12-Unit Apartment
108-114 3rd St & 507-513 W Huron St, Ann Arbor, MI 48103
For Sale
New
$2,200,000
Four neighboring properties combine under R4C zoning and are fully occupied.
Property Size6,291 SF
Price / SF$349.71
Days on Market2
Property Features for 108-114 3rd St & 507-513 W Huron St
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Site & Location
Neighborhood
Additional Details
Multifamily Units
Tenant in Place
Building Details
Building Size
Year Built
Listing Agency:
Altitude Commercial Real Estate
Listed By:
George Abro · License MI #6502432561
(248) 781-8076
Source:
Altitudecre
Added: Nov 14
Last Checked: Nov 14 at 2:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Altitude Commercial Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This apartment portfolio brings together four neighboring properties with 12 units and 6,291 square feet in total. The buildings are fully occupied and zoned R4C.
The properties are located at 108-114 3rd St and 507-513 W Huron St in Ann Arbor, Michigan.
The properties are located at 108-114 3rd St and 507-513 W Huron St in Ann Arbor, Michigan.
Key Highlights
- 12 apartment units across four properties
- Combined building area of 6,291 square feet
- Fully occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,576
Cap Rate
3.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,431,520
$1.4M
Cap Rate 7%
$1,022,514
$1.0M
Cap Rate 9%
$795,289
$795.3K
Market Conditions
NOI Build-Up for 6,291 SF
Gross rent
$138.2K $21.96/SF
− Vacancy
−$8.0K −$1.27/SF
EGI
$130.1K $20.69/SF
− OpEx
−$58.6K −$9.31/SF
NOI
$71.6K $11.38/SF
Area
Ann Arbor, MI
Vacancy
5.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,431,520
Cap Rate 7%
$1,022,514
Cap Rate 9%
$795,289
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$894.7K – $1.19M
NOI $71,576 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,258 @ 7.0% cap · market cap 4.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,579
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
$455,100
Median Home Value
Market
Average Price Trend$/SF for Apartment buildings in Washtenaw County, MI
Properties on Market for Apartment buildings in Washtenaw County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Four neighboring properties combine under R4C zoning and are fully occupied.
Where is this apartment building located?
The property is located at 108-114 3rd St & 507-513 W Huron St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 12 apartment units across four properties; Combined building area of 6,291 square feet; Fully occupied
