Triplex with Updated
New
For Sale
$449,900
1860 N Maple Road, Ann Arbor, MI 48103
Multi Family, Ann Arbor, MI
Property Size2,960 SF
Lot Size0.18 Acres
Price / SF$151.99
Days on Market3
Property Features for 1860 N Maple Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R1C
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 6, Bathroom 1, Basement, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 3
Parking
6
Parking features
Driveway
Basement
Daylight, Walk-Out Access, Full
Elementary school
Wines Elementary School
Middle school
Forsythe Middle School
High school
Skyline High School
Elementary school district
Ann Arbor
Middle school district
Ann Arbor
High school district
Ann Arbor
Standard status
Active
APN
09-09-19-214-045
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 122 GARDEN HOMES PARK SUBDIVISION
Tax Annual Amount
6544
Legal Description
LOT 122 GARDEN HOMES PARK SUBDIVISION
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1952
Number of units
3
Building materials
Block, Vinyl Siding
Roof type
Composition
Listing Agency:
Block Real Estate
(734) 274-9521
Listed By:
Gerrit Stukkie · License #6502422438
(248) 817-6819
Added: Sep 23
Changed: Sep 25
Last Checked: Sep 25 at 12:06PM
MLS# 26050610
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit property contains 7 bedrooms, 3 full bathrooms, and 2,960 square feet on a 0.18-acre lot. A valid Certificate of Occupancy is in place. Building improvements include newer furnaces and water heaters, central air, a refreshed lower level, and multiple replacement windows on the main floor and in one unit. The bedroom facing N Maple has sound-reducing windows. Two substantial storage rooms serve the property. 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. Built in 1952, it has block and vinyl siding construction, forced-air heat, public sewer, and driveway parking.
The property is within Ann Arbor Public Schools and within walking distance of city bus service and Garden Homes Park. Built in 1952, it has block and vinyl siding construction, forced-air heat, public sewer, and driveway parking.
Key Highlights
- Three units with 7 bedrooms and 3 full bathrooms
- 2,960 square feet on a 0.18‑acre lot
- Valid Certificate of Occupancy
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 - Three residential units include central air, newer furnaces, and water heaters.
Where is this triplex located?
The property is located at 1860 N Maple Road 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; 2,960 square feet on a 0.18‑acre lot; Valid Certificate of Occupancy
