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    Property profile & analytics

    24 Frank Lloyd Wright Dr Ann Arbor, MI 48105-9484

    • Office buildings
    • 919,507 SF
    • 6.44 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2200502
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Carpenter James E MD / Physician
    • Ave Maria Fine Art Gallery / Art Gallery
    • Raymond James Financial Services / Financial Advisor
    • Myler & Szczypka PC / Tax Preparation
    • Michigan Medicine University of Michigan / Medical Clinic

    Property Details for 24 Frank Lloyd Wright Dr

    Lot size
    6.44 lot acres
    Property size
    919,507 SF
    Zone code
    OP
    Property type
    Office buildings
    APN
    I -09-12-300-022
    APU
    I0912300022

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $59,078,000
      Market price range: $59.1M - $208M
      AI Estimate
      $59,078,000
      Market price range: $59.1M - $208M

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

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.682
    Latitude
    42.3213
    CBSA code
    11460
    CBSA name
    ANN ARBOR, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $238,347
    $0.00
    $0.00
    $5,632,900
    -
    $0.00
    $0.00
    $11,265,800

    Comparable in this City

    • Value Estimation
      $10,945,000
      148,651 SF

      4600 Arrowhead Dr

      OFFICE BUILDING • 148,651 SF
      4600 Arrowhead Dr, Ann Arbor, MI 48105-2773
      View Details
    • Value Estimation
      $33,485,000
      202,219 SF

      2211 Old Earhart Rd

      OFFICE BUILDING • 202,219 SF
      2211 Old Earhart Rd, Ann Arbor, MI 48105-2963
      View Details
    • Value Estimation by Request
      919,507 SF

      24 Frank Lloyd Wright Dr

      OFFICE BUILDING • 919,507 SF
      24 Frank Lloyd Wright Dr, Ann Arbor, MI 48105-9484
      View Details
    • Value Estimation by Request
      3,367 SF

      4012 Clark Rd

      OFFICE BUILDING • 3,367 SF
      4012 Clark Rd, Ann Arbor, MI 48105-9505
      View Details
    • Value Estimation
      $700,000
      5,515 SF

      2035 Hogback Rd

      OFFICE BUILDING • 5,515 SF
      2035 Hogback Rd, Ann Arbor, MI 48105-9490
      View Details
    • Value Estimation
      $12,450,000
      147,640 SF

      789 Dixboro Rd

      OFFICE BUILDING • 147,640 SF
      789 Dixboro Rd, Ann Arbor, MI 48105-9723
      View Details

    Similar Nearby for Sale

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      Medical/Office Building For Sale

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      Freestanding retail building with high visibility and drive-thru potential.
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    • $1,990,000
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      Ann Arbor Executive Office Building

      19,720 SF Office Space For Sale/Lease
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    • $648,000
      7.79 Acres

      Ann Arbor Commercial Land

      7.79 acre commercial property in Ann Arbor, Michigan.
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    • $585,000
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      3+ acre lakefront lot in Ann Arbor with many possibilities.
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    Similar Nearby for Lease

    • $21 SF/Yr
      1,085 SF

      Ann Arbor Office Space For Lease

      Second floor office space near University of Michigan and downtown.
      2793 Plymouth Rd, Ann Arbor, MI 48105
      View Details
    • $8 SF/Yr
      5,711 SF

      Ann Arbor Office Space Available

      Flexible Offices, Coworking, Meeting Rooms
      24 Frank Lloyd Wright Dr, Ann Arbor, MI 48105
      View Details
    • $21 SF/Yr
      2,035 SF

      Ann Arbor Office Space Available

      Office space available for lease in Ann Arbor, Michigan.
      3250 Plymoth Rd, Ann Arbor, MI 48105
      View Details
    • $23 SF/Yr
      8,085 SF

      Contemporary Office Space for Rent

      Modern office space with premium finishes and convenient freeway access.
      2211 Old Earhart Rd, Ann Arbor, MI 48105
      View Details
    • Contact for pricing
      11,000 SF

      Broadway Retail Center Opportunity

      Ann Arbor Executive Office Suites Available
      1149 Broadway St, Ann Arbor, MI 48105
      View Details
    • $26 SF/Yr
      3,684 SF

      Ann Arbor Office Space Available

      Office space for rent with ample parking and fiber optics.
      3600 Green Ct, Ann Arbor, MI 48105
      View Details
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    Ann Arbor, MI 48105-9484
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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
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