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Property profile & analytics
OFF-MARKET
Estimated value
$2,510,000
Distribution centers
5635 Commerce St 27 Lansing, MI 48911-5347
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US43-0023898
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1986
Total area
39,236 SF
Lot
2.42 ac (105,415 SF)
Zoning code
H LT IN
APN
33-01-05-03-401-181
UPID
US43-0023898
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
-
GPS Institutional Pharmacy
-
Mobile Medical Response Ambulance Service
-
Home City Ice Big Box & Wholesale Store Distribution Center
-
Arctic Glacier Premium Ice Big Box & Wholesale Store Distribution Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.31M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.60M
Blend (final)
Blend
$2.51M
Owner & transaction history
The Home City Ice Company · 3 yrs held
The Home City Ice Company
since 2023
Last sale
$2.6M
6 recorded transactions
Zoning & alternative use
H LT IN · Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.4M
+50.0%
Auto repair, garage
$3.4M
+46.7%
Medical building
$3.3M
+46.2%
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 Lansing submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs 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
$2,475,000
ML approach
$2,310,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$2,280,000
Current use
RESTAURANT
$3,425,000
Change: +50% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,350,000
Change: +47% · Conversion: Easy
MEDICAL BUILDING
$3,335,000
Change: +46% · Conversion: Difficult
OFFICE BUILDING
$3,235,000
Change: +42% · Conversion: Difficult
RETAIL STORES
$2,800,000
Change: +23% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$2,520,000
Change: +10% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$2,460,000
Change: +8% · Conversion: Easy
Blend value · Realmo final
$2.51M
Range $2.26M – $2.76M · ±10% · vs last sale $2.63M (Apr 27 2023)
Last sale anchor
$2.63M
Apr 27 2023
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
$64 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$65,482
Tax year 2022
Assessed value
$831,900
Assessed 2023
Previous assessed
$808,200
+2.9% YoY
Effective rate
7.87%
On assessed value
Assessed land
$66,900
Assessed improvement
$765,000
Land market value
$133,800
Improvement market value
$1,530,000
Total market value
$1,663,800
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1986
Heating
SPACE
Buildings
2
Stories
1
Total area
39,236 SF
Lot
2.42 ac (105,415 SF)
Zoning code
H LT IN
APN
33-01-05-03-401-181
UPID
US43-0023898
Jurisdiction
INGHAM
Zoning & alternative use
H LT IN · Lansing, MI
Zoning H LT IN · permitted uses
H LT IN · Lansing, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lansing. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$2.3M
RESTAURANT
Est. value
$3.4M
AUTO REPAIR, GARAGE
Est. value
$3.4M
MEDICAL BUILDING
Est. value
$3.3M
OFFICE BUILDING
Est. value
$3.2M
RETAIL STORES
Est. value
$2.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.5M
INDUSTRIAL (GENERAL)
Est. value
$2.5M
WAREHOUSE, STORAGE Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
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
1986
Heating
SPACE
Stories
1
Buildings
2
Lot
2.42 ac
Current owner
From public records · entity-resolved
The Home City Ice Company
Entity
Mailing address
6045 BRIDGETOWN RD, CINCINNATI, OH 45248-3049
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 27, 2023
$2,630,884
The Home City Ice Company
5635 Commerce LLC
Warranty Deed
—
May 23, 2013
—
5635 Commerce LLC
Apollo Drive LLC
Quit Claim Deed
related
—
Oct 28, 2005
—
5635 Commerce LLC
Lange Ltd LLC
Warranty Deed
—
Jan 13, 2005
$1,550,000
Apollo Drive LLC
Jackson National Life Ins
Warranty Deed
$1,400,000 · Citizens Federal Bank Fsb
—
—
5635 Commerce LLC
—
Deed Of Trust
related
$890,363 · Capitol National Bank
—
—
Apollo Drive LLC
—
Deed Of Trust
related
$500,000 · Capitol National Bank
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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