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    Property profile & analytics

    640 Avis Dr Ann Arbor, MI 48108

    • Office buildings
    • 21,770 SF
    • 3.22 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0457541
    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

    • TLC Eyecare / Eye Care Center
    • ON Semiconductor / Corporate Office
    • Texeira Carpet Co. / Big Box & Wholesale Store
    • Thomson US Inc / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 640 Avis Dr

    Year built
    1995
    Lot size
    3.22 lot acres
    Property size
    21,770 SF
    Property type
    Office buildings
    APN
    L -12-20-101-001
    APU
    L1220101001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,861,000
      Market price range: $1.40M - $4.93M
      AI Estimate
      $2,861,000
      Market price range: $1.40M - $4.93M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,280,000
      Current use
      COMMERCIAL (GENERAL)
      $4,310,000
      Change: +31% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.7412
    Latitude
    42.2122
    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
    $82,097
    $0.00
    $0.00
    $1,617,127
    -
    $0.00
    $0.00
    $3,234,254

    Comparable in this City

    • Value Estimation
      $4,750,000
      35,057 SF

      650 Avis Dr

      OFFICE BUILDING • 35,057 SF
      650 Avis Dr, Ann Arbor, MI 48108-9623
      View Details
    • Value Estimation
      $3,045,000
      24,973 SF

      400 Morgan Rd

      OFFICE BUILDING • 24,973 SF
      400 Morgan Rd, Ann Arbor, MI 48108-9100
      View Details
    • Value Estimation
      $4,105,000
      32,478 SF

      1136 Oak Vly Dr

      OFFICE BUILDING • 32,478 SF
      1136 Oak Vly Dr, Ann Arbor, MI 48108-9624
      View Details
    • Value Estimation
      $2,905,000
      19,882 SF

      3923 Ranchero Dr

      OFFICE BUILDING • 19,882 SF
      3923 Ranchero Dr, Ann Arbor, MI 48108-2774
      View Details
    • Value Estimation by Request
      200 SF

      4240 Packard St

      OFFICE BUILDING • 200 SF
      4240 Packard St, Ann Arbor, MI 48108-1508
      View Details
    • Value Estimation
      $860,000
      3,800 SF

      717 Ellsworth Rd

      OFFICE BUILDING • 3,800 SF
      717 Ellsworth Rd, Ann Arbor, MI 48108-3343
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      27,160 SF

      Ann Arbor Freestanding Office Building

      27,160 SF office building on 3.28 acres.
      500 Avis Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      7,837 SF

      Renovated Office Building Near I-94

      Recently renovated office building with expansion potential on 3.05 acres.
      3989 Research Park Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing

      Three-Story Office Building Near I-94

      37,000 SF office building with abundant windows and individual HVAC.
      4343 Concourse Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing

      Premium Office Space in Ann Arbor

      Class A office building with flexible suites and convenient location.
      3005 Boardwalk St, Ann Arbor, MI 48108
      View Details
    • $2,750,000
      7,190 SF

      Ann Arbor - 2 Property Office Portfolio

      Ann Arbor - 2 Property Office Portfolio
      3945 South State Street, 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

    Similar Nearby for Lease

    • $20 SF/Yr
      67,908 SF

      Waterworks Plaza Office Suites

      Ann Arbor Office Space, Multiple Suites Available
      3131 State St, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      130,961 SF

      Ann Arbor Office Building For Rent

      High-visibility office building in Ann Arbor's South State Street corridor.
      789 E Eisenhower Pkwy, Ann Arbor, MI 48108
      View Details
    • $10 SF/Yr
      1,520 SF

      Avis Farm Office Suite - Ann Arbor

      1,520 SF Office, Ample Parking, Immediate Availability
      540 Avis Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing
      100,477 SF

      Ann Arbor Office Space

      Office building with 100,477 square feet available for rent.
      100 Phoenix Dr, Ann Arbor, MI 48108
      View Details
    • $15 SF/Yr
      11,945 SF

      Ann Arbor Office Space: 11,945 SF

      Modern Ann Arbor office, fully vacant, scenic views.
      1194 Oak Valley Dr, Ann Arbor, MI 48108
      View Details
    • Contact for pricing

      Office Space for Rent

      Office space available for lease in Ann Arbor, Michigan.
      5950 S State Rd, Ann Arbor, MI 48108
      View Details
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    640 Avis Dr
    Ann Arbor, MI 48108
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    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
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