Building Details

Year Built 1869

Construction brick Italianate

Tenancy Multi

Listing Agency: Real Estate One Inc

Listed By: Heide Otto Show Phone

Source: Katie-k

Added: Aug 5 Changed: Oct 3 Last Checked: Oct 7 at 3:47PM

Report an Issue

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

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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.

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 / Yr

$29,371

Cap Rate

4.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$587,420 $587.4K

Cap Rate 7%

$419,586 $419.6K

Cap Rate 9%

$326,344 $326.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,160 SF

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 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 (±1% cap)

NOI $29,371 @ 7.0% cap · market cap 4.46%

Second Best

Apartment 5plus

$363.7K

$318.3K – $424.4K (±1% cap)

NOI $25,461 @ 7.0% cap · market cap 3.86%

Theoretical Best

Office A

$634.7K

$555.3K – $740.5K (±1% cap)

NOI $44,427 @ 7.0% cap · market cap 6.74%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Law Firm HVAC Service Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Similar For Sale Nearby

See more

Four-Unit Apartment Building

515 N Congress St, Ypsilanti, MI 48197

$395,200

2,122 SF

View details

Updated Duplex with Garage

108 N Wallace Blvd, Ypsilanti, MI 48197

$399,900

3,318 SF

View details

Three-Story Apartment Building

430 N Adams Street, Ypsilanti, MI 48197

$385,000

3,400 SF

View details

Two Multifamily Properties with Parking

211 Ferris Street, Ypsilanti, MI 48197

$1,050,000

3,920 SF

View details

Two Multifamily Properties with Parking

100 South Washington Street, Ypsilanti, MI 48197

$1,050,000

10,890 SF

View details

Historic Brick Mixed-Use Building

23 /25 E Cross St, Ypsilanti, MI 48198

$659,000

View details

6-Unit Apartment Building

105 N Adams Street, Ypsilanti, MI 48197

$585,000

0.19 Acres

View details

Renovated Triplex With Coin Laundry

11 S Summit Street, Ypsilanti, MI 48197

$475,000

View details

Fully Occupied Four-Unit Quadplex

126 College Place, Ypsilanti, MI 48197

$395,000

View details

Updated 3-Unit Triplex

2 N Normal Street, Ypsilanti, MI 48197

$385,000

0.08 Acres

View details

4-Unit Quadplex with Detached Garage

425 N Adams Street, Ypsilanti, MI 48197

$375,000

0.18 Acres

View details

Triplex With Driveway Parking

428 N Washington Street, Ypsilanti, MI 48197

$339,000

0.08 Acres

View details

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 $659,000.

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%