Updated Duplex Near Ypsilanti
For Sale
$285,000
111 Ballard St, Ypsilanti, MI 48197
Multi-unit duplex with recent renovations and convenient location.
Property Size1,725 SF
Lot Size0.04 Acres
Days on Market149
Property Features for 111 Ballard St
General Information
Standard status
Active
Size
1,725 SF
Lot size
0.04 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,017
Building Details
Building Size
1,725 SF
Year Built
1916
Units
2
Listing Agency:
(248) 474-6464
Listed By:
Sarah B Myszkier · License #6501379705
(248) 474-6464
Source:
Elliman
Added: Mar 26
Changed: Aug 8
Last Checked: Aug 20 at 10:56AM
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 Sarah B Myszkier
Investment Insights
Based on property information with market context.
This multi-unit duplex is located in a desirable area with convenient access to universities and downtown Ypsilanti. The upper unit features 2 bedrooms, one and a half bathrooms, and an additional room suitable for storage or an office. Windows throughout the home were replaced in 2024, along with the basement floor drain. Updates to the upper unit, completed in 2024, include a remodeled kitchen with new flooring, appliances, cabinets, and counters. The wood floors on the second floor have been refinished. Built-in closets with storage have been added to the third-floor bedroom. First-floor updates include new vinyl plank flooring in the living room and bedroom, along with a new side door. The kitchen cabinets have been painted, and new tile flooring installed. The bathroom features a new vanity. Both units underwent a total renovation in 2024, including new fixtures and hinges. Both units are currently occupied.
Key Highlights
- Completely renovated in 2024 with extensive updates throughout both units.
- Desirable location with convenient access to universities and downtown Ypsilanti.
- Multi‑unit duplex providing potential rental income.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,594
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$451,880
$451.9K
Cap Rate 7%
$322,771
$322.8K
Cap Rate 9%
$251,044
$251.0K
Market Conditions
NOI Build-Up for 1,725 SF
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.
Gross rent
$34.2K $19.80/SF
− Vacancy
−$1.9K −$1.09/SF
EGI
$32.3K $18.71/SF
− OpEx
−$9.7K −$5.61/SF
NOI
$22.6K $13.10/SF
Area
Washtenaw County, MI
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$451,880
Cap Rate 7%
$322,771
Cap Rate 9%
$251,044
Alternative Uses
Best Use
Multifamily LT 5
$322.8K
$282.4K – $376.6K
NOI $22,594 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$290.5K
$254.2K – $338.9K
NOI $20,334 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$506.9K
$443.5K – $591.3K
NOI $35,480 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,241
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Multi-unit duplex with recent renovations and convenient location.
Where is this duplex located?
The property is located at 111 Ballard St Ypsilanti, MI.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Completely renovated in 2024 with extensive updates throughout both units.; Desirable location with convenient access to universities and downtown Ypsilanti.; Multi‑unit duplex providing potential rental income.
