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Property profile & analytics
OFF-MARKET
Estimated value
$2,275,000
Commercial real estate
565 State St Sparta, MI 49345-1568
Entity Owned
15-yr Hold
~
Est. High Equity
Property ID
US43-1147625
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1991
Total area
55,518 SF
Lot
5.25 ac (228,690 SF)
Zoning code
VGC
APN
41-05-22-476-047
UPID
US43-1147625
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
-
Family Fare Pharmacy Pharmacy
-
Starbucks Cafe & Coffee Shop
-
Family Fare Supermarket Grocery & Convenience Store Food Market
-
Western Union Bank Credit Union
-
Coinstar Bank Credit Union
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.27M
Blend (final)
Blend
$2.28M
Owner & transaction history
Emmons Dev Co · 15 yrs held
Emmons Dev Co
since 2011
1 recorded transaction
Zoning & alternative use
VGC · Sparta, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.4M
+47.3%
Industrial (general)
$2.5M
+7.9%
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 Sparta submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Sparta 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,335,000
Current use
AUTO REPAIR, GARAGE
$3,440,000
Change: +47% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$2,520,000
Change: +8% · Conversion: Moderate
Blend value · Realmo final
$2.28M
Range $2.05M – $2.50M · ±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
$41 / 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
$65,595
Tax year 2019
Assessed value
$1,466,700
Assessed 2023
Previous assessed
$1,429,600
+2.6% YoY
Effective rate
4.47%
On assessed value
Total market value
$2,933,400
Applied tax rate
9.0000
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1991
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
55,518 SF
Lot
5.25 ac (228,690 SF)
Zoning code
VGC
APN
41-05-22-476-047
UPID
US43-1147625
Jurisdiction
KENT
Zoning & alternative use
VGC · Sparta, MI
Zoning VGC · permitted uses
VGC · Sparta, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Sparta. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.3M
AUTO REPAIR, GARAGE
Est. value
$3.4M
INDUSTRIAL (GENERAL)
Est. value
$2.5M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
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
1991
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
5.25 ac
Current owner
From public records · entity-resolved
Emmons Dev Co
Entity
Mailing address
PO BOX 248, SPARTA, MI 49345-0248
Ownership since
2011
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
Jan 14, 2011
—
Emmons Dev Co
Emmons,lewis & Paulette
Quit Claim Deed
$542,000 · Choice One 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.
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