Four-Unit Multifamily
115 College Place Ypsilanti, MI 48197
For Sale
$415,000
MULTI_FAMILY - Colonial - Ypsilanti, MI
Property Size3,076 SF
Lot Size0.14 Acres
Price / SF$134.92
Days on Market111
Property Features for 115 College Place
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Multi-Family
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bathroom 4, Bedroom 4, Basement, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1
- Parking
- 6
- Pets allowed
- Yes
- Interior features
- Smoke Alarm, Carbon Monoxide Alarm(s), Circuit Breakers, Entrance Foyer, Laundry Facility, Programmable Thermostat
- Exterior features
- Lighting, Private Entry, Fenced
- Fencing
- Fenced
- Standard status
- Active
- APN
- 111140430018
- Size
- 3,076 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Description
- *OLD SID - 11 11-170-010-00 YP CITY 20W-12 LOT 10 COLLEGE PLACE ADDITION.
- Tax Annual Amount
- 7882
Utilities
- Heating system
- Radiant
- Cooling system
- Ceiling Fan(s)
- Water source
- Public
Building Details
- Year built
- 1914
- Floors in Building
- 2
- Number of units
- 4
- Building materials
- Vinyl
- Roof type
- Asphalt
- Architectural style
- Colonial
Listing Agency:
J Dillon Realty
(734) 777-4448
Listed By:
Joshua A Dillon · License #6502417067
(734) 777-4448
Added: Apr 8
Changed: Jul 11
Last Checked: Jul 27 at 4:06AM
MLS# 20261020203
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.
Investment Insights
Based on property information with market context.
115 College Place is a well-maintained four-unit multifamily residence with a number of recent updates. The exterior features vinyl siding and Trex composite decking, and the building includes a new boiler system. Multiple units have been refreshed with new finishes while maintaining clean, functional layouts. Residents use a common secured front entry and shared on-site laundry, supported by private parking. The property also offers a full basement with glass block windows that is prepped for finishing, along with a spacious walk-up attic. A detached garage provides additional storage for tools, seasonal items, or other uses.
The property is located at 115 College Place in Ypsilanti, Michigan (Washtenaw County). It sits on a quiet residential street and is described as being blocks from Eastern Michigan University and Depot Town, with expressways nearby. Zoning is multi-family.
This building is suited for investors or owner-operators seeking a leasing-ready asset with on-site resident amenities and practical expansion options. With units currently occupied, the configuration supports straightforward day-to-day management, while the unfinished basement and walk-up attic provide opportunity to add storage or finish additional space, subject to applicable requirements.
The property is located at 115 College Place in Ypsilanti, Michigan (Washtenaw County). It sits on a quiet residential street and is described as being blocks from Eastern Michigan University and Depot Town, with expressways nearby. Zoning is multi-family.
This building is suited for investors or owner-operators seeking a leasing-ready asset with on-site resident amenities and practical expansion options. With units currently occupied, the configuration supports straightforward day-to-day management, while the unfinished basement and walk-up attic provide opportunity to add storage or finish additional space, subject to applicable requirements.
Key Highlights
- 4‑unit multifamily with all units currently leased
- New boiler system and vinyl siding; Trex composite decking for low‑maintenance exterior
- Radiant heating and ceiling fan(s); programmable thermostat, smoke alarms, and carbon monoxide alarm(s)
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.4k | $22.56 |
| − Vacancy | −$3.5k | −$1.13 |
| EGI | $65.9k | $21.43 |
| − OpEx | −$29.7k | −$9.64 |
| NOI | $36.3k | $11.79 |
3,076 SF · lease $22.56/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$575.6K
$503.6K – $671.5K
NOI $40,289 @ 7.0% cap · market cap 9.71%
Second Best
Apartment 5plus
$518.0K
$453.2K – $604.3K
NOI $36,259 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$903.8K
$790.8K – $1.05M
NOI $63,267 @ 7.0% cap · market cap 15.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Leased 4-unit building with secured entry, shared laundry, and private parking near EMU and downtown Ypsilanti.
Where is this quadplex located?
The property is located at 115 College Place Ypsilanti, MI.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 4‑unit multifamily with all units currently leased; New boiler system and vinyl siding; Trex composite decking for low‑maintenance exterior; Radiant heating and ceiling fan(s); programmable thermostat, smoke alarms, and carbon monoxide alarm(s)
