Add Listing
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

    3650 State St Ann Arbor, MI 48108-1634

    • Grocery and convenience stores
    • 4,182 SF
    • 1.02 lot acres
    OFF-MARKET
    Last Sale
    Jul 06, 2022
    $1,175,000
    Value Estimations
    $1,150,000
    Show details
    Cap Rate Potential
    5%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US43-1305335
    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

    • Subway / Take-out & Catering
    • Citgo / Gas Station
    • Coinsource Bitcoin ATM / Atm

    Property Details for 3650 State St

    Year built
    2006
    Lot size
    1.02 lot acres
    Property size
    4,182 SF
    Property type
    Grocery and convenience stores
    APN
    L -12-08-400-001
    APU
    L1208400001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,100,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $920,000
      6.5%
      $850,000
      7%
      $790,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $830,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.7396
    Latitude
    42.2348
    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
    $49,049
    $0.00
    $0.00
    $1,158,710
    -
    $0.00
    $0.00
    $2,317,420

    Comparable in this City

    • Value Estimation by Request
      1,680 SF

      3000 Carpenter Rd

      CONVENIENCE STORE • 1,680 SF
      3000 Carpenter Rd, Ann Arbor, MI 48108
      View Details
    • Value Estimation by Request
      1,642 SF

      4970 Washtenaw Ave

      CONVENIENCE STORE • 1,642 SF
      4970 Washtenaw Ave, Ann Arbor, MI 48108-1414
      View Details
    • Value Estimation by Request
      2,400 SF

      3000 Lohr Rd

      CONVENIENCE STORE • 2,400 SF
      3000 Lohr Rd, Ann Arbor, MI 48108-9585
      View Details
    • Value Estimation by Request
      943 SF

      4005 Washtenaw Ave

      CONVENIENCE STORE • 943 SF
      4005 Washtenaw Ave, Ann Arbor, MI 48108-1001
      View Details
    • Value Estimation
      $1,015,000
      2,636 SF

      4975 Washtenaw Ave

      CONVENIENCE STORE • 2,636 SF
      4975 Washtenaw Ave, Ann Arbor, MI 48108-1413
      View Details
    • Value Estimation by Request
      1,717 SF

      4025 Packard St

      CONVENIENCE STORE • 1,717 SF
      4025 Packard St, Ann Arbor, MI 48108-1503
      View Details

    Similar Nearby for Sale

    • $690,000
      3,348 SF

      Ann Arbor Retail Investment Opportunity

      High-visibility retail property with national tenant in Ann Arbor.
      3000 Packard St, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      12,600 SF

      Retail/Medical/Office Development Opportunity

      New construction near Avis Farms, ideal for retail/office.
      5950-5960 South State Rd, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      69 SF

      Ann Arbor Retail Investment Opportunity

      69,911 SF building on 4.51 acres in Ann Arbor.
      425 E Eisenhower Pkwy, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      12,600 SF

      Inglewood Park Retail Space

      Ann Arbor medical/office retail opportunity.
      5950 State Rd, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      69,911 SF

      Ann Arbor Retail Center - Investment Opportunity

      Prime Ann Arbor location, 69,911 SF vacant retail space.
      425 Eisenhower Pkwy, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      12,600 SF

      Inglewood Medical Park: Ann Arbor

      Medical Office Space, Prime Location
      5960 State Rd, Ann Arbor, MI 48108
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,370 SF

      Retail/Medical Space Available For Rent

      Former Urgent Care and Groomer spaces available for rent.
      4003 Carpenter Rd, Pittsfield Township, MI 48108
      View Details
    • $14 SF/Yr
      93,899 SF

      Glencoe Crossing: Retail/Office Space

      Ann Arbor retail & office space available. Multiple suites, high visibility.
      4655 Washtenaw Ave, Ann Arbor, MI 48108
      View Details
    • $27 SF/Yr
      3,925 SF

      Retail, Office, Medical Space Available

      Retail, office, or medical spaces for lease with drive-thru.
      3955 South State St, Ann Arbor, MI 48108
      View Details
    • $26 SF/Yr
      1,200 SF

      Retail Space in Stone Plaza

      1,200 SF retail space available in Ann Arbor, MI.
      4001 Stone School Rd, Ann Arbor, MI 48108
      View Details
    • $18 SF/Yr
      7,339 SF

      Ann Arbor Office Suites Available

      Prime Ann Arbor location, flexible office spaces.
      455 Eisenhower Pkwy, Ann Arbor, MI 48108
      View Details
    • $10 SF/Yr
      19,550 SF

      Ann Arbor Retail Space For Lease

      19,550 SF Single-Tenant Retail Building
      4801 Washtenaw Ave, Ann Arbor, MI 48108
      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.
    3650 State St
    Ann Arbor, MI 48108-1634
    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.
    Sign Up Successful!
    You now have access to more from Realmo!