Historic Mixed-Use
For Sale
$665,000
2325 23/25 E Cross St, Ypsilanti, MI 48198
Brick Italianate property combines leased storefronts with residential apartments and studio spaces.
Property Size2,160 SF
Price / SF$307.87
Days on Market27
Property Features for 2325 23/25 E Cross St
General Information
Standard status
Active
Size
2,160 SF
Occupancy
75%
Additional Details
Multifamily Units
2
Building Details
Year Built
1869
Construction
brick Italianate
Tenancy
Multi
Listing Agency:
Real Estate One Inc
(734) 657-2022
Listed By:
Heide Otto
Source:
Katie-k
Added: Aug 5
Changed: Aug 30
Last Checked: Aug 30 at 7:41PM
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 Real Estate One Inc
Investment Insights
Based on property information with market context.
Built in 1869, this brick Italianate mixed-use property occupies the east side of the historic Follett House at 23/25 E Cross St in Ypsilanti. The building includes storefront space, two apartments, three studios designated as non-sleeping spaces, and a fourth-floor studio formerly used by the owner for art production.
The two apartments are fully occupied, while overall building occupancy is reported at 75%. Storefront areas are occupied by established businesses. The Follett House opened on July 4, 1859, providing a documented historic context for the property and its commercial configuration.
The two apartments are fully occupied, while overall building occupancy is reported at 75%. Storefront areas are occupied by established businesses. The Follett House opened on July 4, 1859, providing a documented historic context for the property and its commercial configuration.
Key Highlights
- Brick Italianate mixed‑use property built in 1869
- Two apartments are 100% occupied
- Overall building occupancy is 75%
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
$29,371
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
4.42%
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%
$587,420
$587.4K
Cap Rate 7%
$419,586
$419.6K
Cap Rate 9%
$326,344
$326.3K
Market Conditions
NOI Build-Up for 2,160 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
$45.4K $21.00/SF
− Vacancy
−$3.4K −$1.58/SF
EGI
$42.0K $19.43/SF
− OpEx
−$12.6K −$5.83/SF
NOI
$29.4K $13.60/SF
Area
Washtenaw County, MI
Vacancy
7.50%
Lease Rate
$21.00 /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%
$587,420
Cap Rate 7%
$419,586
Cap Rate 9%
$326,344
Alternative Uses
Best Use
Retail
$419.6K
$367.1K – $489.5K
NOI $29,371 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$363.7K
$318.3K – $424.4K
NOI $25,461 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$634.7K
$555.3K – $740.5K
NOI $44,427 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 48198, MI
40,067
Population
17,379
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
92%
High-School Grad
33.4 sq mi
ZIP Area
1,200
Density / Sq Mi
$63,678
Median Household Income
$36,671
Median Earnings
$1,197
Median Rent
$178,300
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?
Mixed-use property - Brick Italianate property combines leased storefronts with residential apartments and studio spaces.
Where is this mixed-use property located?
The property is located at 2325 23/25 E Cross St Ypsilanti, MI.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Brick Italianate mixed‑use property built in 1869; Two apartments are 100% occupied; Overall building occupancy is 75%
