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    912 Mary St Ann Arbor, MI 48104

    View on Map
    Sponsored
    For Sale
    $5,495,000

    MULTI_FAMILY - Ann Arbor, MI

    Lot size:
    0.21 Acres
    Days on Market:
    30
    Last Refresh:
    Mar 13 at 6:06 am

    Property Features for 912 Mary St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    Rooms
    Bedroom 12, Bathroom 10, Bathroom 9, Bathroom 18, Bedroom 17, Bathroom 2, Bedroom 1, Bedroom 9, Bathroom 22, Bedroom 15, Bathroom 19, Bathroom 24, Basement, Bedroom 2, Bedroom 19, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 20, Bedroom 14, Bathroom 6, Bathroom 14, Bathroom 23, Bedroom 18, Bathroom 21, Bathroom 7, Bathroom 16, Bedroom 22, Bathroom 25, Bathroom 12, Bathroom 8, Bathroom 13, Bedroom 7, Bedroom 10, Bedroom 5, Bedroom 21, Bedroom 3, Bedroom 13, Bedroom 16, Bedroom 11, Bathroom 4, Bedroom 23, Bathroom 20, Bathroom 11, Bathroom 17, Bathroom 1, Bedroom 6, Bathroom 15, Bedroom 8, Bathroom 26
    Bedrooms
    23
    APN
    09-09-32-103-029
    Parking
    12
    Parking features
    Driveway
    Basement
    Full
    Lot size
    0.21 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1901
    Number of units
    4
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Christopher Vessels

    Metro Property Services (734) 668-6686

    Listing agent Christopher Vessels (734) 649-2409

    Listing date Feb 11, 2026

    MLS# 25060642

    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 Property

    This is a fully leased, newly renovated four-unit multifamily property located steps from the University of Michigan's central campus. Renovated in 2024, the property features a total of 23 bedrooms and 24 and a half bathrooms, with each bedroom having its own ensuite bathroom. High-end finishes are present throughout, including stainless steel appliances and granite countertops. Each unit includes its own washer and dryer. The property has a low-maintenance exterior and high-efficiency forced air furnace and A/C. All furnishings are included in the sale. Exterior features include a front deck with Trex decking and a large 700 square foot second-story rear deck. The lot size is 0.21 acres and includes rear parking for 12+ cars. Planned future upzoning of the property would allow a mixed-use building up to 70 ft height (60,000+ sq/ft). The property is adjacent to the IM Building and a new 2300-bed dorm. The property is intended for use as a student rental.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ann Arbor
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.742201
    Latitude
    42.270563

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    FAQs

    What type of property is this?
    Apartment building - Fully leased, renovated student rental near University of Michigan campus.
    Where is this apartment building located?
    The property is located at 912 Mary St Ann Arbor, MI.
    What is the asking price?
    The asking price for this property is $5,495,000.
    What are key features of this property?
    This property features: - Fully Leased for 2026-27, providing immediate rental income.; - Prime location steps from University of Michigan Central Campus, near the IM Building and new 2300 Bed Dorm.; - **23 Bedrooms & 24 1/2 Bathrooms (each bedroom with its own ensuite bathroom)**, ideal for student housing.
    (734) 649-2409
    Request Owner's contact information
    912 Mary 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
    912 Mary St Ann Arbor, MI 48104
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    We can help!
    Listing Contact
    Christopher Vessels
    Real Estate License ID: 6501392137
    (734) 649-2409 (734) 668-6686
    Learn more
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