Rivershell Lansing LLC.pdf
Rivershell Lansing LLC, Petitioner Vs. City Of Lansing, Respondent · 25-002670-TT
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RECEIVED JUN 02 2025 MICHIGAN TAX TRIBUNAL STATE OF MICHIGAN GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON I. BROWN, DPA GOVERNOR LANSING DIRECTOR Rivershell Lansing LLC , MICHIGAN TAX TRIBUNAL Petitioner(s) v MTT Docket No. City of Lansing , Respondent(s) ENTIRE TRIBUNAL PROPERTY TAX PETITION 1. Property Parcel No: see attached multi parcel (If more than one parcel is at issue, attach a completed Multiple Parcel Petition Form addressing all other parcels at issue.) 2. The property identified above is x real ___ personal. 3. If more than one parcel of real property is under appeal, are the properties contiguous? x Yes ___ No. (If no, separate Petitions are required for each non- contiguous parcel.) 4, Are all of the parcels of personal property located on a parcel of real property under appeal? ___ Yes ___ No. (If no, separate Petitions are required for each parcel of personal property not located on a parcel of real property under appeal.) 5. If parcels of personal property are under appeal, when were the personal property statements filed by parcel number (attach additional page if necessary): 6. The property identified above is classified as 201 Comm
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" MTT Docket No. Page 2 of 4 8. 10. 11. 12. 13. If a protest was required and no protest was made, list the separate and specific facts upon which Petitioner relies to invoke the Tribunal's authority over the assessment or assessments at issue (attach additional page if necessary): If the appeal was not submitted by the deadline for the filing of an appeal for the classification or classifications of the properties at issue (i.e., May 31 or July 31 of the tax year involved), list the separate and specific facts upon which Petitioner relies to invoke the Tribunal’s authority over the assessment or assessments at issue (attach additional page if necessary): The property or properties at issue are located in Ingham County. The property or properties’ address is: 3501, 3615, 3625 Bayview Dr. Lansing MI The assessment or assessments at issue were established by the (applicable local governmental unit): Lansing Petitioner's legal residence or principal office address is: 23075 Laurel Valley St Sfld., MI 48034 This appeal involves issues relating to the (check all that are applicable): X the property or properties’ true cash and taxable values the property or properties’ taxable value only If the property or properties’ taxable value is at issue, is there a dispute as to the value of an addition or loss? ___ Yes No
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" MTT Docket No. Page 3 of 4 15. If more than the current tax year is being appealed, list the separate and specific facts upon which Petitioner relies to invoke the Tribunal’s authority over the prior tax year or vears (attach additional page if necessary): 16. The values for the property identified above as established by Respondent's Board of Review are: Tax Year True Cash Value Assessed Value __ | Taxable Value 2025 attached 17. Petitioner contends that the values for the property identified above are: Tax Year True Cash Value State Equalized Value Taxable Value 2025 18. The values in dispute for the property identified above are: Tax Year True Cash Value State Equalized Value Taxable Value 2025 19. Petitioner requests the following relief (attach additional page if necessary): Reduction of Assessed and Taxable to fall more in line with comps, market, income, condition.
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MTT Docket No. Page 4 of 4 liy— Representative or, if none, Petitioner: of Petitioner's Authorized Representative or, if none, Petitioner: Stephen Polter Email Address: spolter@polterlaw.com Mailing Address: 2600 W Big Beaver, Ste L100, Troy, MI 48084 Telephone Number: 248-213-6800 Date: May 25, 2025
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STATE OF MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS LANSING MARLON I. BROWN, DPA DIRECTOR GRETCHEN WHITMER GOVERNOR Rivershell Lansing LLC ; MICHIGAN TAX TRIBUNAL Petitioner, v MTT Docket No. City of Lansing i Respondent. MULTIPLE PARCEL PETITION FORM _| OF _| 1. The classification of the property identified herein as established by Respondent's Board of Review is: Tax Year Parcel Number Real/Personal Classification 2025 23-50-40-36-226-011 Real Comm201 2025 23-50-40-36-226-001 Real Comm201 2. The values for the property identified herein as established by Respondent's Board of Review are: Tax Year | Parcel Number | True Cash Value | Assessed Value | Taxable Value 2025 23-50-40-36-226-011 | 2,34 F, 000 _| | 33,.800 | 1,233,3¢S | 2025 23-50-40-36-226-001 |) VF fD) 1€3. Cord a3) “1 IAS 7 7 7
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MTT Docket No. Page 2 of 2 3. Petitioner contends that the values for the property identified herein are: Tax Year | Parcel Number | True Cash Value | State Equalized Value | Taxable Value 2025 23-50-40-36-226-011 | 2, 267), ooas| LL / 00. oD [, [00 000 2025 23-50-40-36-226-001 | |, 2-000), 070 | SK, OTZs SSE zr | 4. The values in dispute for the property identified herein are: Tax Year | Parcel Number | True Cash Value | State Equalized Value | Taxable Value 2025 23-50-40-36-226-011 | [, /L/ F, OTTO CH3,80v 133, 38% 2025 23-5040-36-226-001 | ()}, (TO Les, STV £7, =
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KE SPARTAN REAL ESTATE SERVICES COMMERCIAL Commercial Real Estate Evaluation Property: 3501 Bayview Dr, Lansing, MI 48911 Please Note: This report was completed with the following assumptions. Market Approach: Market Value Exposure Time: Typical Important additional information relating to this report, including use and comparative properties are attached to this report. Address: 3501 Bayview Dr, Lansing, M1 48911 Order ID: 35015162025 Property ID: 23-50-40-36-226-001 Date of Report: 05/16/2025 APN: 23-50-40-36-226-001 Property Overview: Property Type Multi-Family Gross Building Area (GBA) 162,248 SF Current Use Multi-Family General Property Condition Average Projected Use Multi-Family Estimated Exterior Repair Cost $0 Occupancy Multi-Family Estimated Interior Repair Cost $0 # of Buildings / Units 12/136 Total Estimated Repair $0 Average Unit Size 10 units- 700 SF Extent of Inspection Desktop Only 126 units — 850 SF
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Neighborhood & Market Data: Location Type Urban Predominant Property Type in Area Residential Typical Property Condition in Area Average Predominant Occupancy Owner Occupancy Rate Stable Current Market Vacancy Rate 0-5% Overall Real Estate Values Stable Market for this property type Stable Neighborhood Comments The subject's neighborhood is an urban area located in a western section of the city of Lansing. The area is a mix of SFR, commercial, and multi-family properties. Site Description: Zoning MFR Accessibility/ Visibility Good Data Source Public Records Parking Sufficient Zoning Description Multi-Family: Low-Rise Subject Use Legal Conclusion of Highest and Best Use: Multi-Family: Low-Rise Site Comments: The subject is 12 multi-family buildings and leasing office. The subject has two curb-cut into the property. The subject is located in a densely populated neighborhood. The area is a mix of SFR and Multi-Family properties.
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Comps Comments: The subject’s Multi-Family property type required searching in a larger market area. Sold #1: 5509 Joshua St, Lansing, M1 48911 Sale Price: $4,600,000 The sold comp is a Multi-Family property with 14 building and 98 units like the subject. The sold comp is a newer age built in 1981 than the subject. The sold comp was renovated in 2007. The sold comp is 219,192 sf on 9.8 acres. The estimated Cap Rate 5.9%. Additional information regarding the sold comp is attached. Sold #2: 3900 Burneway Dr, Lansing, M1 48910 Sale Price: $2,900,000 The sold comp is a single building Multi-Family property with 105 units like the subject. The sold comp is newer age built in 1994 to the subject. The sold comp is 64,398 sf on 8.9 acres. The estimated Cap Rate 6%. Additional information regarding the sold comp is attached. Sold #3: 312 N Oak St, Durand, Ml Sale Price: $1,500,000 The sold comp is a single building Multi-Family property with 189 units like the subject. The sold comp is similar age built in 1970 to the subject. The sold comp is 23,976 sf on 1.44 acres. The estimated Cap Rate 8%. Additional information regarding the sold comp is attached. Price Conclusion: As-Is Market Price Final Price Conclusion $3,600,000 Cap Rate Conclusion 7.5% Probable Buyer Investor Estimated Exposure Time 12+ Months Property Interest Fee Simple Conclusion Comments / Summary of Analysis: The sold comps #2 was weighed most heavily to estimate the subject's market value. The sold comp #1 and comp #3 price was similar to the subject’s market. Cap rates for multi-family buildings in Lansing, Michigan, typically range between 4% and 8% as of 2025.
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Broker Information: Broker Name - Wayne Loebig, CCIM Company/Brokerage - Spartan Real Estate Services Broker Address - 2424 Graystone Dr Broker City/State - Okemos MI, 48864 License No - 6502377806 Electronic Signature - Wayne Locliy Disclaimer: This is a market analysis, not an appraisal and was prepared by a licensed real estate broker or associate broker, not a licensed appraiser. Unless otherwise specifically agreed to in writing: The intended purpose of this report is to assist the account holder in making decisions within the scope of applicable statutory and regulatory requirements and performing required due diligence. This document is provided solely for the use of the account holder and not any other party, is not intended as any guarantee of value and/or condition of the subject property and should not be relied on as such. If this document is found to be defective, incorrect, negligently prepared or unfit for its authorized use, Spartan Real Estate Services in no event shall be responsible to the account holder for any indirect or consequential damages whatsoever. This warranty is in lieu of all other warranties, express or implied, except where otherwise required by law.
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H01 Bayview Dr, Lan ( a») ing, Ml 4 /] |) 3911 || Off Market / Public Record - sold pate: 11/30/20 Public Record Closed Price $4,150,000 Closed Date 11/30/2023 ® 2 & Commercial CUP 56,955 Type Zoning Sq Ft Basic Facts Type Zoning Multi Parcel Commercial cup Yes Subtype Land Use APN/TaxID General Commercial 23504036 2; (General) 001 Year Built 1967 General Use Previously sol Commercial for $4,150,000 Owner tame (General) 11/30/2023 RIVERSHELL
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Property Facts Map 60.00 acres | A Frstsreet First Street Source: Public Record and Listing Property-specific climate risks Tenants Tenant/Contact Suite/U; Move-in Date Business Ty Business Start Date Sorry, there is no tenant data available, Source: SMR Owner Name (Public) RIVERSHELL LANSING LLC Mailing Address 23075 Laurel Valley St Southfield MI 48034- Time Owned 2012 0-5 Yrs Vesting Company/Corporation Name! Public Facts YourChanges Property Type Commercial - Property Subtype Commercial (General) - Number of Buildings = - ® Dag Number of Units 0 - Q Number of Stories 1 - Building Area (sq ft) 56,955 - 5] Lot Size 60 acres = Lot Dimensions 60.000 AC - Year Built 1967 - Garage (spaces) [4] - Additional Resources
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Financial Details Source: Public Record and Listing Adjusted Prop. Value $1,807,600 Multi Parcel Loans 2604523 50 40 36 226 011 MTG Risk Score 81 Default History NO DEFAULTS IN AVAILABLE RECORDS Legal Description Financial Risk Score 81 Property Use Risk Score C Local Area Credit Risk Score F Special Risk Characteristics NO SPECIAL RISK FEATURES Source: Public Records Parcel Number 23504036226 001 County Eaton County Zoning CUP City/Municipality/Township LANSING CITY Census Tract 260450202.022002 Carrier Route C051 Abbreviated Description FIPS Parcel Number 2604523 50 40 36 226 001 General Use Commercial (General) Overall Use
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DIST:500 CITY/MUNI/TWP:LANSING CITY COM NE COR OUTLOT E, TH S00?07W 743.02 FT, N89?53W 194.05 FT, NOO?07E 358.82 FT, NWLY 351.07 FTON A 223.5 FT RAD CURVE Public Record History Mortgage Deed Contract Date 11/7/2023 Recording Date 11/30/2023 Document Type Special Warranty Deed Sale Price $4,150,000 Buyer Name RIVERSHELL LANSING LLC Loan Type Purchase Money Mortgage Loan Amount $4,000,000 Buyer ID Limited Liability Company Price Code Description Full amount stated on Document. Disclaimer Source: Public Tax 3/29/2018 4/2/2018 Deed MARK RIVERSHELL APARTMENTS LLC Limited Liability Company Transfer Tax on document indicated as Exempt &IRPR Information is not guaranteed. Equal Housing Opportunity. Copyright 2025 Realtors Property Resource’ LLC. Al Rights Reserved. 9/27/2 10/14/2010 Deed $1,050,000 RIVERSHELL APARTMENTS Lc Commercial $787,500 Company or Corporation Full amount stated on Document. Source: Public 5/16/2025
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Multi-Family MOODY’ Spartan Real Estate Services 5509 Joshua St, Lansing, Mi48911 LVultFanivilon 5 Prepared on May 1! 5509 Joshua St, Lansing, Ml,48911 1ofllLi | | | | Fred 5 lap data Transaction Details | Multi-Family (Sold) Suite 4 Loan Lender Embers Credit Union Total Sold Space 219,192 SF Loan Amount $3,680,000 Sold Price $4,600,000 Tax Year 2023 Sold Price Source Public Record Real Estate Taxes $152,719 in 2023 Sale Price Per Unit $46,939 Date Sold 2/07/2025 Sale Price Per SF $20.99 Listing ID 42034777 Asking Price Unknown Min Div/Max Contig 219,192 SF
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Legal Seller True Seller Kaynorth Not Available Legal Buyer True Buyer Kaynorth Apartments 164 Lic Not Available 2222 W Grand River Ave Ste A OKEMOS, M148864 © Copyright Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither the administrators of this site nor Catylist assume any lability for errors or omissions. Description Please contact the agent for more information about this property. Property Features Location Details Address 5509 Joshua St, Lansing, MI, 48911 Parcels 33-01-05-03-151-056 Zoning MFR Name Kaynorth Apartments County Ingham Nearest MSA Lansing Building Details Sub Type Low Rise Primary Constr. Type Masonry Building Status Existing Occupancy Type Multi-tenant Building Size 219,192 SF Number of Units 98 Land Size 9.88 Acres / 430,373 SF Parking Spaces - Number of Buildings 14 Parking Ratio - Number of Floors 3 Sanitary Sewer Yes Year Built/Renovated 1981, 2007
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Additional Photos | 8. at dala Contact Wayne G Loebig, CCIM Spartan Real Estate Sel 517-896-1292 wayneloebig@comcast.net © Copyright Catylist, All Rights Reserved, The information preserited herein is provided as is, without warranty of any kind. Neither the administrators of this site nor Catylist assume any liabllity for errors or omissions. Page 2
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Multi-Family MOODY’ Spartan Real Estate Services Abbey Road Suite 3900 Burneway Dr, Lansing, Mi48911 rented on Mav 3900 Burneway Dr, Lansing, Ml, 48911 loflli ldap data Transaction Details | Multi-Family (Sold) Total Sold Space 64,398 SF Loan Type Construction Sold Price $2,900,000 Tax Year 2023 Sold Price Source Public Record Real Estate Taxes $140,314 in 2023 Sale Price Per Unit $27,619 Date Sold 1/13/2025 Sale Price Per SF $45.03 Listing ID 41879156 Asking Price Unknown Min Div/Max Contig 64,398 SF Cap Rate (Transact.) - Floors 3
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Legal Seller True Seller Twin Oaks Meadows 36 Llc Not Available Legal Buyer True Buyer Jwn Properties Lic4 Not Available 2026 Est Lacosta Ct GILBERT, AZ85298 © Copyright Catylist. All Rights Reserved. The information preserited herein is provided as Is, without warranty of any kind. Neither the administrators of this site nor Catylist assume any liability for errors or omissions. Description Please contact the agent for more information about this property. Property Features Location Details Address 3900 Burneway Dr, Lansing, MI, 48911 Parcels Zoning MFR Name County Eaton Building Details Year Built Sub Type Low Rise ildi oe Primary Constr. Type Building Status Existing Occupancy Type Building Size 64,398 SF ancy, Typ Number of Units Land Size 8.89 Acres / 387,196 SF I Parking Spaces Number of Buildings 1 Parking Ratio Number of Floors 3 23504036429041 Twin Oaks Meadows 1994 Framed Multi-tenant 105
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Additional Photos
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Multi-Family MOODY’ Spartan Real Estate Services 1760 Abbey Road Su 312 N Oak St, Durand, Mi48429 EE Prepared on May 1! 312 N Oak St, Durand, Mi, 48429 1oflli AT py pusing Tu oy. Duran Gog oro . ge rand St Map data Transaction Details | Multi-Family (Sold) Total Sold Space Unknown Loan Type Conventional Sold Price $1,500,000 Tax Year 2023 Sold Price Source Public Record Real Estate Taxes $18,382in 2023 sale Price Per Unit $7,937 Date Sold 3/15/2024 Sale Price Per SF $78.13 Listing ID 40099184 Asking Price Unknown Floors 2 Cap Rate Transact.) - Date Listed -
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Legal Seller Wrenegade Properties Lic Legal Buyer Oak Park Manor Llc 6089 Atlas Valley Dr GRAND BLANC, M148439 MOODY’S Description Please contact the agent for more information about this property. Property Features Location Details Address Zoning County Building Details Sub Type Building Status Building Size Land Size Number of Buildings Number of Floors True Seller Not Available True Buyer Not Available © Copyright Catylist. All Rights Reserved. The infarmation presented herein is provided as is, without warranty of any kind. Neither the administrators of this site nor Catylist assume any liability for errors ar omissions, 312 N Oak St, Durand, Ml, 48429 Parcels 020-14-002-004-00 R-M Name 312 N Oak St Shiawassee Year Built 1970 Occupancy Type - Existing Number of Units 189 19,200 SF Parking Spaces - 1.44 Acres / 62,726 SF Parking Ratio - 6 2
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Contact Wayne G Loebig, CCIM Spartan Real Estate Sei 517-896-1292 wayneloebig@comcast.net MOODY’S © Copyright Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither the administrators of this site nor Catylist ‘assume any liability for errors or amissions. Page 2
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May 27, 2025 RECEIVED MAY-8-0 2025 = [= i JAN MICHIGAN TAX TRIBUNAL EXPRESS PROPERTY TAX APPEALS LLC A division of Polter Law Group 2nd Floor Michigan Tax Tribunal 2407 N. Grand River Avenue Lansing, Michigan 48906 Re: Multiple 2025 PTA To whom it may concern, This mailing contains sixty-three (“63”) commercial propetty tax appeals/petitions and one (“1”) multi (2) contiguous residential appeal / petition, along with the requisite filing fees, as follows: SXM LLC v Hadley Twp. (multi — 2) Res., along with 2 checks (#1345-46) for $125 ea. CCCU v Muskegon /Fruitport, along with 2 checks; one (#1320) for $250, one (#1393) for $150 (totaling $400). CCCU v Commerce Twp., along with 2 checks; one (#1321) for $250, one (#1391) for $150 (totaling $400). CCCU v Notton Shotes, along with 1 check (#1319) in the amount of $250. TOCU v Sandusky, along with 1 check (#1317) in the amount of $250. TOCU v Owosso, along with 1 check (#1318) in the amount of $250. W Investors v FH, along with 1 check (#1378) in the amount of $400. Rite Aid Cotp (Lewis) v Pinckney, along with 1 check (#1336) in the amount of $400. Watten Manot v Warten, along with 2 checks; one (#1311) for $600, one (#1390) for $25 (totaling $625 — contiguous multi (2)). 2Changs v N'Ville, along with 2 checks; one (#1350) for $250, one (#1389) for $150 (totaling $400). ’ 5016 Greenfield v Richfield, along with 1 check (#1330) in the amount of $250. Springfield v. Hampton, along with 1 check (#1331) in the amount of $400. Westbelt v Clawson, along with 1 check (#1337) in the amount of $400. CVS (Encote) v Detroit, along with 1 check (#1316) in the amount of $250. 10 Middlebelt v FH, along with 1 check (#1375) in the amount of $250.
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® © oo oo oo o ° ee eo eo eo X Holdings v Watren, along with 1 check (#1329) in the amount of $400. Prism v Mt Pleasant, along with 1 check (#1326) in the amount of $250. Mishpat v Sfld., along with 2 checks; one (#1348) for $250, one (#1388) for $150 (totaling $400). Greenfield Manor v Detroit, along with 1 check (#1369) in the amount of $400. Prep v Grand Haven, along with 1 check (#1349) in the amount of $400. Impulso v OP, along with 1 check (1338) in the amount of $400. Impulso v Clatkston/Independence Twp., along with 1 check (#1340) in the amount of $400. Impulso v Pennfield, along with 2 checks; one (#1339) for $250, one (#1387) for $150 (totaling $400). Farmington 9 v Farmington, along with 1 check (#1333) in the amount of $400. HWEFDS v LP, along with 1 check (#1334) in the amount of $400. Main 5% v RO, along with 1 check (#1332) in the amount of $400. Messersmith v Okemos, along with 1 check (#1335) in the amount of $400. RAD v VBT, along with 1 check (#1314) in the amount of $400. St Helen v. Chatlevoix, along with 2 checks; one (#1315) for $250, one (#1386) for $150 (totaling $400). Durand RAD v Durand, along with 1 check (#1313) in the amount of $400. 360 N MLK v Pontiac, along with 2 checks; one (#1312) for $400, one (#1396) for $100 (contiguous — multi (5). Schaefer v $fld., along with 1 check (#1365) in the amount of $400. 26382 v Inkster, along with 1 check (#1310) in the amount of $400. 29200 v Livonia, along with 1 check (#1308) in the amount of $400. 20030 Taylor v Taylor, along with 1 check (#1309) in the amount of $400. 222 Reed v Reed City, along with 1 check (#1307) in the amount of $250. WMG v Flint, along with 2 checks; one (#1347) for $250, one (#1385) for $150 (totaling $400). 13 York v Novi, along with 1 check (#1364) in the amount of $400. Kenwood v RO, along with 2 checks; one (#1341) for $250, one (#1384) for $150 (totaling $400). Farmer v Detroit, along with 1 check (#1342) in the amount of $400. Rivershell v Lansing, along with 2 checks; one (#1363) for $600, one (#1383) for $25 (totaling $625) (contiguous — multi (2)). ID Pallister v Detroit, along with 1 check (#1366) in the amount of $600. ID Cap v Detroit, along with 2 checks; one (#1367) for $600, one (#1394) for $25
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e JRV v Livonia., along with 1 check (#1325) in the amount of $400. e Dhal RE v Sfld., along with 2 checks; one (#1324) for $400, one (#1381) for $200 (totaling $600). eo NWH v Lansing, along with 2 checks; one (#1351) for $250, one (#1380) for $150 (totaling $400). Berkley Venture v Betkley, along with 1 check (#1361) in the amount of $400. FHH v FH, along with 1 check (#1357) in the amount of $250. Northstar v Chesterfield, along with 1 check (#1353) in the amount of $250. Fenton v BC, along with 1 check (#1356) in the amount of $400. NWH v FH, along with 1 check (#1352) in the amount of $400. Global v Roseville, along with 1 check (#1358) in the amount of $400. Garfield Venture v CT, along with 1 check (#1360) in the amount of $600. Global v Shelby, along with 1 check (#1355) in the amount of $400. Intl Prop v Macomb, along with 1 check (#1379) in the amount of $250. KB3 v Big Rapids, along with 1 check (#1397) in the amount of $400. Please file and issue/email docket numbers accordingly. Stephen Polter, Ifo President, EPTA CC (Letter only): SOM MTT
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POLTER LAW GROUP 2600 W. BI IG BEAVER, SUITE L100 | TROY, MI 48084 MI 480 PP i Us = i 6 = << - MTT CE TOR Z0R2 NSS, MT 8704