Five-Unit Apartment
For Sale
$799,000
2053 Abbott Ave, Ann Arbor, MI 48103
All five residences are corner units, with windows on three sides and shared on-site laundry and parking.
Property Size3,072 SF
Price / SF$260.09
Days on Market114
Property Features for 2053 Abbott Ave
General Information
Standard status
Active
Size
3,072 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$65,100
Highway Access
Yes
Multifamily Units
5
Amenities
coin-operated laundry
Building Details
Year Built
1960
Buildings
1
Listing Agency:
J Keller Properties, LLC
Listed By:
Jonathon Keller · License #6502370935
(734) 323-1072
Source:
Vmrealestatemichigan
Added: Jun 10
Changed: Oct 1
Last Checked: Oct 1 at 11:48AM
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 J Keller Properties, LLC
Investment Insights
Based on property information with market context.
This 3,072-square-foot apartment building was constructed in 1960 and contains five corner apartments, each with windows on three sides. Two units have been updated; the other three retain period details such as steel cabinetry and hardwood flooring. Open layouts include spacious great rooms and built-in loft-style bookshelves. Coin-operated laundry and parking are available on site.
The property is a short drive from the University of Michigan campus, downtown Ann Arbor, and M-14. Its Certificate of Compliance remains valid through 9/2029. Tenants pay all utilities.
The property is a short drive from the University of Michigan campus, downtown Ann Arbor, and M-14. Its Certificate of Compliance remains valid through 9/2029. Tenants pay all utilities.
Key Highlights
- Five apartments in a 3,072‑square‑foot building constructed in 1960
- Every apartment is a corner unit with windows on three sides
- Two updated units and three with steel cabinets and hardwood floors
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
$34,952
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
4.37%
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%
$699,040
$699.0K
Cap Rate 7%
$499,314
$499.3K
Cap Rate 9%
$388,356
$388.4K
Market Conditions
NOI Build-Up for 3,072 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
$67.5K $21.96/SF
− Vacancy
−$3.9K −$1.27/SF
EGI
$63.5K $20.69/SF
− OpEx
−$28.6K −$9.31/SF
NOI
$35.0K $11.38/SF
Area
Ann Arbor, MI
Vacancy
5.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$699,040
Cap Rate 7%
$499,314
Cap Rate 9%
$388,356
Alternative Uses
Best Use
Apartment 5plus
$499.3K
$436.9K – $582.5K
NOI $34,952 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$678.5K
$593.7K – $791.6K
NOI $47,493 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
983
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - All five residences are corner units, with windows on three sides and shared on-site laundry and parking.
Where is this apartment building located?
The property is located at 2053 Abbott Ave Ann Arbor, MI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Five apartments in a 3,072‑square‑foot building constructed in 1960; Every apartment is a corner unit with windows on three sides; Two updated units and three with steel cabinets and hardwood floors
