Downtown Ypsilanti Mixed-Use
8 W MICHIGAN Avenue Ypsilanti, MI 48197
For Sale
$299,000
Pending
Mixed-use property in downtown Ypsilanti's historic district.
Property Size2,041 SF
Lot Size0.06 Acres
Days on Market591
Property Features for 8 W MICHIGAN Avenue
General Information
- Standard status
- Pending
- Size
- 2,041 SF
- Lot size
- 0.06 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1942
Listing Agency:
KW Professionals Brighton
(734) 459-4700
Listed By:
Edward M Lang · License #6501375969
(734) 459-4700
Source:
Exitrealty
Added: Dec 11, 2024
Changed: Jul 6
Last Checked: Jul 25 at 3:02AM
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 KW Professionals Brighton
Investment Insights
Based on property information with market context.
Located in downtown Ypsilanti, within the heart of the historic district, this mixed-use property is zoned B-3, which is designed to promote development, redevelopment, and continued maintenance of the downtown area. The property features three apartment units and two retail spaces. Exterior has been newly painted, and the retail spaces have had improvements to enhance curb appeal. A six-space parking lot is included with the property. The property size is 2041 square feet.
Key Highlights
- Located in the heart of the Ypsilanti Historic District.
- Zoned B‑3 to promote development and redevelopment.
- Includes six (6) space parking lot.
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 | $46.0k | $22.56 |
| − Vacancy | −$2.3k | −$1.13 |
| EGI | $43.7k | $21.43 |
| − OpEx | −$19.7k | −$9.64 |
| NOI | $24.1k | $11.79 |
2,041 SF · lease $22.56/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Retail
$396.5K
$346.9K – $462.5K
NOI $27,752 @ 7.0% cap · market cap 9.28%
Second Best
Apartment 5plus
$343.7K
$300.7K – $401.0K
NOI $24,058 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$599.7K
$524.7K – $699.7K
NOI $41,979 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Infinitee Customs
Clothing Store
FAQs
What type of property is this?
Mixed-use property - Mixed-use property in downtown Ypsilanti's historic district.
Where is this mixed-use property located?
The property is located at 8 W MICHIGAN Avenue Ypsilanti, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Located in the heart of the Ypsilanti Historic District.; Zoned B‑3 to promote development and redevelopment.; Includes six (6) space parking lot.
