Restored Historic Mixed-Use
For Sale
$8,999,999
400 N River Street, Ypsilanti, MI 48198
Commercial Sale, Ypsilanti, MI
Property Size31,496 SF
Lot Size0.82 Acres
Price / SF$285.75
Days on Market61
Property Features for 400 N River Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C I
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Elementary school district
Ypsilanti
Middle school district
Ypsilanti
High school district
Ypsilanti
Standard status
Active
APN
11-88-04-495-023
Size
31,496 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BLK:100 DIST:11 CITY/MUNI/TWP:YPSILANTI CITY
Tax Annual Amount
19325
Legal Description
BLK:100 DIST:11 CITY/MUNI/TWP:YPSILANTI CITY
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
outdoor gathering spaces
Building Details
Year built
1861
Number of units
21
Building materials
Wood Siding, Brick
Roof type
Rubber
Listing Agency:
Real Estate One Inc
(734) 217-3000
Listed By:
Danielle Dunn
(734) 717-1292
Added: Aug 7
Changed: Sep 16
Last Checked: Oct 6 at 8:06PM
MLS# 26041906
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.
Investment Insights
Based on property information with market context.
Built in 1861, this restored three-story Italianate building contains 31,496 square feet on 0.82 acres. The property retains historic architectural character and includes street-level restaurant and bar space, along with 20 loft residences on the upper floors. Construction includes wood siding and brick, with forced-air heating, central air, and a rubber roof.
The building occupies a visible corner position at the entrance to Ypsilanti’s historic Depot Town. Thompson & Co. restaurant and Mash bar operate on the ground floor, while the sale covers the real estate only; the restaurant business is excluded and remains under its existing commercial lease. The property has received a Governor’s Award for Historic Preservation.
The building occupies a visible corner position at the entrance to Ypsilanti’s historic Depot Town. Thompson & Co. restaurant and Mash bar operate on the ground floor, while the sale covers the real estate only; the restaurant business is excluded and remains under its existing commercial lease. The property has received a Governor’s Award for Historic Preservation.
Key Highlights
- 31,496‑square‑foot mixed‑use building on 0.82 acres
- Originally built in 1861 and restored as a three‑story Italianate property
- 20 loft residences occupy the upper floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$437,272
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,745,440
$8.7M
Cap Rate 7%
$6,246,743
$6.2M
Cap Rate 9%
$4,858,578
$4.9M
Market Conditions
NOI Build-Up for 31,496 SF
Gross rent
$680.3K $21.60/SF
− Vacancy
−$97.3K −$3.09/SF
EGI
$583.0K $18.51/SF
− OpEx
−$145.8K −$4.63/SF
NOI
$437.3K $13.88/SF
Area
Washtenaw County, MI
Vacancy
14.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,745,440
Cap Rate 7%
$6,246,743
Cap Rate 9%
$4,858,578
Alternative Uses
Best Use
Specialty Retail
$6.25M
$5.47M – $7.29M
NOI $437,272 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$5.30M
$4.64M – $6.19M
NOI $371,262 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$9.25M
$8.10M – $10.80M
NOI $647,810 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,129
Businesses Nearby
Explore this area
Business Placement
Demographics for 48198, MI
40,067
Population
17,379
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
92%
High-School Grad
33.4 sq mi
ZIP Area
1,200
Density / Sq Mi
$63,678
Median Household Income
$36,671
Median Earnings
$1,197
Median Rent
$178,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story Italianate property combines leased street-level commercial space with 20 loft residences.
Where is this mixed-use property located?
The property is located at 400 N River Street Ypsilanti, MI.
What is the asking price?
The asking price for this property is $8,999,999.
What are key features of this property?
This property features: 31,496‑square‑foot mixed‑use building on 0.82 acres; Originally built in 1861 and restored as a three‑story Italianate property; 20 loft residences occupy the upper floors
