Renovated Office Building Near
For Sale
$2,900,000
3989 Research Park Dr, Ann Arbor, MI 48108
Recently renovated office building with expansion potential on 3.05 acres.
Property Size7,837 SF
Price / SF$370.04
Days on Market390
Property Features for 3989 Research Park Dr
General Information
Standard status
Active
Size
7,837 SF
Class
C
Property subtype
Office
Zoning
RE
Building Details
Building Size
7,837 SF
Year Built
1950
Year Renovated
2019
Buildings
1
Stories
1
Listing Agency:
Colliers - Ann Arbor
Listed By:
James H. Chaconas
(734) 994-3100
Source:
Cpix.resimplifi
Added: Sep 11, 2025
Changed: Sep 22
Last Checked: Oct 5 at 3:20PM
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 Colliers - Ann Arbor
Investment Insights
Based on property information with market context.
This 7,837 square foot office building is located in the South State Street corridor, near downtown Ann Arbor and I-94. The property, situated on 3.05 acres, includes 43 parking spaces. The building features a modern design with halo hospital-grade air filtration and 10-zone climate control. It is equipped with dedicated fiber internet and motion-sensor LED lighting with dimmers. The property includes two conference rooms with Zoom cameras and noise-canceling speakers, along with a central kitchen featuring Sub-zero and Bosch appliances. Herman Miller furnishings and workstations are included. The layout offers flexibility with private offices, open work areas, a secure server room, and a rear garage. The site has the capacity to expand up to 90,000 square feet.
Key Highlights
- Prime location near downtown Ann Arbor and I‑94 in the South State St corridor.
- Recently renovated 7,837 SF property on 3.05 acres with 43 parking spaces.
- Modern business features: halo hospital‑grade air filtration, 10‑zone climate control, dedicated fiber internet.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$88,046
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,760,920
$1.8M
Cap Rate 7%
$1,257,800
$1.3M
Cap Rate 9%
$978,289
$978.3K
Market Conditions
NOI Build-Up for 7,837 SF
Gross rent
$137.3K $17.52/SF
− Vacancy
−$19.9K −$2.54/SF
EGI
$117.4K $14.98/SF
− OpEx
−$29.3K −$3.74/SF
NOI
$88.0K $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 Rate 5%
$1,760,920
Cap Rate 7%
$1,257,800
Cap Rate 9%
$978,289
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $88,046 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,159 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
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
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Recently renovated office building with expansion potential on 3.05 acres.
Where is this office building located?
The property is located at 3989 Research Park Dr Ann Arbor, MI.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Prime location near downtown Ann Arbor and I‑94 in the South State St corridor.; Recently renovated 7,837 SF property on 3.05 acres with 43 parking spaces.; Modern business features: **halo hospital‑grade air filtration**, **10‑zone climate control**, dedicated fiber internet.
