Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2991 State St Ann Arbor, MI 48104-6741

    • Commercial real estate
    • 0.73 lot acres
    OFF-MARKET
    Last Sale
    Oct 25, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0097777
    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

    • Shell / Gas Station
    • EVgo Charging Station / Electric Vehicle Charging Station
    • ATM / Atm
    • CoinFlip Bitcoin ATM / Financial Advisor
    • Gateware Software / Tech Support Center / (Bike/Boat/Book/etc) Store

    Property Details for 2991 State St

    Year built
    1986
    Lot size
    0.73 lot acres
    Zone code
    C3
    Property type
    Commercial real estate
    APN
    09-12-04-300-048
    APU
    91204300048

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.7388
    Latitude
    42.2444
    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
    $72,554
    $0.00
    $0.00
    $1,120,500
    -
    $0.00
    $0.00
    $2,241,000

    Comparable in this City

    • Value Estimation by Request
      0.13 Acres

      220 1st St

      COMMERCIAL (GENERAL) • 0.13 Acres
      220 1st St, Ann Arbor, MI 48104-1361
      View Details
    • Value Estimation by Request
      0.02 Acres

      220 4th Ave

      COMMERCIAL (GENERAL) • 0.02 Acres
      220 4th Ave, Ann Arbor, MI 48104-2102
      View Details
    • Value Estimation by Request
      0.13 Acres

      402 4th Ave

      COMMERCIAL (GENERAL) • 0.13 Acres
      402 4th Ave, Ann Arbor, MI 48104-2340
      View Details
    • Value Estimation by Request
      0.22 Acres

      212 4th Ave

      COMMERCIAL (GENERAL) • 0.22 Acres
      212 4th Ave, Ann Arbor, MI 48104-2102
      View Details
    • Value Estimation by Request
      0.61 Acres

      1006 Catherine St

      COMMERCIAL (GENERAL) • 0.61 Acres
      1006 Catherine St, Ann Arbor, MI 48104-1620
      View Details
    • Value Estimation by Request
      0.14 Acres

      315 Catherine St

      COMMERCIAL (GENERAL) • 0.14 Acres
      315 Catherine St, Ann Arbor, MI 48104-1451
      View Details

    Similar Nearby for Sale

    • $1,299,000
      2,320 SF

      Downtown Ann Arbor Business for Sale

      Turnkey Coffee Shop, High Traffic Area
      413 Huron St, Ann Arbor, MI 48104
      View Details
    • $650,000

      Ann Arbor Restaurant - $650K

      Thriving Japanese Restaurant, Prime Location
      1321 University Ave, Ann Arbor, MI 48104
      View Details
    • $195,000
      1,740 SF

      Ann Arbor Bambu Franchise for Sale

      Profitable Asian-inspired cafe, prime location.
      3354 Washtenaw Ave, Ann Arbor, MI 48104
      View Details
    • $1,200,000
      986 SF

      Ann Arbor Restaurant - For Sale

      Established eatery, prime location, high growth potential.
      808 State St, Ann Arbor, MI 48104
      View Details
    • $1,999,999
      2,140 SF

      Ann Arbor Main Street Gem

      Downtown Ann Arbor redevelopment opportunity
      730 Main St, Ann Arbor, MI 48104
      View Details
    • $2,350,000
      7.93 Acres

      Ypsilanti Commercial Land - $2.35M

      7.93 Acres, US-23 Highway Exit
      0 Sec Of Us-23 & Michigan Ave, Ann Arbor, MI 48104
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      12,000 SF

      Downtown Ann Arbor Office Space

      Prime location, flexible suites, 12,000 sq ft.
      217 Washington St, Ann Arbor, MI 48104
      View Details
    • $30 SF/Yr
      10,540 SF

      Ann Arbor Main Street Office Space

      1,093 sq ft Creative Office Suite
      206 Main St, Ann Arbor, MI 48104
      View Details
    • $24 SF/Yr
      26,376 SF

      Ann Arbor Office Space For Lease

      Move-in ready office, flexible lease terms
      200 1St St, Ann Arbor, MI 48104
      View Details
    • $35 SF/Yr
      235,070 SF

      Ann Arbor Retail Space for Lease

      Prime Downtown Ann Arbor location, 1,585 sq ft.
      1300 University Ave, Ann Arbor, MI 48104
      View Details
    • $25 SF/Yr
      4,666 SF

      Downtown Ann Arbor Office Space

      Prime location, 4,666 sq ft office
      111 Main St, Ann Arbor, MI 48104
      View Details
    • $30 SF/Yr
      39,792 SF

      Dahlmann Commerce Building: Ann Arbor Office Space

      Class A Office Suites, Ann Arbor, MI. Prime Location.
      2950 State St, Ann Arbor, MI 48104
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2991 State St
    Ann Arbor, MI 48104-6741
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.