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Property profile & analytics
OFF-MARKET
Estimated value
$1,740,000
Distribution centers
573 State Cir, Ann Arbor, MI 48108-1664
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US43-0936383
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1966
Total area
16,200 SF
Lot
1.01 ac (43,996 SF)
APN
L -12-08-400-020
UPID
US43-0936383
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
Current use
Occupant on record · Public records
-
Northern Vending Inc Big Box & Wholesale Store
-
Valor Physical Therapy Medical Clinic
-
AMH Chiropractic Ann Arbor (Applied Modern Health) Alternative Medicine Practice
-
Whitman Investments Inc Financial Advisor
-
The Pilates Studio at Valor Gym & Fitness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.65M
Comparable Approach
Comparable
$1.82M
Blend (final)
Blend
$1.74M
Owner & transaction history
Buyers Development Group LLC · 3 yrs held
Buyers Development Group LLC
since 2022
Last sale
$1.8M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$2.4M
+77.0%
Retail stores
$1.9M
+35.2%
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
$1,635,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,790,000
6.5%
$1,650,000
7%
$1,535,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,380,000
Current use
OFFICE BUILDING
$2,440,000
Change: +77% · Conversion: Difficult
RETAIL STORES
$1,865,000
Change: +35% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$1,360,000
Change: -1% · Conversion: Easy
Blend value · Realmo final
$1.74M
Range $1.57M – $1.91M · ±10% · vs last sale $1.75M (Nov 7 2022)
Last sale anchor
$1.75M
Nov 7 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
$107 / 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
$39,911
Tax year 2023
Assessed value
$1,705,091
Assessed 2024
Previous assessed
$709,400
+140.4% YoY
Effective rate
2.34%
On assessed value
Total market value
$3,410,182
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1966
Heating
OTHER
Cooling
AC.PACKAGE
Total area
16,200 SF
Lot
1.01 ac (43,996 SF)
APN
L -12-08-400-020
UPID
US43-0936383
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
WAREHOUSE, STORAGE Current
Est. value
$1.4M
OFFICE BUILDING
Est. value
$2.4M
RETAIL STORES
Est. value
$1.9M
INDUSTRIAL (GENERAL)
Est. value
$1.4M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
RETAIL STORES
INDUSTRIAL (GENERAL)
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
1966
Heating
OTHER
Cooling
Yes
Lot
1.01 ac
Current owner
From public records · entity-resolved
Buyers Development Group LLC
Entity
Mailing address
2455 S INDUSTRIAL HWY, ANN ARBOR, MI 48104-6122
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
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 7, 2022
$1,150,000
Buyers Development Group LLC
Icon Ventures LLC
Warranty Deed
—
Nov 7, 2022
$1,750,000
Ellipse Properties LLC
Buyers Development Group LLC
Warranty Deed
—
Jan 17, 2012
$890,000
Icon Ventures LLC
Blackmon,william H & Betsy L
Warranty Deed
$508,500 · Michigan Commerce Bank
Oct 4, 2002
—
Lovell J T
Blackmon,william H & Betsy L
Grant Deed
related
—
—
—
Thomas J Lovell
—
Deed Of Trust
related
$9,000 · Ann Arbor Commerce Bank
—
—
Icon Ventures LLC
—
Deed Of Trust
related
$235,000 · Michigan Certified Development
—
—
Icon Ventures LLC
—
Deed Of Trust
related
$226,000 · Michigan Commerce Bank
—
—
Icon Ventures LLC
—
Deed Of Trust
related
$282,500 · Michigan Commerce Bank
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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