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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6642 Millett Hwy Lansing, MI 48917-7509

    • Warehouses
    • 198,225 SF
    • 11.54 lot acres
    OFF-MARKET
    Value Estimations
    $16,275,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2458730
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Auto-Owners Insurance Co / Warehouse / Insurance Agency

    Property Details for 6642 Millett Hwy

    Year built
    2001
    Lot size
    11.54 lot acres
    Property size
    198,225 SF
    Zone code
    NONE
    Property type
    Warehouses
    APN
    040 027 400 221 00
    APU
    4002740022100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $19,602,000
      Market price range: $6.22M - $19.6M
      AI Estimate
      $12,950,000
      Market price range: $5.01M - $13.0M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $11,530,000
      Current use
      OFFICE BUILDING
      $24,575,000
      Change: +113% Conversion: Difficult
      RESTAURANT
      $17,295,000
      Change: +50% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $16,915,000
      Change: +47% Conversion: Easy
      MEDICAL BUILDING
      $16,855,000
      Change: +46% Conversion: Difficult
      RETAIL STORES
      $14,155,000
      Change: +23% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Eaton
    State
    Michigan
    Longitude
    -84.6464
    Latitude
    42.6989
    CBSA code
    29620
    CBSA name
    LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $692,551
    $0.00
    $0.00
    $12,141,600
    -
    $0.00
    $0.00
    $24,283,200

    Comparable in this City

    • Value Estimation
      $8,320,000
      125,606 SF

      6111 Mt Hope Hwy

      WAREHOUSE, STORAGE • 125,606 SF
      6111 Mt Hope Hwy, Lansing, MI 48917-9560
      View Details
    • Value Estimation by Request

      426 Business Centre Dr

      Distribution properties
      426 Business Centre Dr, Lansing, MI 48917
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    • Value Estimation by Request
      34,600 SF

      2908 Sanders Rd

      Distribution properties • 34,600 SF
      2908 Sanders Rd, Lansing, MI 48917
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    • Value Estimation
      $800,000
      15,934 SF

      4501 Creyts Rd

      WAREHOUSE, STORAGE • 15,934 SF
      4501 Creyts Rd, Lansing, MI 48917-8595
      View Details
    • Value Estimation
      $2,235,000
      49,093 SF

      5018 Empire Way

      WAREHOUSE, STORAGE • 49,093 SF
      5018 Empire Way, Lansing, MI 48917-9579
      View Details
    • Value Estimation
      $1,705,000
      26,994 SF

      7707 Rickle St

      WAREHOUSE, STORAGE • 26,994 SF
      7707 Rickle St, Lansing, MI 48917-9553
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      17,080 SF

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      17,080 SF industrial building in active logistics corridor.
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    • Contact for pricing
      340,000 SF

      Delta Township Industrial Build-to-Suit

      Class A industrial space, Lansing MSA
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      41,826 SF

      Office/Warehouse Space Near Freeways

      Office/warehouse space with immediate freeway access for sale.
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    • $815,000
      10,048 SF

      Versatile Flex Space Warehouse

      10,048 sq ft property with long-term income potential.
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      86,575 SF

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      14,267 SF industrial space available May 2025 near I-96.
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      24,600 SF

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    Similar Nearby for Lease

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      29,459 SF

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    • $8 SF/Yr
      33,000 SF

      Industrial Warehouse and Office Space

      Newly built industrial warehouse and office space for lease.
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    • Contact for pricing
      30,000 SF

      Lansing Industrial Warehouse - 30,000 SF

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      View Details
    • $9 SF/Yr
      14,335 SF

      Versatile Industrial Space in Lansing

      Adaptable retail, industrial, and warehouse space with heavy-duty features.
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      View Details
    • $5 SF/Yr
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      Willow Street Industrial Space

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    • $6 SF/Yr
      86,575 SF

      Lansing Warehouse Space Available

      14,267 SF Warehouse, Excellent Location
      2960 Ena Dr, Lansing, MI 48917
      View Details
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    Lansing, MI 48917-7509
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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