Two Multifamily Properties with
For Sale
$1,050,000
211 Ferris Street, Ypsilanti, MI 48197
Two adjacent properties totaling ten rental units near downtown.
Property Size3,920 SF
Price / SF$267.86
Days on Market671
Property Features for 211 Ferris Street
General Information
Standard status
Active
Size
3,920 SF
Property subtype
Residential Income / Multi Family
Taxes and HOA fees
Annual Taxes
$4,767
Amenities
Central Air
Forced Air, Natural Gas
true
Yes
1
Building Details
Year Built
1925
Buildings
1
Listing Agency:
C. Hedger Breed
Listed By:
C. Breed · License #6504193788
(734) 216-4666
Source:
Compass
Added: Dec 22, 2024
Changed: Oct 12
Last Checked: Oct 23 at 10:06AM
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 C. Hedger Breed
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Investment Insights
Based on property information with market context.
Two adjacent properties are available for sale, sharing a parking area. The combined properties include a total of ten rental units. Situated within a Federal Historic District, the location provides convenient walking access to downtown amenities. The area has a walk score of 91, indicating it is a Walker's Paradise. The bike score is 66, making it bikeable. Public transportation is readily available, with a transit score of 57, indicating good transit options.
Key Highlights
- Walker's Paradise with a Walk Score of 91
- Features ten rental units total
- Two adjacent properties sharing parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,207
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$924,140
$924.1K
Cap Rate 7%
$660,100
$660.1K
Cap Rate 9%
$513,411
$513.4K
Market Conditions
NOI Build-Up for 3,920 SF
Gross rent
$88.4K $22.56/SF
− Vacancy
−$4.4K −$1.13/SF
EGI
$84.0K $21.43/SF
− OpEx
−$37.8K −$9.64/SF
NOI
$46.2K $11.79/SF
Area
Washtenaw County, MI
Vacancy
5.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$924,140
Cap Rate 7%
$660,100
Cap Rate 9%
$513,411
Alternative Uses
Best Use
Apartment 5plus
$660.1K
$577.6K – $770.1K
NOI $46,207 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,627 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,251
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent properties totaling ten rental units near downtown.
Where is this apartment building located?
The property is located at 211 Ferris Street Ypsilanti, MI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Walker's Paradise with a Walk Score of 91; Features ten rental units total; Two adjacent properties sharing parking
