R4C Zoned Multifamily Apartment
1506 Packard St Ann Arbor, MI 48104
1506 Packard St, Ann Arbor, MI, 48104
$1,485,000
For Sale
$1,485,000
Apartment building with 6 units in R4C zoning, positioned near the University of Michigan and Downtown Ann Arbor.
Property Size3,744 SF
Price / SF$396.63
Days on Market27
Property Features for 1506 Packard St
General Information
- Standard status
- Active
- Size
- 3,744 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1924
Listing Agency
Altitude Commercial Real Estate
(248) 781-8076
Listed by
George Abro · License #6502432561
Source
Altitudecre
Added: Jun 25 Updated: Jul 20 at 4:54 pm Checked: Jul 20 at 4:54 pm
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 Altitude Commercial Real Estate
Investment Insights
Based on property information with market context.
This apartment building offers 6 designed units within a total building size of 3,744 square feet. The property is presented as well-maintained, with longstanding character and architectural detail.
The site is described as being in the Ann Arbor area near Packard corridor and Burns Park, with proximity to the University of Michigan and Downtown Ann Arbor. It is also noted as walkable to retail, dining, and transit.
The building is listed under R4C zoning, described in the remarks as supporting high-density residential use, including student housing. The combination of unit count and zoning profile is positioned to support multifamily rental demand in the area as presented by the seller.
The site is described as being in the Ann Arbor area near Packard corridor and Burns Park, with proximity to the University of Michigan and Downtown Ann Arbor. It is also noted as walkable to retail, dining, and transit.
The building is listed under R4C zoning, described in the remarks as supporting high-density residential use, including student housing. The combination of unit count and zoning profile is positioned to support multifamily rental demand in the area as presented by the seller.
Key Highlights
- Apartment building built in 1924 with 3,744 SF and 6 units
- R4C zoning (high‑density residential/student housing)
- Location near the University of Michigan and Downtown Ann Arbor
Local 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 | $82.2k | $21.96 |
| − Vacancy | −$4.8k | −$1.27 |
| EGI | $77.4k | $20.69 |
| − OpEx | −$34.9k | −$9.31 |
| NOI | $42.6k | $11.38 |
3,744 SF · lease $21.96/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$608.5K
$532.5K – $710.0K
NOI $42,597 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$826.9K
$723.5K – $964.7K
NOI $57,882 @ 7.0% cap · market cap 3.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Apartment building with 6 units in R4C zoning, positioned near the University of Michigan and Downtown Ann Arbor.
Where is this apartment building located?
The property is located at 1506 Packard St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $1,485,000.
What are key features of this property?
This property features: Apartment building built in 1924 with 3,744 SF and 6 units; R4C zoning (high‑density residential/student housing); Location near the University of Michigan and Downtown Ann Arbor
