Two-Bedroom Residential Income
For Sale
$265,000
1241 Addington Lane, Ann Arbor, MI 48108
A second-floor layout pairs vaulted living-room ceilings with a balcony and a primary suite with a walk-in closet.
Property Size1,217 SF
Price / SF$217.75
Days on Market137
Property Features for 1241 Addington Lane
General Information
Standard status
Active
Size
1,217 SF
Property subtype
Condominium,1 to 4 Units,Attached
Site & Location
Neighborhood
Briarwood
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,164
Building Details
Building Size
1,217 SF
Year Built
2004
Listing Agency:
Howard Hanna Real Estate Services-Tecumseh
Listed By:
Jennifer Caruso · License #6501386184
(248) 640-5548
Source:
Desertdouglas
Added: Jun 17
Changed: Oct 27
Last Checked: Oct 27 at 3:13AM
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 Howard Hanna Real Estate Services-Tecumseh
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Investment Insights
Based on property information with market context.
Built in 2004, this 1,217-square-foot second-floor condominium has two bedrooms and two full bathrooms. Its plan includes a living room with vaulted ceilings, a dining area, kitchen, laundry room, and exterior balcony. The primary bedroom has an en-suite bathroom and walk-in closet. Recent updates include fresh paint and new flooring, and all appliances are included.
The condo is in Ann Arbor, with public transportation nearby. HOA coverage includes exterior maintenance, snow removal, water, sewer, and trash. A one-year home warranty is offered.
The condo is in Ann Arbor, with public transportation nearby. HOA coverage includes exterior maintenance, snow removal, water, sewer, and trash. A one-year home warranty is offered.
Key Highlights
- 1,217 square feet with two bedrooms and two full bathrooms
- Second‑floor home with an exterior balcony
- Vaulted living‑room ceilings; primary bedroom includes an en‑suite bath and walk‑in closet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,846
Cap Rate
5.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$276,920
$276.9K
Cap Rate 7%
$197,800
$197.8K
Cap Rate 9%
$153,844
$153.8K
Market Conditions
NOI Build-Up for 1,217 SF
Gross rent
$26.7K $21.96/SF
− Vacancy
−$1.6K −$1.27/SF
EGI
$25.2K $20.69/SF
− OpEx
−$11.3K −$9.31/SF
NOI
$13.8K $11.38/SF
Area
Ann Arbor, MI
Vacancy
5.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$276,920
Cap Rate 7%
$197,800
Cap Rate 9%
$153,844
Alternative Uses
Best Use
Apartment 5plus
$197.8K
$173.1K – $230.8K
NOI $13,846 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$268.8K
$235.2K – $313.6K
NOI $18,815 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
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Business Placement
Demographics for 48108, MI
26,639
Population
12,508
Households
2.1
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
16.8 sq mi
ZIP Area
1,586
Density / Sq Mi
$80,425
Median Household Income
$46,434
Median Earnings
$1,316
Median Rent
$378,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A second-floor layout pairs vaulted living-room ceilings with a balcony and a primary suite with a walk-in closet.
Where is this residential income property located?
The property is located at 1241 Addington Lane Ann Arbor, MI.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 1,217 square feet with two bedrooms and two full bathrooms; Second‑floor home with an exterior balcony; Vaulted living‑room ceilings; primary bedroom includes an en‑suite bath and walk‑in closet
