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Property profile & analytics
OFF-MARKET
Estimated value
$10,615,000
Manufacturing properties
5690 Hines Dr, Ann Arbor, MI 48108-7940
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US43-1825560
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
2000
Total area
76,204 SF
Lot
12.41 ac (540,580 SF)
APN
L -12-21-310-013
UPID
US43-1825560
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.33M
Blend (final)
Blend
$10.62M
Owner & transaction history
State Street 234 LLC · 3 yrs held
State Street 234 LLC
since 2022
Last sale
$11.1M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$15.1M
+135.8%
Office building
$11.5M
+79.3%
Retail stores
$8.8M
+37.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ann Arbor submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ann Arbor submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$10,325,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$6,400,000
Current use
COMMERCIAL (GENERAL)
$15,090,000
Change: +136% · Conversion: Difficult
OFFICE BUILDING
$11,475,000
Change: +79% · Conversion: Difficult
RETAIL STORES
$8,765,000
Change: +37% · Conversion: Moderate
WAREHOUSE, STORAGE
$6,485,000
Change: +1% · Conversion: Easy
Blend value · Realmo final
$10.62M
Range $9.55M – $11.68M · ±10% · vs last sale $11.05M (Jul 5 2022)
Last sale anchor
$11.05M
Jul 5 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$139 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$374,473
Tax year 2023
Assessed value
$5,931,857
Assessed 2024
Previous assessed
$6,519,400
-9.0% YoY
Effective rate
6.31%
On assessed value
Total market value
$11,863,714
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
2000
Heating
SPACE
Total area
76,204 SF
Lot
12.41 ac (540,580 SF)
APN
L -12-21-310-013
UPID
US43-1825560
Jurisdiction
WASHTENAW
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$6.4M
COMMERCIAL (GENERAL)
Est. value
$15.1M
OFFICE BUILDING
Est. value
$11.5M
RETAIL STORES
Est. value
$8.8M
WAREHOUSE, STORAGE
Est. value
$6.5M
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2000
Heating
SPACE
Lot
12.41 ac
Current owner
From public records · entity-resolved
State Street 234 LLC
Entity
Mailing address
6823 S EASTERN AVE STE #101, LAS VEGAS, NV 89119-4694
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
16 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 27, 2022
—
State Street 234 LLC
—
Deed
related
$6,700,000 · Kansas City Life Insurance Co
Jul 5, 2022
$11,050,000
State Street 234 LLC
5690 Hines Drive LLC
Deed
—
Sep 14, 2020
—
5690 Hines Drive LLC
—
Deed
related
$1,575,000 · Comerica Bk
Jan 14, 2020
—
5690 Hines Drive LLC
—
Deed
related
$3,500,000 · Comerica Bk
Sep 21, 2018
—
5690 Hines Drive LLC
—
Grant Deed
related
$6,439,031 · Comerica Bk
Aug 24, 2018
—
Commercial Bk
—
Deed
related
$1,575,000 · Community Dev Commission
Jul 17, 2018
—
5690 Hines Drive LLC
—
Deed
related
$1,290,000 · Community Dev Commission
Jun 19, 2018
—
5690 Hines Drive LLC
—
Deed
related
$1,575,000 · Comerica Bk
May 15, 2018
—
5690 Hines Drive LLC
Advance Local Media LLC
Deed
$1,575,000 · Comerica Bank
Aug 18, 2009
—
Ann Arbor Offset LLC
Herald Publishing Co LLC
Warranty Deed
—
Oct 18, 2007
—
Herald Publishing Co LLC
Ann Arbor News
Warranty Deed
—
—
—
5690 Hines Drive LLC
—
Deed Of Trust
related
$1,290,000 · Community Dev Commission
—
—
5690 Hines Drive LLC
—
Loan Modification
related
$1,575,000 · Comerica Bk
—
—
Commercial Bk
—
Deed Of Trust
related
$1,575,000 · Community Dev Commission
—
—
5690 Hines Drive LLC
—
Loan Modification
related
$3,500,000 · Comerica Bk
—
—
5690 Hines Drive LLC
—
Loan Modification
related
$1,575,000 · Comerica Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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