Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4040 Varsity Dr Ann Arbor, MI 48108-5013

    • Distribution centers
    • 22,500 SF
    • 4.30 lot acres
    OFF-MARKET
    Last Sale
    Dec 28, 2021
    $3,220,000
    Value Estimations
    $2,545,000
    Show details
    Cap Rate Potential
    4.8%
    Distribution centers
    Location Intelligence
    Property ID
    US43-1560846
    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

    • K/E Electric Supply-Ann Arbor / Distribution Center / Logistics Company

    Property Details for 4040 Varsity Dr

    Year built
    1986
    Lot size
    4.30 lot acres
    Property size
    22,500 SF
    Property type
    Distribution centers
    APN
    L -12-16-101-002
    APU
    L1216101002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,135,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,485,000
      6.5%
      $2,295,000
      7%
      $2,130,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,706,000
      Market price range: $1.30M - $2.53M
      AI Estimate
      $1,706,000
      Market price range: $1.30M - $2.53M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,915,000
      Current use
      OFFICE BUILDING
      $3,390,000
      Change: +77% Conversion: Difficult
      RETAIL STORES
      $2,590,000
      Change: +35% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $1,890,000
      Change: -1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.7269
    Latitude
    42.2289
    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
    $51,286
    $0.00
    $0.00
    $1,296,905
    -
    $0.00
    $0.00
    $2,593,810

    Comparable in this City

    • Value Estimation
      $1,150,000
      10,240 SF

      3802 Trade Ctr Dr

      DISTRIBUTION WAREHOUSE • 10,240 SF
      3802 Trade Ctr Dr, Ann Arbor, MI 48108-2071
      View Details
    • Value Estimation by Request
      3,822 SF

      727 Ellsworth Rd

      DISTRIBUTION WAREHOUSE • 3,822 SF
      727 Ellsworth Rd, Ann Arbor, MI 48108-3444
      View Details
    • Value Estimation
      $540,000
      5,822 SF

      727 Ellsworth Rd

      DISTRIBUTION WAREHOUSE • 5,822 SF
      727 Ellsworth Rd, Ann Arbor, MI 48108-3444
      View Details
    • Value Estimation by Request
      3,822 SF

      727 Ellsworth Rd

      DISTRIBUTION WAREHOUSE • 3,822 SF
      727 Ellsworth Rd, Ann Arbor, MI 48108-3444
      View Details
    • Value Estimation by Request
      4,802 SF

      719 Ellsworth Rd

      DISTRIBUTION WAREHOUSE • 4,802 SF
      719 Ellsworth Rd, Ann Arbor, MI 48108-1663
      View Details
    • Value Estimation by Request
      3,724 SF

      727 Ellsworth Rd

      DISTRIBUTION WAREHOUSE • 3,724 SF
      727 Ellsworth Rd, Ann Arbor, MI 48108-3444
      View Details

    Similar Nearby for Sale

    • $3,900,000
      25,494 SF

      Ann Arbor Flex Space - $3.9M

      Versatile industrial building, 25,494 sq ft, 9.48 acres.
      5200 Venture Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      1.25 Acres

      Ann Arbor Industrial Land - 1.25 Acres

      Prime Ann Arbor industrial land, green zone approved.
      3785 Varsity Dr, Ann Arbor, MI 48108
      View Details
    • $6,500,000
      48,673 SF

      Ann Arbor R&D Office/Industrial

      10-acre campus, 48,673 SF, $6.5M
      625 Avis Dr, Ann Arbor, MI 48108
      View Details
    • $5,658,200
      28,176 SF

      Ann Arbor R&D Facility

      Prime Ann Arbor location, multi-tenant flex space.
      401 Morgan Rd, Ann Arbor, MI 48108
      View Details
    • Contact for pricing

      Flex Office Suite in Pittsfield

      Well-located flex office with open floor plan and private entrance.
      4622 Freedom Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      25,494 SF

      Ann Arbor Flex Building

      Flex building with modern office and high-clear warehouse space.
      5200 Venture Dr, Ann Arbor, MI 48108
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      32,352 SF

      Ann Arbor Warehouse - 32,352 SF

      Spacious single-tenant warehouse available. Ideal for industrial operations.
      5075 Venture Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      28,776 SF

      Ann Arbor Flex Space For Lease

      Modern Flex Space, Ann Arbor, MI
      1143 Highland Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      5,820 SF

      Versatile Office/Lab/Flex Space Available

      Adaptable space near I-94, downtown Ann Arbor, and surrounding communities.
      4177 Varsity Dr, Ann Arbor, MI 48108
      View Details
    • $13 SF/Yr
      21,365 SF

      Avis Farms Flex/Industrial Space

      21,365 SF flex/industrial space in Ann Arbor's Avis Farms.
      640 Avis Dr, Ann Arbor, MI 48108
      View Details
    • $8 SF/Yr
      85,883 SF

      Ann Arbor Flex Space Available

      85,000 SF, Multi-Tenant Office/Industrial
      880 Technology Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      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
      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.
    4040 Varsity Dr
    Ann Arbor, MI 48108-5013
    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!