Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    408 Felch Street Ann Arbor, MI 48103

    View on Map
    Claim this Listing
    Pending
    $499,900

    LAND - Ann Arbor, MI

    Lot size:
    0.56 Acres
    Added:
    Oct 13, 2025
    Days on Market:
    201
    Last Refresh:
    May 1 at 4:06 am

    Property Features for 408 Felch Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    09-09-20-318-008
    Lot size
    0.56 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    A PART OF LOTS 5, AND 6, BLOCK 11, ''HISCOCK'S ADDITION'', ACCORDING TO THE PLAT THEREOF AS RECORDED IN LIBER 45 OF DEEDS, PAGE 160, WASHTENAW COUNTY RECRODS DESCRIBED AS: COMMENCING AT THE SOUTHWEST CORNER OF SAID BLOCK 11, SAID CORNER ALSO BEING THE SOUTHWEST CORNER OF SAID LOT 5; THENCE ALONG THE SOUTH LINE OF SAID BLOCK 11 AND THE NORTH LINE OF FELCH STREET NORTH 87''47'50'' 244.11 FEET TO THE
    Tax Annual Amount
    5890

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Jeffrey Reiter
    Jeffrey Reiter

    Listing agent Jeffrey Reiter License #6501256643

    Listing office Real Broker LLC 250 Monroe Avenue NW, Ann Arbor, MI

    Listing date Oct 13, 2025

    MLS# 25052628 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.

    Overview

    Ann Arbor Multifamily Land Opportunity

    This property presents a multifamily development opportunity on a 0.56-acre lot located in the Water Hill neighborhood, just blocks from Kerrytown in Ann Arbor, MI. The site is positioned as a potential tear-down and rebuild. The property benefits from its location within the Water Hill subdivision. A shared driveway is present on the property. The site's proximity to neighboring duplexes connected by garages offers a possible development option for the land.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.751215
    Latitude
    42.286632

    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
    • $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
    • $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
    • $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
    • $419,000

      Ann Arbor Duplex For Sale

      Two-unit property in the Waterhill neighborhood, Ann Arbor.
      606 W Summit Street, Ann Arbor, MI 48103
      View Details
    • $480,000

      Ann Arbor Duplex Investment Opportunity

      Updated duplex in Ann Arbor's West Side neighborhood.
      116 Glendale Drive, Ann Arbor, MI 48103
      View Details
    • $950,000

      Vacant Lot Near University Campus

      Rare vacant land parcel near University of Michigan campus.
      1124 Prospect Street, Ann Arbor, MI 48104
      View Details
    • $250,000

      Land Parcel West of Ann Arbor

      2.7-acre parcel with pole barn near Ann Arbor.
      7001 Scio Church Road, Ann Arbor, MI 48103
      View Details
    • $950,000

      Twin Home on Picturesque Acre

      Twin home on over an acre, perfect for rental income.
      5183 Christine Drive, 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
    • $5,295,000

      Ann Arbor Multifamily Investment Property

      Fully leased, renovated student rental near University of Michigan campus.
      912 Mary Street, Ann Arbor, MI 48104
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Large lot near Kerrytown, ideal for multifamily development.
    Where is this residential land & home lot located?
    The property is located at 408 Felch Street Ann Arbor, MI.
    What is the asking price?
    The asking price for this property is $499,900.
    What are key features of this property?
    This property features: Large .56 acre lot; Prime location in Water Hill, near Kerrytown; Multi‑family tear down opportunity
    (248) 376-1513
    We can help!
    Listing Contact
    Jeffrey Reiter
    Jeffrey Reiter
    Real Estate License ID: 6501256643
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!