Downtown Studio Apartment
315 S Division St Ann Arbor, MI 48104
315 S Division St, Ann Arbor, MI, 48104
$2,950,000
For Sale
$2,950,000
Four-story, fully occupied 20-unit building with studio apartments and a low-maintenance brick exterior.
Property Size11,324 SF
Price / SF$260.51
Days on Market69
Property Features for 315 S Division St
General Information
- Standard status
- Active
- Size
- 11,324 SF
- Property subtype
- Multifamily
Listing agency
Swisher Commercial
(734) 358-0354
Listed by
Bart Wise · License #MI #6502101921
(734) 358-0354
Source
Swishercommercial
Added: May 14 Updated: Jul 21 at 3:52AM Checked: Jul 21 at 3:52AM
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 Swisher Commercial
Investment Insights
Based on property information with market context.
This four-story multifamily property features 20 studio apartments and is fully occupied. The building has maintained full occupancy for the past 10 years and is described as well maintained and professionally managed.
The property is located at 315 S Division St in downtown Ann Arbor, roughly three blocks from the University of Michigan campus. It is also noted as being close to downtown amenities and near public transit and parking structures.
With 20 studio units in place, the asset presents an in-place rental configuration, with the provided materials noting potential for future value via rental growth and unit upgrades.
The property is located at 315 S Division St in downtown Ann Arbor, roughly three blocks from the University of Michigan campus. It is also noted as being close to downtown amenities and near public transit and parking structures.
With 20 studio units in place, the asset presents an in-place rental configuration, with the provided materials noting potential for future value via rental growth and unit upgrades.
Key Highlights
- Fully occupied 20‑unit, 4‑story apartment building with 20 studio units at 315 S Division, downtown Ann Arbor
- 100% occupied for the past 10 years
- Three blocks from U‑M Campus, with close access to downtown amenities
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $248.7k | $21.96 |
| − Vacancy | −$14.4k | −$1.27 |
| EGI | $234.3k | $20.69 |
| − OpEx | −$105.4k | −$9.31 |
| NOI | $128.8k | $11.38 |
11,324 SF · lease $21.96/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $128,839 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,067 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Four-story, fully occupied 20-unit building with studio apartments and a low-maintenance brick exterior.
Where is this apartment building located?
The property is located at 315 S Division St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Fully occupied 20‑unit, 4‑story apartment building with 20 studio units at 315 S Division, downtown Ann Arbor; 100% occupied for the past 10 years; Three blocks from U‑M Campus, with close access to downtown amenities
