Medical Office Condominium
New
For Sale
$200,000
2219 Packard St, Ann Arbor, MI 48104
Existing clinical configuration in the Eastover Building with association-managed utilities, maintenance, snow removal, and grounds care.
Property Size879 SF
Days on Market2
Property Features for 2219 Packard St
General Information
Standard status
Active
Size
879 SF
Property subtype
Commercial
Zoning
O
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$4,533
Building Details
Building Size
879 SF
Year Built
1954
Listing Agency:
J Dillon Realty
Listed By:
Joshua A Dillon · License #6502417067
(734) 777-4448
Source:
Elliman
Added: Sep 4
Last Checked: Sep 4 at 2:32PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of J Dillon Realty
Investment Insights
Based on property information with market context.
This commercial condominium suite occupies space in the Eastover Building and was previously used as a dental practice. Its existing clinical configuration may support continued medical or dental use, subject to verification, while the suite may also accommodate other permitted professional or business functions. The property is designated within Ann Arbor’s O Office zoning district.
Located at 2219 Packard St, the building sits along the Packard Road corridor with access to downtown Ann Arbor and surrounding areas. Association dues cover gas, water, sewer, building maintenance, snow removal, and grounds maintenance, providing a defined framework for several ongoing common-property responsibilities. The property was built in 1954 and has a Walk Score of 43, a Transit Score of 43, and a Bike Score of 60.
Located at 2219 Packard St, the building sits along the Packard Road corridor with access to downtown Ann Arbor and surrounding areas. Association dues cover gas, water, sewer, building maintenance, snow removal, and grounds maintenance, providing a defined framework for several ongoing common-property responsibilities. The property was built in 1954 and has a Walk Score of 43, a Transit Score of 43, and a Bike Score of 60.
Key Highlights
- Medical office condominium suite in the Eastover Building
- Previously configured for a dental practice
- Located at 2219 Packard St, Ann Arbor, MI 48104
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$9,875
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.94%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$197,500
$197.5K
Cap Rate 7%
$141,071
$141.1K
Cap Rate 9%
$109,722
$109.7K
Market Conditions
NOI Build-Up for 879 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$15.4K $17.52/SF
− Vacancy
−$2.2K −$2.54/SF
EGI
$13.2K $14.98/SF
− OpEx
−$3.3K −$3.74/SF
NOI
$9.9K $11.23/SF
Area
Ann Arbor, MI
Vacancy
14.50%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$197,500
Cap Rate 7%
$141,071
Cap Rate 9%
$109,722
Alternative Uses
Best Use
Office B
$141.1K
$123.4K – $164.6K
NOI $9,875 @ 7.0% cap · market cap 4.94%
Second Best
Healthcare Medical
$134.5K
$117.7K – $157.0K
NOI $9,417 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$194.1K
$169.9K – $226.5K
NOI $13,589 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48104, MI
41,588
Population
19,173
Households
2.2
Avg Household Size
27
Median Age
82%
College-Educated
98%
High-School Grad
7.8 sq mi
ZIP Area
5,332
Density / Sq Mi
$63,341
Median Household Income
$16,073
Median Earnings
$1,548
Median Rent
$481,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Existing clinical configuration in the Eastover Building with association-managed utilities, maintenance, snow removal, and grounds care.
Where is this medical office space located?
The property is located at 2219 Packard St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Medical office condominium suite in the Eastover Building; Previously configured for a dental practice; Located at 2219 Packard St, Ann Arbor, MI 48104
