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    State St Ann Arbor, MI 48108
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    State St, Ann Arbor, MI 48108

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    • Land
    • 2.39 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 State St

    Lot size
    2.39 lot acres
    Property type
    Land
    Property subtype
    Industrial properties

    Description

    Avis Farms South offers exceptional build-to-suit opportunities on several parcels ranging from 2.39 to 47.39 acres in Pittsfield Charter Township, Washtenaw County, Michigan (48108). Located on State Street, this PUD-zoned land presents a unique chance to develop a customized facility. Pricing varies by lot, ranging from $225,000 to $300,000 per acre. Specific lot pricing includes: Lots 2, 3, and 10 at $225,000/acre; Lots 4, 5, and 6 at $275,000/acre; Lot 7 at $300,000/acre; and Lots 8 and 9 at $250,000/acre. The property is ideally suited for a variety of uses, offering flexible configurations for maximum space optimization. Future developments can incorporate features such as extensive glass lines, generous parking (allowing for up to 100% office space), 14-foot high grade-level doors for each unit, and 16-foot clear height in R&D areas. The site is also prepared for wet labs and includes amenities like bicycle staging areas and EV charging stations. This is a rare opportunity to acquire land in a desirable Ann Arbor location with the potential for a highly functional and modern build-to-suit project.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.7357
    Latitude
    42.2225

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      1.25 Acres

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      1.72 Acres

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    Similar Nearby for Sale

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      Land For Sale

      Land available for sale.
      4 SW Cor Of Ellsworth & Carpenter Rd, Pittsfield Township, MI 48108
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      17,928 SF

      Ann Arbor Office/Industrial Building

      Standalone building with heavy power, good parking, flexible utility.
      560 Avis Dr, Ann Arbor, MI 48108
      View Details
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      Land Available for Sale

      Land available for sale at 5960 S State Rd.
      5960 S State Rd, Ann Arbor, MI 48108
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      Ann Arbor Vacant Land

      Vacant land with approved building site plans for sale.
      3785 Varsity Dr, Ann Arbor, MI 48108
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      Vacant Land Ready For Development

      Semi-wooded, square property prime for mixed-use development.
      5980 Platt Rd, Ann Arbor, MI 48108
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    Similar Nearby for Lease

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      34,833 SF

      Ann Arbor Multi-Tenant Complex

      Multi-tenant complex in Research Park, Ann Arbor.
      3915 Research Park Dr, Ann Arbor, MI 48108
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      Office / R&D Building Available

      Office and R&D building available for rent.
      655 Fairfield Ct, Ann Arbor, MI 48108
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      Commercial Space for Lease

      Commercial space available for lease in Ann Arbor, Michigan.
      300 W Morgan Rd, Ann Arbor, MI 48108
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      Industrial Space for Lease

      Industrial property available for lease.
      4220 Varsity Dr, Ann Arbor, MI 48108
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      11,487 SF

      Industrial Space with Signage Available

      Industrial property for rent with signage on Ellsworth Road.
      727 W Ellsworth Rd, Ann Arbor, MI 48108
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      24,553 SF

      Ann Arbor Flex Space Available

      24,553 SF flex space available for lease in Ann Arbor.
      4370 Varsity Dr, Ann Arbor, MI 48108
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    Ann Arbor, MI 48108
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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.

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