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Property profile & analytics
OFF-MARKET
Estimated value
$1,185,000
Warehouses
5671 M 72nd Hwy Grayling, MI 49738
Individually Owned
8-yr Hold
~
Est. High Equity
Property ID
US43-3896691
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1971
Total area
46,290 SF
Lot
11.16 ac (486,130 SF)
Zoning code
C-3A
APN
070-007-009-006-00
UPID
US43-3896691
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$955k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.41M
Blend (final)
Blend
$1.19M
Owner & transaction history
Fbmi · 8 yrs held
Fbmi
since 2018
4 recorded transactions
Zoning & alternative use
C-3A · Grayling, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Grayling submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grayling 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
$955,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.19M
Range $1.07M – $1.30M · ±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
$26 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$8,550
Tax year 2023
Assessed value
$408,400
Assessed 2024
Previous assessed
$305,300
+33.8% YoY
Effective rate
2.09%
On assessed value
Assessed land
$115,800
Assessed improvement
$292,600
Land market value
$231,600
Improvement market value
$585,200
Total market value
$816,800
Applied tax rate
70.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1971
Heating
FORCED AIR
Stories
1
Total area
46,290 SF
Lot
11.16 ac (486,130 SF)
Zoning code
C-3A
APN
070-007-009-006-00
UPID
US43-3896691
Jurisdiction
CRAWFORD
Zoning & alternative use
C-3A · Grayling, MI
Zoning C-3A · permitted uses
C-3A · Grayling, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Grayling. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1971
Heating
FORCED AIR
Stories
1
Lot
11.16 ac
Current owner
From public records · entity-resolved
Fbmi
Individual
Mailing address
235 E MICHIGAN AVE, GRAYLING, MI 49738-1742
Ownership since
2018
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
Jun 4, 2020
—
Fbmi LLC
—
Deed
related
$150,000 · Northland Area Federal Credit Union
Jun 18, 2018
$525,000
Fbmi
Grayling Props
Warranty Deed
$372,500 · Grayling Properties
Nov 15, 2016
$110,000
Fbmi LLC
Dennis C Karp
Affidavit
—
Jun 3, 2016
—
Fbmi LLC
—
Deed
related
$350,000 · Chemical 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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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