Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Vacant Lot Near University Campus Title is generated by Realmo AI

    1124 Prospect Street, Ann Arbor, MI 48104

    View on Map
    Claim this Listing
    For Sale
    $950,000

    LAND - Ann Arbor, MI

    Lot size:
    0.15 Acres
    Added:
    Jan 5, 2026
    Days on Market:
    132
    Last Refresh:
    May 17 at 2:06 am

    Property Features for 1124 Prospect Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    09-09-33-234-036
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LOT 23 MILLERS ADDN
    Tax Annual Amount
    1094

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Jade Mazzola
    Jade Mazzola

    Listing agent Jade Mazzola

    Listing office @properties Christie's Int'lAA 912 N Main Street suite 200, Ann Arbor, MI

    Listing date Jan 5, 2026

    MLS# 26000449 Listing URL

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Last remaining vacant lot in Ann Arbor's most lucrative rental market.
    • Walking distance to University of Michigan main campus and athletic fields.
    • Rare opportunity for new construction in an area with almost no available land.
    • Utilities are at the street.
    • Located in a highly desirable district.
    • Public water and sewer available.

    Overview

    This vacant lot is located within walking distance of the University of Michigan's main campus and athletic fields. Situated in Ann Arbor's lucrative rental market, the parcel offers an opportunity for new construction in an area with limited land availability. Utilities are accessible at the street. The lot has a size of 0.15 acres and is ready for development. This property is located in Washtenaw County, Michigan.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.734829
    Latitude
    42.267983

    Nearby Similar for Sale

    • $300,000
      2,256 SF

      Ann Arbor Commercial Repositioning Opportunity

      Versatile commercial property with high-traffic frontage in Ann Arbor.
      4090 Packard Street, Ann Arbor, MI 48108
      View Details
    • $475,000
      3,552 SF

      Versatile Ann Arbor Commercial Property

      5.71 acres with flexible zoning and custom Wick barn.
      5832 Pontiac Trail, Ann Arbor, MI 48105
      View Details
    • $475,000
      3,552 SF

      Versatile Land with Custom Barn

      5.71 acres in Ann Arbor with AG/Office zoning.
      5832 Pontiac Trail, Ann Arbor, MI 48105
      View Details
    • $585,000

      Ann Arbor Lakefront Building Site

      3+ acre lakefront lot in Ann Arbor with many possibilities.
      5900 Cherry Hill Road, Ann Arbor, MI 48105
      View Details
    • $549,000

      Charming Duplex Near Downtown

      Investment opportunity: charming duplex with updated amenities near downtown.
      413 S Revena Boulevard, Ann Arbor, MI 48103
      View Details
    • $690,000
      3,348 SF

      Ann Arbor Retail Investment Opportunity

      High-visibility retail property with national tenant in Ann Arbor.
      3000 Packard Street, Ann Arbor, MI 48108
      View Details
    • $790,000

      Ann Arbor Multi-Family Investment

      Investment opportunity near University of Michigan with potential for six occupants.
      1505 S State Street, Ann Arbor, MI 48104
      View Details
    • $685,000

      Ann Arbor Multifamily Investment Opportunity

      Two-family home near University of Michigan with income potential.
      711 Granger Avenue, Ann Arbor, MI 48104
      View Details
    • $3,750,000

      Ann Arbor Multifamily Investment Opportunity

      Historic 11-unit property near University of Michigan with development potential.
      1136 Prospect Street, Ann Arbor, MI 48104
      View Details
    • $145,000

      Ann Arbor Land Parcel

      Land parcel in Ann Arbor, close to amenities.
      2900 Sharon Drive, Ann Arbor, MI 48108
      View Details
    • $2,575,000

      Renovated Multi-Unit Near University Campus

      Renovated student rental property near University of Michigan's Central Campus.
      1104 Packard Street, Ann Arbor, MI 48104
      View Details
    • $199,999

      Ann Arbor Build-to-Suit Land

      1.3-acre corner parcel for custom home in Ann Arbor.
      4031 Clark Road, Ann Arbor, MI 48105
      View Details

    FAQs

    What type of property is this?
    Land - Rare vacant land parcel near University of Michigan campus.
    Where is this land located?
    The property is located at 1124 Prospect Street Ann Arbor, MI.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Last remaining vacant lot in Ann Arbor's most lucrative rental market.; Walking distance to University of Michigan main campus and athletic fields.; Rare opportunity for new construction in an area with almost no available land.
    (734) 585-4038
    We can help!
    Listing Contact
    Jade Mazzola
    Jade Mazzola
    Learn More
    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.
    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

    Thank You for Inquiry
    1124 Prospect Street, Ann Arbor, MI 48104
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!