Flex Space in Park-Like
For Sale
$1,900,000
640 Avis Dr, Ann Arbor, MI 48108
Flex space ideal for owner-user or investment.
Property Size21,365 SF
Price / SF$88.93
Days on Market194
Property Features for 640 Avis Dr
General Information
Standard status
Active
Size
21,365 SF
Property subtype
Industrial
Building Details
Building Size
21,365 SF
Year Built
1996
Listing Agency:
NAI Farbman
Listed By:
Todd Szymczak · License #6501338373
(248) 351-6315
Source:
Naiglobal
Added: Mar 27
Changed: Oct 1
Last Checked: Oct 5 at 4:48PM
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 NAI Farbman
Investment Insights
Based on property information with market context.
The property at 640 Avis Drive offers a park-like setting and is located amongst flex and tech users. The location provides access to State Street, I-94, and local retail and services. The property is suitable for an owner-user. The existing space is divided into three spaces with four front door entrances. One of the three suites is currently under a long-term lease (Suite 200). The space can be divided into four units or combined in any manner, including use as a single-tenant space. The property is available for lease or sale. The owner, a general contractor, is willing to complete tenant improvements. The building has a total size of 21365 square feet.
Key Highlights
- Ideal for owner‑user with flexible space configurations (can be divided into 4 suites or combined into a single tenant space).
- Located in a park‑like setting near major flex and tech companies.
- Convenient access to State Street and I‑94.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,115
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,182,300
$2.2M
Cap Rate 7%
$1,558,786
$1.6M
Cap Rate 9%
$1,212,389
$1.2M
Market Conditions
NOI Build-Up for 21,365 SF
Gross rent
$164.1K $7.68/SF
− Vacancy
−$8.2K −$0.38/SF
EGI
$155.9K $7.30/SF
− OpEx
−$46.8K −$2.19/SF
NOI
$109.1K $5.11/SF
Area
Ann Arbor, MI
Vacancy
5.00%
Lease Rate
$7.68 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,182,300
Cap Rate 7%
$1,558,786
Cap Rate 9%
$1,212,389
Alternative Uses
Best Use
Flex RnD
$2.91M
$2.55M – $3.39M
NOI $203,643 @ 7.0% cap · market cap 10.72%
Second Best
Industrial
$1.56M
$1.36M – $1.82M
NOI $109,115 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$4.72M
$4.13M – $5.50M
NOI $330,299 @ 7.0% cap · market cap 17.38%
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
272
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space ideal for owner-user or investment.
Where is this flex space located?
The property is located at 640 Avis Dr Ann Arbor, MI.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Ideal for owner‑user with flexible space configurations (can be divided into 4 suites or combined into a single tenant space).; Located in a park‑like setting near major flex and tech companies.; Convenient access to State Street and I‑94.
