Leased Storefront Retail
New
For Sale
$625,000
3240 Packard Rd, Ann Arbor, MI 48108
A renovated retail interior is occupied under a lease with renewal options extending through 2046.
Property Size2,240 SF
Price / SF$279.02
Days on Market2
Property Features for 3240 Packard Rd
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Asking Price
$625,000
Taxes and HOA fees
Annual Taxes
$11,863
Building Details
Building Size
2,240 SF
Year Built
1971
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Keller Williams Paint Creek
Listed By:
Brock Bean
(586) 876-1140
Source:
Elliman
Added: Oct 16
Last Checked: Oct 16 at 1:57PM
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This single-story storefront retail building contains 2,240 SF and was built in 1971. Its interior has been renovated, and the property is fully leased to a liquor store. The sale conveys the real estate only; the operating business is excluded. The lease runs through December 2031, with renewal options extending through 2046.
The building fronts Packard Road in Ann Arbor, near the Platt Road corridor. The surrounding trade area includes more than 200,000 residents within a 5-mile radius. WalkScore is 55, BikeScore is 74, and TransitScore is 37.
The building fronts Packard Road in Ann Arbor, near the Platt Road corridor. The surrounding 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
- 2,240 SF single‑story retail building, built in 1971
- Fully leased to a liquor store; operating business is not included in the sale
- Lease through December 2031 with renewal options extending through 2046
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,531
Cap Rate
4.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,620
$530.6K
Cap Rate 7%
$379,014
$379.0K
Cap Rate 9%
$294,789
$294.8K
Market Conditions
NOI Build-Up for 2,240 SF
Gross rent
$40.3K $18.00/SF
− Vacancy
−$2.4K −$1.08/SF
EGI
$37.9K $16.92/SF
− OpEx
−$11.4K −$5.08/SF
NOI
$26.5K $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 Rate 5%
$530,620
Cap Rate 7%
$379,014
Cap Rate 9%
$294,789
Alternative Uses
Best Use
Retail
$379.0K
$331.6K – $442.2K
NOI $26,531 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.7K
$432.9K – $577.2K
NOI $34,630 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
Well-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
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Storefront property - A renovated retail interior is occupied under a lease with renewal options extending through 2046.
Where is this storefront property located?
The property is located at 3240 Packard Rd Ann Arbor, MI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,240 SF single‑story retail building, built in 1971; Fully leased to a liquor store; operating business is not included in the sale; Lease through December 2031 with renewal options extending through 2046
