Renovated Mixed-Use
For Sale
$325,000
108 Pearl Street, Ypsilanti, MI 48197
Two-story property combines first-floor commercial space with two upper-level apartments.
Property Size2,580 SF
Price / SF$125.97
Days on Market154
Property Features for 108 Pearl Street
General Information
Standard status
Active
Size
2,580 SF
Property subtype
Retail
Zoning
C (Center)
Listing Agency:
Swisher Commercial
Listed By:
Joe Palms, CCIM · License #MI #6506046399
(734) 662-3676
Source:
Swishercommercial
Added: May 14
Changed: Oct 13
Last Checked: Oct 12 at 5:47PM
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 Swisher Commercial
Investment Insights
Based on property information with market context.
Located at 108 Pearl Street in Ypsilanti, this two-story mixed-use property contains 2,580 square feet of commercial and residential space. The ground level is configured for retail, service, or office use, while the upper floor includes an efficiency apartment and a one-bedroom apartment. The building is fully leased and carries C (Center) zoning.
Renovated elements include a roof installed in 2020, repointed brick, painted cedar walls, exposed brick, and original wood flooring. Tall apartment windows, oversized doors and trim, 10-foot ceilings, and historic cast-iron entrance columns contribute to the building’s period character. The property is part of the G.A.R. Hall Block, one block from Michigan Avenue and within a short walk of Depot Town and Riverside Park. Retail, professional offices, and an art center are located nearby.
Renovated elements include a roof installed in 2020, repointed brick, painted cedar walls, exposed brick, and original wood flooring. Tall apartment windows, oversized doors and trim, 10-foot ceilings, and historic cast-iron entrance columns contribute to the building’s period character. The property is part of the G.A.R. Hall Block, one block from Michigan Avenue and within a short walk of Depot Town and Riverside Park. Retail, professional offices, and an art center are located nearby.
Key Highlights
- 2,580‑square‑foot mixed‑use building with first‑floor commercial space and two second‑floor apartments
- Fully leased property with C (Center) zoning
- Roof replaced in 2020
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,558
Cap Rate
6.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$431,160
$431.2K
Cap Rate 7%
$307,971
$308.0K
Cap Rate 9%
$239,533
$239.5K
Market Conditions
NOI Build-Up for 2,580 SF
Gross rent
$40.2K $15.60/SF
− Vacancy
−$5.8K −$2.23/SF
EGI
$34.5K $13.37/SF
− OpEx
−$12.9K −$5.01/SF
NOI
$21.6K $8.36/SF
Area
Washtenaw County, MI
Vacancy
14.30%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$431,160
Cap Rate 7%
$307,971
Cap Rate 9%
$239,533
Alternative Uses
Best Use
Retail
$501.2K
$438.5K – $584.7K
NOI $35,082 @ 7.0% cap · market cap 10.79%
Second Best
Mixed Use
$308.0K
$269.5K – $359.3K
NOI $21,558 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$758.1K
$663.3K – $884.4K
NOI $53,065 @ 7.0% cap · market cap 16.33%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,231
Businesses Nearby
17k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 27%
Home Improvements & Furnishings 11%
Electronics 8%
Family Dollar
Shops & Services
4,787 visits/mo
0.3 miles
KFC
Dining
4,562 visits/mo
0.2 miles
Sunoco
Shops & Services
2,067 visits/mo
0.2 miles
Ypsi Hardware
Home Improvements & Furnishings
1,861 visits/mo
0.1 miles
Metro by T-Mobile
Electronics
1,358 visits/mo
0.4 miles
Demographics for 48197, MI
67,895
Population
28,649
Households
2.4
Avg Household Size
33
Median Age
47%
College-Educated
94%
High-School Grad
41.2 sq mi
ZIP Area
1,648
Density / Sq Mi
$70,913
Median Household Income
$39,314
Median Earnings
$1,203
Median Rent
$274,100
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story property combines first-floor commercial space with two upper-level apartments.
Where is this mixed-use property located?
The property is located at 108 Pearl Street Ypsilanti, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,580‑square‑foot mixed‑use building with first‑floor commercial space and two second‑floor apartments; Fully leased property with C (Center) zoning; Roof replaced in 2020
