West Side Retail/Office
For Sale
$680,000
2237-2239 W Liberty, Ann Arbor, MI 48103
Well-maintained retail/office space in established Ann Arbor location.
Property Size3,242 SF
Price / SF$209.75
Days on Market531
Property Features for 2237-2239 W Liberty
General Information
Standard status
Active
Size
3,242 SF
Property subtype
Retail
Zoning
TC1
Building Details
Building Size
3,242 SF
Year Built
1965
Buildings
2
Stories
1
Listing Agency:
Reinhart Commercial
Listed By:
Amy Freundl · License #6506044351
(231) 620-1932
Source:
Cpix.resimplifi
Added: Mar 25, 2025
Changed: Aug 16
Last Checked: Sep 5 at 3:51AM
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 Reinhart Commercial
Investment Insights
Based on property information with market context.
This well-maintained retail/office space is available for sale, lease, or lease with an option to purchase for a qualified buyer. The property is located on the west side of Ann Arbor, in an area with established businesses and high traffic. The building offers private on-site parking. The available space is 2800+/- square feet. The property is zoned TC1 - Transit Corridor and has a total size of 3242 square feet.
Key Highlights
- High‑traffic location on Ann Arbor's west side, ideal for attracting customers.
- Versatile options: For Sale, For Lease, or Lease with Option to Purchase.
- Private on‑site parking for convenient access.
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
$38,398
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
5.65%
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%
$767,960
$768.0K
Cap Rate 7%
$548,543
$548.5K
Cap Rate 9%
$426,644
$426.6K
Market Conditions
NOI Build-Up for 3,242 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
$58.4K $18.00/SF
− Vacancy
−$3.5K −$1.08/SF
EGI
$54.9K $16.92/SF
− OpEx
−$16.5K −$5.08/SF
NOI
$38.4K $11.84/SF
Area
Ann Arbor, MI
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$767,960
Cap Rate 7%
$548,543
Cap Rate 9%
$426,644
Alternative Uses
Best Use
Retail
$548.5K
$480.0K – $640.0K
NOI $38,398 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$716.0K
$626.5K – $835.4K
NOI $50,121 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,184
Businesses Nearby
Explore this area
Business Placement
Demographics for 48103, MI
55,605
Population
25,511
Households
2.2
Avg Household Size
40
Median Age
75%
College-Educated
97%
High-School Grad
66.5 sq mi
ZIP Area
836
Density / Sq Mi
$115,513
Median Household Income
$65,698
Median Earnings
$1,760
Median Rent
$455,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Well-maintained retail/office space in established Ann Arbor location.
Where is this retail space located?
The property is located at 2237-2239 W Liberty Ann Arbor, MI.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: High‑traffic location on Ann Arbor's west side, ideal for attracting customers.; Versatile options: For Sale, For Lease, or Lease with Option to Purchase.; Private on‑site parking for convenient access.
