New search
Property profile & analytics
OFF-MARKET
Estimated value
$920,000
Retail space
626 Michigan Ave, East Lansing, MI 48823-4219
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-0897383
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1972
Total area
5,103 SF
Lot
0.48 ac (21,083 SF)
Zoning code
B2
APN
33-20-01-13-236-017
UPID
US43-0897383
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
-
Rush My Passport Travel Agency
-
FedEx Drop Box Postal Service Courier Service
-
Data Recoup- Data Recovery Computer & Electronic Repair (Bike/Boat/Book/etc) Store
-
FedEx Office Print & Ship Center Courier Service Postal Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$920k
Owner & transaction history
Jlm Land LLC · 3 yrs held
Jlm Land LLC
since 2023
Last sale
$1.1M
4 recorded transactions
Zoning & alternative use
B2 · East Lansing, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$630,000
+55.4%
Restaurant
$595,000
+47.0%
Commercial (general)
$585,000
+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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$630,000
Change: +55% · Conversion: Difficult
RESTAURANT
$595,000
Change: +47% · Conversion: Easy
COMMERCIAL (GENERAL)
$585,000
Change: +44% · Conversion: Easy
Blend value · Realmo final
$920k
Range $828k – $1.01M · ±10% · vs last sale $1.07M (Apr 10 2023)
Last sale anchor
$1.07M
Apr 10 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
$180 / 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
$18,326
Tax year 2019
Assessed value
$279,300
Assessed 2023
Previous assessed
$267,400
+4.5% YoY
Effective rate
6.56%
On assessed value
Assessed land
$84,300
Assessed improvement
$195,000
Land market value
$168,600
Improvement market value
$390,000
Total market value
$558,600
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
1972
Heating
YES
Cooling
AC.PACKAGE
Stories
1
Total area
5,103 SF
Lot
0.48 ac (21,083 SF)
Zoning code
B2
APN
33-20-01-13-236-017
UPID
US43-0897383
Jurisdiction
INGHAM
Zoning & alternative use
B2 · East Lansing, MI
Zoning B2 · permitted uses
B2 · 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
MEDICAL BUILDING
Est. value
$630,000
RESTAURANT
Est. value
$595,000
COMMERCIAL (GENERAL)
Est. value
$585,000
MEDICAL BUILDING
RESTAURANT
COMMERCIAL (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
1972
Heating
YES
Cooling
Yes
Stories
1
Lot
0.48 ac
Current owner
From public records · entity-resolved
Jlm Land LLC
Entity
Mailing address
601 MICHIGAN ST, EATON RAPIDS, MI 48827-1045
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 20, 2026
—
Jlm Land LLC
—
Deed
related
$400,000 · Commercial Bank
Apr 10, 2023
$1,066,667
Jlm Land LLC
Michigan Avenue 626 LLC
Deed
$800,000 · Commercial Bank
Mar 21, 2023
—
Michigan Avenue 626 LLC
Michigan Avenue 626 LLC
Intrafamily Transfer
related
—
Nov 22, 2021
—
Michigan Avenue 626 LLC
Michigan Avenue LLC
Intrafamily Transfer
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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