3-Unit Multifamily
New
For Sale
$449,900
Pending
1860 N Maple Rd, Ann Arbor, MI 48103
A current Certificate of Occupancy, updated mechanical systems, and substantial shared storage support the three-unit layout.
Property Size2,960 SF
Days on Market2
Property Features for 1860 N Maple Rd
General Information
Standard status
Pending
Size
2,960 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,544
Amenities
central air
storage rooms
soundproof windows
Building Details
Year Built
1952
Units
3
Listing Agency:
Block Real Estate
Listed By:
Gerrit Stukkie · License #6502422438
(734) 274-9521
Source:
Elliman
Added: Sep 24
Last Checked: Sep 24 at 2:14PM
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 Block Real Estate
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,359
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
NOI $38,359 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$481.1K
$421.0K – $561.3K
NOI $33,677 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$653.7K
$572.0K – $762.7K
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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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
