Leased Fast-Food Restaurant
New
For Sale
$450,000
3220 Packard St, Ann Arbor, MI 48108
A double-net lease with extension options runs through October 2029, and the sale covers the real estate only.
Property Size1,416 SF
Lot Size0.25 Acres
Price / SF$317.80
Days on Market2
Property Features for 3220 Packard St
General Information
Standard status
Active
Size
1,416 SF
Lot size
0.25 Acres
Property subtype
Commercial
Zoning
C1
Occupancy
100%
Additional Details
Asking Price
$450,000
Taxes and HOA fees
Annual Taxes
$9,129
Building Details
Building Size
1,416 SF
Year Built
1969
Stories
1
Listing Agency:
Keller Williams Paint Creek
Listed By:
Brock Bean
(586) 876-1140
Source:
Elliman
Added: Oct 16
Last Checked: Oct 16 at 2:11PM
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 Keller Williams Paint Creek
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Investment Insights
Based on property information with market context.
This single-story restaurant property contains 1,416 square feet on an 84' x 132' lot. Built in 1969, the building is fully leased to a restaurant tenant under a double-net lease that extends through October 2029, with extension options. The transaction includes the real estate; the operating business is excluded.
The property is on Packard Road, east of Platt Road, in Ann Arbor. C1 (Local Business) zoning applies. The stated trade area includes more than 200,000 residents within a 5-mile radius. WalkScore is 55, BikeScore is 74, and TransitScore is 37.
The property is on Packard Road, east of Platt Road, in Ann Arbor. C1 (Local Business) zoning applies. The stated trade area includes more than 200,000 residents within a 5-mile radius. WalkScore is 55, BikeScore is 74, and TransitScore is 37.
Key Highlights
- 1,416‑square‑foot single‑story restaurant building
- 84' x 132' lot
- Fully leased under a double‑net lease through October 2029, with extension options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,667
Cap Rate
4.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$373,340
$373.3K
Cap Rate 7%
$266,671
$266.7K
Cap Rate 9%
$207,411
$207.4K
Market Conditions
NOI Build-Up for 1,416 SF
Gross rent
$26.3K $18.60/SF
− Vacancy
−$1.4K −$1.02/SF
EGI
$24.9K $17.58/SF
− OpEx
−$6.2K −$4.39/SF
NOI
$18.7K $13.18/SF
Area
Ann Arbor, MI
Vacancy
5.50%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$373,340
Cap Rate 7%
$266,671
Cap Rate 9%
$207,411
Alternative Uses
Best Use
Specialty Retail
$266.7K
$233.3K – $311.1K
NOI $18,667 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$312.7K
$273.6K – $364.9K
NOI $21,891 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48108, MI
26,639
Population
12,508
Households
2.1
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
16.8 sq mi
ZIP Area
1,586
Density / Sq Mi
$80,425
Median Household Income
$46,434
Median Earnings
$1,316
Median Rent
$378,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - A double-net lease with extension options runs through October 2029, and the sale covers the real estate only.
Where is this conventional restaurant located?
The property is located at 3220 Packard St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,416‑square‑foot single‑story restaurant building; 84' x 132' lot; Fully leased under a double‑net lease through October 2029, with extension options
