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    Updated Brick Building Near Arb Title is generated by Realmo AI

    1923 Geddes Avenue, Ann Arbor, MI 48104

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    Claim this Listing
    For Lease
    $18 SF/Yr $12,915/Mo (calc)

    COMMERCIAL - Ann Arbor, MI

    Type:Office
    Property size:
    8,610 SF
    Lot size:
    0.53 Acres
    Added:
    May 6, 2026
    Days on Market:
    9
    Last Refresh:
    May 14 at 7:06 pm

    Property Features for 1923 Geddes Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Parking
    15
    Parking features
    Driveway
    Fireplace
    1
    Standard status
    Active
    APN
    09-09-28-401-009
    Size
    8,610 SF
    Lot size
    0.53 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LOY 12 AND S 8 FT LOT 13 ASSESSORS PLAT NO 14

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air, Heat Pump (Heating), Baseboard
    Cooling system
    Ductless, Central Air

    Building Details

    Year built
    1923
    Building materials
    Brick
    Roof type
    Tile

    We can help!

    Listing Contact
    Jonathon Keller

    Listing agent Jonathon Keller

    Listing office J Keller Properties, LLC 2435 S Main St., Ann Arbor, MI

    Listing date May 6, 2026

    MLS# 26021670

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Massive, updated brick building on a large double lot with ample parking.
    • Prime location: One block from the Arb.
    • Grand hall with soaring ceilings, wood‑burning fireplace, and abundant natural light.
    • Thirteen private offices, freshly painted with new carpet and updated light fixtures.
    • Updated kitchen appliances and efficient mechanicals.
    • Spectacular foyer/lobby with large conference rooms/offices and refinished hardwood flooring.

    Overview

    This updated brick building is located one block from the Arb in Ann Arbor, MI. The property features a large double lot with ample parking. The entry level includes a spectacular foyer/lobby with large conference rooms/offices and refinished hardwood flooring. Fresh paint and updated light fixtures are present throughout the building. The oversized grand hall features soaring ceilings, a wood burning fireplace, and excessive natural light. Upstairs, there are 13 private offices, all freshly painted, with new carpet, and updated light fixtures. The lower walk-out level offers additional open areas suitable for a dining hall or additional gathering spaces. Updated kitchen appliances and efficient mechanicals enhance the functionality of this 8,610 square feet space. The property is situated on a 0.53-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waldorf Institute of Southeastern ... Training Center Anthroposophical Society In America Association / Organization Physicians Association Association Or Organization

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Dental Office Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.723295
    Latitude
    42.275815

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    FAQs

    What type of property is this?
    Office building - Updated brick building with parking near the Arb in Ann Arbor.
    Where is this office building located?
    The property is located at 1923 Geddes Avenue Ann Arbor, MI.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Massive, updated brick building on a large double lot with ample parking.; Prime location: One block from the Arb.; Grand hall with soaring ceilings, wood‑burning fireplace, and abundant natural light.
    (734) 323-1072
    We can help!
    Listing Contact
    Jonathon Keller
    Learn More
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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.

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