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    217 N Summit St Ypsilanti, MI 48197

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    For Sale
    $469,900

    Seven-unit income property near Eastern Michigan University campus.

    Lot size:
    0.19 Acres

    Property Features for 217 N Summit St

    General Information

    Lot size
    0.19 Acres

    Building Details

    Year built
    1910

    Source: Real Estate One Inc Agent Michael Lee

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Ypsilanti Income Property Near Campus

    This seven-unit income property is located in Ypsilanti, near the Eastern Michigan University campus. The property generates over $72,000 in gross rental income, with $11,114 in expenses. Each unit has separate electric meters. Updates within the last four years include the roof, heating system, driveway, and parking lot. The current insurance cost is $4848.00. Land contract terms are possible.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Ypsilanti
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.6249808
    Latitude
    42.2443543

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    FAQs

    What type of property is this?
    Apartment building - Seven-unit income property near Eastern Michigan University campus.
    Where is this apartment building located?
    The property is located at 217 N Summit St Ypsilanti, MI.
    What is the asking price?
    The asking price for this property is $469,900.
    What are key features of this property?
    This property features: - High Gross Rental Income: Over $72,000 annually.; - Proximity to Eastern Michigan University Campus.; - Separate Electric Meters for Each Unit.
    (734) 368-8219
    Request Owner's contact information
    217 N Summit St Ypsilanti, MI 48197
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    Realmo Value Estimation

    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.

    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.

    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
    217 N Summit St Ypsilanti, MI 48197
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