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Property profile & analytics
OFF-MARKET
Estimated value
$1,535,000
Medical Office Space
702 Lk Lansing Rd, East Lansing, MI 48823-8526
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US43-1542006
Property summary
AI-generated overview
This exceptional 5,000-square-foot medical office space is situated in a prime East Lansing location at 702 W Lake Lansing Rd, 48823, Ingham County, Michigan. The first-floor space offers excellent window exposure and is ready for tenant build-out to meet specific needs. An improvement allowance is available, along with professional space planning assistance. The building itself, constructed in 1991, totals 18,252 square feet and sits on a 4.86-acre lot. The property boasts ample parking with approximately 62 on-site spaces and a 45 KW generator ensuring full building operation. Its high-profile location on Lake Lansing Road near Harrison Road provides excellent visibility and accessibility. The single-tenant occupancy building offers a unique opportunity for medical professionals seeking a well-equipped and conveniently located space. This is a fantastic opportunity to establish or expand your medical practice in a thriving East Lansing community.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1991
Total area
18,252 SF
Lot
4.86 ac (211,702 SF)
Zoning code
B4
APN
33-20-01-01-400-016
UPID
US43-1542006
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
-
Lansing Ophthalmology: Bueche Michael MD Physician
-
Burnett David OD Physician
-
Lansing Ophthalmology: Doshi James MD Ophthalmologist
-
Lansing Ophthalmology: Biscette O'Neil MD Ophthalmologist
-
Lansing Ophthalmology: Mackersie Deborah MD Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.80M
Blend (final)
Blend
$1.54M
Owner & transaction history
Doan Melvin LLC · 4 yrs held
Doan Melvin LLC
since 2022
4 recorded transactions
Zoning & alternative use
B4 · East Lansing, 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 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
$2,250,000
Current use
RESTAURANT
$2,130,000
Change: -5% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,085,000
Change: -7% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,835,000
Change: -18% · Conversion: Difficult
OFFICE BUILDING
$1,805,000
Change: -20% · Conversion: Easy
Blend value · Realmo final
$1.54M
Range $1.38M – $1.69M · ±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
$84 / 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
$60,596
Tax year 2019
Assessed value
$857,500
Assessed 2023
Previous assessed
$819,500
+4.6% YoY
Effective rate
7.07%
On assessed value
Assessed land
$635,100
Assessed improvement
$222,400
Land market value
$1,270,200
Improvement market value
$444,800
Total market value
$1,715,000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1991
Heating
ZONE
Cooling
YES
Stories
2
Total area
18,252 SF
Lot
4.86 ac (211,702 SF)
Zoning code
B4
APN
33-20-01-01-400-016
UPID
US43-1542006
Jurisdiction
INGHAM
Zoning & alternative use
B4 · East Lansing, MI
Zoning B4 · permitted uses
B4 · 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 Current
Est. value
$2.3M
RESTAURANT
Est. value
$2.1M
COMMERCIAL (GENERAL)
Est. value
$2.1M
AUTO REPAIR, GARAGE
Est. value
$1.8M
OFFICE BUILDING
Est. value
$1.8M
MEDICAL BUILDING Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
OFFICE BUILDING
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
ZONE
Cooling
Yes
Stories
2
Lot
4.86 ac
Current owner
From public records · entity-resolved
Doan Melvin LLC
Entity
Mailing address
6110 W ABBOT RD, EAST LANSING, MI 48823-1410
Ownership since
2022
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
Aug 11, 2023
—
Doan Melvin LLC
—
Deed
related
$825,000 · Horizon Bank
Feb 9, 2022
—
Doan Melvin LLC
L O Ventures LLC
Warranty Deed
$904,000 · Horizon Bank
Apr 16, 2013
—
Bethlyn LLC
Wilhelm,rita A
Quit Claim Deed
related
—
Apr 16, 2013
$1,730,000
Lo Ventures LLC
Bethlyn LLC
Warranty Deed
$500,000 · Bank Of America
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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