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    Restored Historic Office Suite Title is generated by Realmo AI

    213 W Liberty Street, Ann Arbor, MI 48104

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    Claim this Listing
    For Lease
    $28 SF/Yr $3,934/Mo (calc)

    COMMERCIAL - Ann Arbor, MI

    Type:Office
    Property size:
    1,686 SF
    Lot size:
    0.30 Acres
    Added:
    Mar 23, 2026
    Days on Market:
    51
    Last Refresh:
    May 12 at 10:06 am

    Property Features for 213 W Liberty Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Fireplace
    1
    Standard status
    Active
    APN
    09-09-29-212-003
    Size
    1,686 SF
    Lot size
    0.30 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    E 1/2 LOTS 1 AND 2 AND LOT 11 EXC N 54.11 FT OF W 66.1 FT B3S R2E ORIGINAL PLAT OF ANN ARBOR

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air

    Building Details

    Year built
    1901

    We can help!

    Listing Contact
    William Milliken

    Listing agent William Milliken License #6502104688

    Listing office Milliken Realty Co. 100 Huron View Blvd., Ann Arbor, MI

    Listing date Mar 23, 2026

    MLS# 26011195

    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

    • Class A office space in prime central business district location.
    • Located in the historic Schlenker Building, built in 1901.
    • Enjoy the roof deck amenity.
    • Up to 10,000 sq. ft. of office space available.
    • Monthly, on‑site parking available.
    • Restored, contemporary office suite.

    Overview

    This is a contemporary office suite located within the restored, historic Schlenker Building, which was originally constructed in 1901 by German craftsmen. The building has been re-developed as a Class A, multi-tenant office space by an owner/tenant. The property is situated in the central business district, just west of Ashley Street's corridor of retail, gift, spa, restaurant, and coffee shop businesses. The lot size is 0.3 acres. The available office space is 1686 square feet. Monthly, on-site parking is available. A roof deck is included. The landlord can make up to 10,000 square feet of office space available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    National Wildlife Charitable Organization REGROUP Advertising Agency Prime Property Management Property Management Company Wolverine Tax and Financial Financial Advisor Great Lakes Natural ... Sustainability Organization

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.750597
    Latitude
    42.279251

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    FAQs

    What type of property is this?
    Office units - Contemporary office suite in a restored, historic building.
    Where is this office units located?
    The property is located at 213 W Liberty Street Ann Arbor, MI.
    What is the lease rate?
    The lease rate is $28 SF/Yr.
    What are key features of this property?
    This property features: Class A office space in prime central business district location.; Located in the historic Schlenker Building, built in 1901.; Enjoy the roof deck amenity.
    (734) 821-4321
    We can help!
    Listing Contact
    William Milliken
    Real Estate License ID: 6502104688
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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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