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    The Largest CRE Database in the US with Over 1 Million Listings

    1136 Prospect #1 St Ann Arbor, MI 48104

    Sponsored
    For Sale
    $2,800,000

    MULTI_FAMILY - Ann Arbor, MI

    Lot size:
    0.15 Acres
    Days on Market:
    18
    Last Refresh:
    Jan 23 at 4:06 am

    Property Features for 1136 Prospect #1 St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 8, Bedroom 10, Bathroom 1, Bathroom 3, Bedroom 2, Bathroom 6, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 12, Bathroom 10, Basement, Bedroom 7, Bathroom 8, Bedroom 9, Bathroom 9, Bathroom 5, Bedroom 5, Bedroom 1, Bathroom 7, Bedroom 11, Bathroom 11, Bathroom 4, Bedroom 4
    Bedrooms
    12
    APN
    09-09-33-234-035
    Parking
    11
    Parking features
    Driveway
    Basement
    Walk-Out Access, Daylight, Full
    Lot size
    0.15 Acres

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1901
    Number of units
    11
    Building materials
    Brick, Stone, Wood Siding
    Roof type
    Slate, Composition

    We can help!

    Listing Contact
    Jade Mazzola
    Jade Mazzola

    @propertiesChristie's Int'l AA (734) 237-6901

    Listing agent Jade Mazzola (734) 585-4038

    Listing date Jan 6, 2026

    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.

    Learn more

    Property Insight Report

    Overview

    Ann Arbor Multifamily Investment Opportunity

    Located in the North Burns Park neighborhood of Ann Arbor, less than half a mile from the University of Michigan, this 11-unit multi-family property presents a rare investment opportunity. Known as the historic Samuel Miller Residence, the property has been impeccably maintained and updated to meet modern city ordinances. The property is zoned R4C and features nine 1-bedroom units, one 2-bedroom unit, and one efficiency. Each unit has unique architectural features, private entry, and updated interiors. The property includes 11 parking spaces, a standout feature rarely found in comparable properties. Electrical, mechanical, and systems (mini-splits) have all been updated to manage efficiency and attract quality tenants. A vacant lot next door is available for separate purchase. A 2026 Certificate of Occupancy permit is in place. This property is ideal for investors seeking a combination of cash flow and appreciation in one of Michigan's most lucrative rental markets.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.734706
    Latitude
    42.267874

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    FAQs

    What type of property is this?
    Apartment building - Historic 11-unit multifamily property near University of Michigan.
    Where is this apartment building located?
    The property is located at 1136 Prospect #1 St Ann Arbor, MI.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: - Rare 11-unit multi-family property in Ann Arbor's iconic row of multi-family homes.; - Prime location in North Burns Park, less than 1/2 mile from the University of Michigan.; - Updated electrical, mechanicals, and mini-split systems for efficiency and tenant appeal.
    (734) 585-4038
    Request Owner's contact information
    1136 Prospect #1 St Ann Arbor, MI 48104
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    Ann Arbor, MI 48104
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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
    1136 Prospect #1 St Ann Arbor, MI 48104
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    We can help!
    Listing Contact
    Jade Mazzola
    Jade Mazzola
    (734) 585-4038
    Learn more
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