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    111 Main St Ann Arbor, MI 48104

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    For Sale
    Contact for pricing

    Prime Ann Arbor location, 4,666 SF office

    Property size:
    4,666 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional two-story, 4,666 square foot office building is ideally situated at 111 N Main St in Ann Arbor, Michigan, within the D1-Downtown Core District. Built in 1960, this vacant property offers a unique opportunity for owner-users. The main level boasts a formal reception area, private offices, conference rooms, restrooms, and a spacious open workspace. The second floor, bathed in natural light, provides a downtown view, a second reception area, private offices, restrooms, a conference room, and a large kitchen/break area. Adding significant value, the basement offers approximately 2,333 square feet of additional storage space, available at $10 per square foot gross. Parking is accommodated by up to six rear parking spaces, allowing for two cars deep. The 0.76-acre lot is zoned D1, but a Grant of Easement ensures unobstructed light, wind, and air for neighboring properties, preventing vertical redevelopment. This property's central location offers easy access to established businesses, retail, multi-family developments, ample public parking, Kerrytown, the University of Michigan, and M-14. The property's location and features make it an attractive investment for a variety of businesses. This is a rare opportunity to acquire a well-located, established office building in the heart of Ann Arbor. The property is vacant and ready for immediate occupancy. The parcel number is 09-09-29-141-003.

    Property Features for 111 Main St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    4,666 SF
    Lot Size
    33,106 SF

    Building Details

    Year Built
    1960
    Buildings
    1
    Stories
    2

    HighLights

    • 4,666 SF two‑story office building in Ann Arbor's D1 Downtown Core District.
    • Vacant and ready for immediate occupancy.
    • Main and second floor offer private offices, conference rooms, restrooms, and open workspace; second floor includes a kitchen/break area.
    • Basement provides 2,333 SF of storage space, leased at $10/SF gross.
    • Six rear parking spaces (two cars deep) on a 0.76‑acre lot (Parcel # 09‑09‑29‑141‑003), zoned D1 with a Grant of Easement.
    Property Profile Location Intelligence

    Current Use by Public Records

    Liberty Title Insurance ... Title Company Zing Title Consultant Misty Mountain Cannabis Cannabis Store Oslo Movement Personal Trainer Stay Well Sports Physical Therapist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.748526100548
    Latitude
    42.281853958584

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Ann Arbor location, 4,666 SF office
    Where is this office property / space located?
    The property is located at 111 Main St Ann Arbor, MI.
    What are key features of this property?
    This property features: 4,666 SF two-story office building in Ann Arbor's D1 Downtown Core District.; Vacant and ready for immediate occupancy.; Main and second floor offer private offices, conference rooms, restrooms, and open workspace; second floor includes a kitchen/break area.
    (734) 994-3100
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    111 Main St Ann Arbor, MI 48104
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    111 Main St Ann Arbor, MI 48104
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