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    217 Washington St Ann Arbor, MI 48104

    Sponsored
    For Lease
    $28 SF/Yr

    Prime location, flexible suites, 12,000 sq ft.

    Lot size:
    12,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional Ann Arbor property, located in the Downtown Core District near 4th Avenue and Main Street, offers 12,000 square feet of versatile commercial space. The building, constructed in 1901 and featuring two stories, is ideally suited for a variety of uses, including traditional office, medical office, retail, and restaurant. The property boasts a convenient elevator and ample public parking nearby. The space is divisible, with a minimum leasable area of 1,840 square feet and a maximum contiguous space of 5,086 square feet. Currently, 10,112 square feet is vacant, presenting a significant opportunity for a single tenant or multiple tenants. The main level, offering 1,840-5,086 square feet, features high ceilings, storefront windows, and is currently a blank canvas, ready for customization. The second floor retains original architectural details, including a dramatic high ceiling, and includes a reception area, private offices, large workspaces, conference rooms, a kitchen area, and a unique loft space with three additional offices. The property's location within the vibrant downtown area provides easy access to established businesses, restaurants, and public transportation. The building's APN is 09-09-29-127-040. This is a locally owned and managed building with two total suites.

    Property Features for 217 Washington St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    12,000 SF
    Total Rate
    28000

    Building Details

    Year Built
    1901
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Main Level
    Size
    5,086 SF
    Rate per SF
    $35
    Space
    2nd floor
    Size
    5,026 SF
    Rate per SF
    $28

    HighLights

    • 12,000 SF multi‑tenant office and retail building in Ann Arbor's downtown core.
    • 1,840 SF to 5,086 SF contiguous spaces available.
    • High ceilings and storefront windows on the main level, ideal for retail, restaurant, or office/medical use.
    • Second floor features original architectural details, private offices, and a loft.
    • Elevator, locally owned and managed.
    • Located near Main Street, public parking, and established businesses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Phillips Linda A Attorney

    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
    -83.7464448
    Latitude
    42.2805207

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    FAQs

    What type of property is this?
    Restaurant - Prime location, flexible suites, 12,000 sq ft.
    Where is this restaurant located?
    The property is located at 217 Washington St Ann Arbor, MI.
    What is the lease rate?
    The lease rate is $28-$35 SF/Yr.
    What are key features of this property?
    This property features: 12,000 SF multi-tenant office and retail building in Ann Arbor's downtown core.; 1,840 SF to 5,086 SF contiguous spaces available.; High ceilings and storefront windows on the main level, ideal for retail, restaurant, or office/medical use.
    Request Owner's contact information
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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
    217 Washington St Ann Arbor, MI 48104
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