Building Details

Year Built 1952

Units 3

Listing Agency: Block Real Estate

Listed By: Gerrit Stukkie · License #6502422438 Show Phone

Source: Elliman

Added: Sep 24 Changed: Sep 26 Last Checked: Oct 7 at 1:08PM

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Investment Insights

Based on property information with market context.

Built in 1952, this three-unit multifamily property contains 2,960 square feet, with 7 bedrooms and 3 full bathrooms. A valid Certificate of Occupancy is in place. Recent improvements include newer furnaces, central air, water heaters, a refreshed lower level, and new windows on the main floor and in a unit. The bedroom facing N Maple Road has soundproof windows. Two large storage rooms serve the property, and the upper unit is occupied under a month-to-month lease.

The property is within Ann Arbor Public Schools and within walking distance of city bus service and Garden Homes Park. WalkScore is 71, BikeScore is 79, and TransitScore is 42.

Key Highlights

• Three units with 7 bedrooms and 3 full bathrooms across 2,960 square feet
• Valid Certificate of Occupancy
• Newer furnaces, central air, and water heaters

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,359

Cap Rate

8.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$767,180 $767.2K

Cap Rate 7%

$547,986 $548.0K

Cap Rate 9%

$426,211 $426.2K

Market Conditions

NOI Build-Up for 2,960 SF

Gross rent

$58.6K $19.80/SF

− Vacancy

−$3.8K −$1.29/SF

EGI

$54.8K $18.51/SF

− OpEx

−$16.4K −$5.55/SF

NOI

$38.4K $12.96/SF

Area

Ann Arbor, MI

Vacancy

6.50%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$767,180

Cap Rate 7%

$547,986

Cap Rate 9%

$426,211

Alternative Uses

Best Use

Multifamily LT 5

$548.0K

$479.5K – $639.3K (±1% cap)

NOI $38,359 @ 7.0% cap · market cap 8.53%

Second Best

Apartment 5plus

$481.1K

$421.0K – $561.3K (±1% cap)

NOI $33,677 @ 7.0% cap · market cap 7.49%

Theoretical Best

Office A

$653.7K

$572.0K – $762.7K (±1% cap)

NOI $45,761 @ 7.0% cap · market cap 10.17%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Spa & Massage Center Hair Salon Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

173

Businesses Nearby

Explore this area Business Placement

Demographics for 48103, MI

55,605

Population

25,511

Households

2.2

Avg Household Size

40

Median Age

75%

College-Educated

97%

High-School Grad

66.5 sq mi

ZIP Area

836

Density / Sq Mi

$115,513

Median Household Income

$65,698

Median Earnings

$1,760

Median Rent

$455,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - A current Certificate of Occupancy, updated mechanical systems, and substantial shared storage support the three-unit layout.

Where is this triplex located?

The property is located at 1860 N Maple Rd Ann Arbor, MI.

What is the asking price?

The asking price for this property is $449,900.

What are key features of this property?

This property features: Three units with 7 bedrooms and 3 full bathrooms across 2,960 square feet; Valid Certificate of Occupancy; Newer furnaces, central air, and water heaters