Turnkey Duplex with Central
For Sale
$500,000
Pending
1596/1598 Jones Drive, Ann Arbor, MI 48105
Well-maintained duplex with two 2-bedroom units, central A/C, and in-unit laundry plus parking on a private driveway and street.
Property Size1,632 SF
Days on Market437
Property Features for 1596/1598 Jones Drive
General Information
Standard status
Pending
Size
1,632 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1965
Listing Agency:
Keller Williams Ann Arbor Mrkt
(734) 945-2144
Listed By:
Jessica Carter · License #6506045714
(734) 945-2144
Source:
Exitrealty
Added: May 22, 2025
Changed: Jul 23
Last Checked: Jul 31 at 4:08AM
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 Keller Williams Ann Arbor Mrkt
Investment Insights
Based on property information with market context.
This turnkey duplex offers two matching residential units, each with 2 bedrooms, 1 full bathroom, a spacious living room, and a functional kitchen. Each unit is equipped with a stove, refrigerator, washer, dryer, and central A/C. The property is described as well-maintained and sits on an elevated, hilly landscape with scenic views, with parking available on a private driveway and also street parking.
The duplex is positioned near University of Michigan’s North Campus, with access to parks and public transit noted in the remarks.
Both units are currently under contract. The lower unit is leased on a 3-year term contract for $1,725, with a lease end date of 5/31/2026. The upper unit is leased to an AirB&B under a yearly contract for $1,860, with a lease end date of 8/1/2026. The home energy score is listed as 3.1596 for the lower unit.
The duplex is positioned near University of Michigan’s North Campus, with access to parks and public transit noted in the remarks.
Both units are currently under contract. The lower unit is leased on a 3-year term contract for $1,725, with a lease end date of 5/31/2026. The upper unit is leased to an AirB&B under a yearly contract for $1,860, with a lease end date of 8/1/2026. The home energy score is listed as 3.1596 for the lower unit.
Key Highlights
- Well‑maintained duplex built in 1965 with two 2‑bedroom, 1 full‑bath units
- 816 SF living space per unit; each unit includes a spacious living room and functional kitchen
- Each unit is equipped with central A/C and in‑unit appliances: stove, refrigerator, washer, and dryer
Financial Insights For Multifamily LT 5
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 | $32.3k | $19.80 |
| − Vacancy | −$2.1k | −$1.29 |
| EGI | $30.2k | $18.51 |
| − OpEx | −$9.1k | −$5.55 |
| NOI | $21.1k | $12.96 |
1,632 SF · lease $19.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$302.1K
$264.4K – $352.5K
NOI $21,149 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$265.3K
$232.1K – $309.5K
NOI $18,568 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$360.4K
$315.4K – $420.5K
NOI $25,230 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,246
Businesses Nearby
Explore this area
Business Placement
Demographics for 48105, MI
38,883
Population
16,773
Households
2.3
Avg Household Size
30
Median Age
82%
College-Educated
98%
High-School Grad
49.5 sq mi
ZIP Area
786
Density / Sq Mi
$94,737
Median Household Income
$45,516
Median Earnings
$1,603
Median Rent
$485,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with two 2-bedroom units, central A/C, and in-unit laundry plus parking on a private driveway and street.
Where is this duplex located?
The property is located at 1596/1598 Jones Drive Ann Arbor, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Well‑maintained duplex built in 1965 with two 2‑bedroom, 1 full‑bath units; 816 SF living space per unit; each unit includes a spacious living room and functional kitchen; Each unit is equipped with central A/C and in‑unit appliances: stove, refrigerator, washer, and dryer
