Mixed-Use Parcel with Office and
For Sale
Under Contract
$1,600,000
404 W Liberty Street, Ann Arbor, MI 48103
COMMERCIAL - Ann Arbor, MI
Property Size5,318 SF
Lot Size0.18 Acres
Price / SF$300.86
Days on Market374
Property Features for 404 W Liberty Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
D2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Parking
10
Interior features
Broadband
Elementary school district
Ann Arbor
Middle school district
Ann Arbor
High school district
Ann Arbor
Subdivision
Ann Arbor/Washtenaw - A
Standard status
Active Under Contract
APN
09-09-29-211-026
Size
5,318 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PRT OF LOTS 11, 12 & 13, BLOCK 2, ASSESSOR'S PLAT NO 3 COM SE COR LOT 11, TH NLY 110 FT FOR POB, TH CONT NLY 73.80....
Tax Annual Amount
16461
Legal Description
PRT OF LOTS 11, 12 & 13, BLOCK 2, ASSESSOR'S PLAT NO 3 COM SE COR LOT 11, TH NLY 110 FT FOR POB, TH CONT NLY 73.80....
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1936
Number of units
2
Building materials
Block, Concrete, Stucco
Roof type
Rubber, Composition
Listing Agency:
J Keller Properties, LLC
(734) 369-8239
Listed By:
Jonathon Keller · License #6502370935
(734) 323-1072
Added: Jul 28, 2025
Changed: Aug 4
Last Checked: Aug 5 at 7:06PM
MLS# 25037503
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.
This mixed-use parcel includes two buildings with ample parking. Building 1 (404 W Liberty) is a 2,650-square-foot office building featuring eight private, right-sized offices. The space also includes a full kitchen, lounge area, two bathrooms, and a full basement with clean, dry storage.
Building 2 (406 W Liberty) includes 1,334 square feet of first-floor garage space that can serve as a shop, gym, or workspace. The second floor has a 1,334-square-foot, two-bedroom, one-bath apartment with large living areas, multiple skylights, and a balcony overlooking the town.
The property is zoned D2 and is considered a “non-contributing building to the historic west side,” with shared driveway access as reflected in the attached survey.
Building 2 (406 W Liberty) includes 1,334 square feet of first-floor garage space that can serve as a shop, gym, or workspace. The second floor has a 1,334-square-foot, two-bedroom, one-bath apartment with large living areas, multiple skylights, and a balcony overlooking the town.
The property is zoned D2 and is considered a “non-contributing building to the historic west side,” with shared driveway access as reflected in the attached survey.
Key Highlights
- Mixed‑use parcel with 2 buildings: 404 W Liberty (2,650 SF office) and 406 W Liberty (1,334 SF garage/workspace plus 1,334 SF apartment)
- 404 W Liberty office building offers 8 offices, a full kitchen, lounge, and 2 bathrooms, plus a full basement for clean, dry storage
- 406 W Liberty includes a large first‑floor 1,334 SF garage space and upstairs 2BD/1BA apartment with large living areas and multiple skylights
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $108.5k | $20.40 |
| − Vacancy | −$8.7k | −$1.63 |
| EGI | $99.8k | $18.77 |
| − OpEx | −$37.4k | −$7.04 |
| NOI | $62.4k | $11.73 |
5,318 SF · lease $20.40/SF/yr · vacancy 8.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$891.1K
$779.8K – $1.04M
NOI $62,380 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$864.4K
$756.3K – $1.01M
NOI $60,505 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,215 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,184
Businesses Nearby
Explore this area
Business Placement
Demographics for 48103, MI
55,605
Population
25,511
Households
2.2
Avg Household Size
40
Median Age
75%
College-Educated
97%
High-School Grad
66.5 sq mi
ZIP Area
836
Density / Sq Mi
$115,513
Median Household Income
$65,698
Median Earnings
$1,760
Median Rent
$455,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building mixed-use property with private-office layout, garage/workshop space, and an upstairs 2-bed apartment.
Where is this mixed-use property located?
The property is located at 404 W Liberty Street Ann Arbor, MI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Mixed‑use parcel with 2 buildings: 404 W Liberty (2,650 SF office) and 406 W Liberty (1,334 SF garage/workspace plus 1,334 SF apartment); 404 W Liberty office building offers 8 offices, a full kitchen, lounge, and 2 bathrooms, plus a full basement for clean, dry storage; 406 W Liberty includes a large first‑floor 1,334 SF garage space and upstairs 2BD/1BA apartment with large living areas and multiple skylights
