Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    408 N Hamilton St Ypsilanti, MI 48197

    Sponsored
    For Sale
    $348,900

    Triplex - Ypsilanti, MI

    Type:Triplex
    Property size:
    2,250 SF
    Lot size:
    0.14 Acres
    Days on Market:
    27
    Last Refresh:
    Feb 3 at 1:06 am

    Property Features for 408 N Hamilton St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Standard status
    Active
    Zoning
    Multi-Family,Residential
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3
    Bathrooms
    3
    APN
    111140109012
    Parking
    5
    Parking features
    Garage
    Interior features
    Laundry Facility, Egress Window(s), High Spd Internet Avail
    Exterior features
    Lighting
    Basement Y/N
    1
    Size
    2,250 SF
    Lot size
    0.14 Acres

    Utilities

    Heating system
    Baseboard, Forced Air, Natural Gas, Wall Furnace
    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    1929
    Floors in Building
    2
    Building materials
    Stucco
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Eric Miller
    Eric Miller

    RE/MAX Complete (248) 417-8724

    Listing agent Eric Miller (248) 721-9980

    Listing date Jan 8, 2026

    MLS# 20251041154 Listing URL

    Copyright © 2026 Realcomp Limited II. 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

    Ypsilanti Triplex Investment Opportunity

    This fully occupied triplex presents an investment opportunity, generating $40,680 in annual gross rental income. The property houses three long-term tenants, with two having occupied their units for over 15 years and the third for over 5 years. Tenants are responsible for all utility payments. Two units have renewed their leases for an additional 12 months, extending to February 2027, and the third unit is planning to renew their lease in April 2026 for another 12 months. The main floor unit features 3 bedrooms, 1 full bath, a spacious kitchen, hardwood floors, and a sunroom heated with a forced-air furnace. The upper unit includes 2 bedrooms, 1 bath, and a large living room, heated by a boiler system. The basement unit offers 1 bedroom, 1 full bath, and a full kitchen, with heat provided by a wall unit. Each unit is equipped with separate electrical meters and individual hot water tanks. Additional features include a detached garage for storage, a shared basement laundry room, and a shared driveway with parking for all three units. The property is located within walking distance of Eastern Michigan University. The lot size is 0.14 acres, and the property size is 2250 square feet. The property's zoning is Multi-Family and Residential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ypsilanti
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.6171356
    Latitude
    42.2462839

    Nearby Similar for Sale

    • $315,000
      0.14 Acres

      Ypsilanti Duplex Near EMU

      Fully tenanted duplex near Eastern Michigan University.
      611 Emmet St, Ypsilanti, MI 48197
      View Details
    • New
      $360,000
      0.06 Acres

      Ypsilanti Multifamily Investment Opportunity

      Investment property near EMU with potential for a third unit.
      308 Ballard St, Ypsilanti, MI 48197
      View Details
    • $282,000
      0.23 Acres

      Charming Multifamily Home with Updates

      Updated home near parks and eateries, potential for multifamily use.
      112 Perrin St, Ypsilanti, MI 48197
      View Details
    • $1,800,000
      2,822 SF

      Agricultural Property with Two Homes

      42.1-acre property featuring two residences and multiple outbuildings.
      2381 Ridge Rd, Ypsilanti, MI 48198
      View Details
    • $425,000
      3,400 SF

      Multi-Family Property with Rental Appeal

      Well-maintained multi-family property with spacious layouts and strong rental appeal.
      430 N Adams St N, Ypsilanti, MI 48197
      View Details
    • $299,000
      4,433 SF

      Downtown Ypsilanti Mixed-Use Property

      Mixed-use property in the heart of Ypsilanti's historic district.
      8 W Michigan Ave, Ypsilanti, MI 48197
      View Details
    • New
      $285,000
      0.19 Acres

      Income-Producing Duplex Near EMU

      Charming duplex with income potential near EMU and Downtown Ypsi.
      514 Washtenaw Ave, Ypsilanti, MI 48197
      View Details
    • $425,000
      671 SF

      Turnkey Cinnabon & Auntie Anne's Franchise

      Profitable, dual-brand franchise inside Meijer with strong sales and foot traffic.
      3825 Carpenter Rd, Ypsilanti, MI 48197
      View Details
    • $425,000
      671 SF

      Ypsilanti Retail Opportunity For Sale

      Retail property in Ypsilanti, MI, ideal for business opportunity.
      3825 Carpenter Rd, Ypsilanti, MI 48197
      View Details
    • $3,600,000
      25,800 SF

      Ypsilanti Commercial Property For Sale

      Commercial property in Ypsilanti, Michigan, with 25,800 square feet.
      265 S Harris Rd, Ypsilanti, MI 48198
      View Details
    • $850,000
      5,656 SF

      Renovated Industrial Flex Space

      Fully renovated flex space with light industrial zoning in Ypsilanti.
      59 Ecorse Rd, Ypsilanti, MI 48198
      View Details
    • $1,525,000
      0.18 Acres

      Ypsilanti Multifamily Investment Opportunity

      Portfolio of multifamily and single-family homes with value-add potential.
      202 N River St, Ypsilanti, MI 48198
      View Details

    FAQs

    What type of property is this?
    Triplex - Fully occupied triplex near Eastern Michigan University with long-term tenants.
    Where is this triplex located?
    The property is located at 408 N Hamilton St Ypsilanti, MI.
    What is the asking price?
    The asking price for this property is $348,900.
    What are key features of this property?
    This property features: - Fully occupied triplex generating $40,680 in annual gross rental income.; - Long-term tenants in place, with two units recently renewed until February 2027.; - Tenants pay all utilities, reducing landlord expenses.
    (248) 721-9980
    Request Owner's contact information
    408 N Hamilton St Ypsilanti, MI 48197
    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.
    408 N Hamilton St
    Ypsilanti, MI 48197
    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
    408 N Hamilton St Ypsilanti, MI 48197
    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

    We can help!
    Listing Contact
    Eric Miller
    Eric Miller
    Real Estate License ID: 6501370340
    (248) 721-9980
    Learn more
    Google sign-in failed. Please try again or use another login method.