Property profile

221 Main St Ann Arbor, MI 48104

OFF-MARKET
Commercial real estate
Property ID
US43-1365380
8,580 SF 0.07 ac lot Built 1901
Entity Owned 3-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional move-in ready office space, totaling 2,860 square feet, is situated in a charming, historic building in the heart of downtown Ann Arbor. The property boasts attractive features including exposed brick walls and arched doorways, creating a unique and inviting atmosphere. The suite offers abundant natural light, a large open workspace, six private offices, two conference rooms, a fully equipped kitchen, and a restroom complete with a shower. A private and secure elevator entrance adds to the convenience and exclusivity. The building, constructed in 1901, comprises two buildings with three stories and features an elevator. The property is zoned D1 and has an APN of 09-09-29-140-016. Its prime location offers easy access to established restaurants, businesses, and retail shops, with convenient proximity to Kerrytown. Public parking garages and lots are nearby, and the location provides excellent access to major transportation arteries, including M-14 and I-94, as well as the University of Michigan. The total building square footage is 8,580 square feet, with 2,860 square feet currently available. The asking price is $32-$35 per square foot, modified gross. The cross street is Miller Avenue. This locally owned and managed property presents a fantastic opportunity for businesses seeking a prestigious and functional office space in a vibrant downtown setting.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 1901
Total area 8,580 SF
Lot 0.07 ac (2,919 SF)
Zoning code D1
APN 09-09-29-140-016
UPID US43-1365380

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Law Firm
  • Law Firm
  • Law Firm
  • Law Firm
  • Law Firm

Location

221 Main St Ann Arbor, MI 48104-1150
Ann Arbor metro Census 400100 ANN ARBOR, MI METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$1.55M
Comparable Approach Comparable
$1.72M
Blend (final) Blend
$3.04M

Owner & transaction history

since 2022
Last sale
$3.3M
6 recorded transactions
2022
$3.3M
2019
Price N/A
2018
Price N/A
2014
$1.7M
1996
$700,000
1969
Price N/A

Zoning & alternative use

D1 · Ann Arbor, MI
Zoning description

1. D1 Downtown Core District This district is intended to contain the downtown's greatest concentration of development and serves as a focus for intensive pedestrian use. This district is appropriate for high-density mix…

General category COMMERCIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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