
Total area
10,044 SF
Lot
0.25 ac (10,890 SF)
Zoning code
B3
APN
33-20-02-18-170-002
UPID
US43-2138962
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
$795,000
MEDICAL BUILDING
Est. value
$1.2M
RESTAURANT
Est. value
$1.2M
COMMERCIAL (GENERAL)
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.0M
OFFICE BUILDING
Est. value
$995,000
WAREHOUSE, STORAGE
Est. value
$660,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$645,000
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
1949
Heating
YES
Cooling
Yes
Stories
1
Lot
0.25 ac
Current owner
From public records · entity-resolved
Stonehouse Village V LLC
Entity
Free & Clear · 10 yrs held
Mailing address
117 CTR ST, EAST LANSING, MI 48823-4251
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 3, 2015
—
Stonehouse Village V LLC
Stonehouse Village Vi LLC
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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