Restored Mixed-Use
For Sale
$8,999,999
400 N River St, Ypsilanti, MI 48198
Three-story building pairs loft residences with street-level commercial tenancy.
Property Size35,696 SF
Price / SF$252.13
Days on Market42
Property Features for 400 N River St
General Information
Standard status
Active
Size
35,696 SF
Elevators
Yes
Property subtype
Retail, Multifamily
Zoning
C
Restaurant
Patio
Yes
Liquor License
No
Additional Details
Highway Access
Yes
Multifamily Units
20
Amenities
exposed brick
soaring ceilings
expansive windows
granite countertops
modern cabinetry
full appliance packages
in-unit laundry
private entrance
elevator access
interior mail area
dedicated on-site parking
outdoor dining and gathering spaces
Building Details
Building Size
35,696 SF
Year Built
1861
Buildings
1
Stories
3
Construction
Italianate
Tenancy
Multi
Abandoned
No
Listing Agency:
Real Estate One - Ypsilanti
(734) 717-1292
Listed By:
Danielle Dunn
Source:
Cpix.resimplifi
Added: Jul 1
Changed: Aug 10
Last Checked: Aug 11 at 4:43AM
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 - Ypsilanti
Investment Insights
Based on property information with market context.
Built in 1861 and subsequently restored, this three-story Italianate property combines 35,696 square feet of residential and commercial space. The upper floors contain 20 loft-style residences with exposed brick, high ceilings, expansive windows, granite countertops, modern cabinetry, full appliance packages, and in-unit laundry. Elevator access, a private residential entrance, interior mail area, and dedicated on-site parking support the residential component.
Street-level space is occupied by Thompson & Co. restaurant and Mash bar, with outdoor dining and gathering areas. The restaurant business is excluded from the sale, while the commercial tenant remains under its existing lease. The property carries C zoning and received a Governor’s Award for Historic Preservation. Its address at 400 N River St places it near Eastern Michigan University, Downtown Ypsilanti, Ann Arbor, and I-94.
Street-level space is occupied by Thompson & Co. restaurant and Mash bar, with outdoor dining and gathering areas. The restaurant business is excluded from the sale, while the commercial tenant remains under its existing lease. The property carries C zoning and received a Governor’s Award for Historic Preservation. Its address at 400 N River St places it near Eastern Michigan University, Downtown Ypsilanti, Ann Arbor, and I-94.
Key Highlights
- 35,696‑square‑foot three‑story property built in 1861
- 20 loft‑style residential units on the upper floors
- Street‑level restaurant and bar tenancy remains under an existing commercial lease
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
$495,582
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
5.51%
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%
$9,911,640
$9.9M
Cap Rate 7%
$7,079,743
$7.1M
Cap Rate 9%
$5,506,467
$5.5M
Market Conditions
NOI Build-Up for 35,696 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
$771.0K $21.60/SF
− Vacancy
−$110.3K −$3.09/SF
EGI
$660.8K $18.51/SF
− OpEx
−$165.2K −$4.63/SF
NOI
$495.6K $13.88/SF
Area
Washtenaw County, MI
Vacancy
14.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$9,911,640
Cap Rate 7%
$7,079,743
Cap Rate 9%
$5,506,467
Alternative Uses
Best Use
Specialty Retail
$7.08M
$6.19M – $8.26M
NOI $495,582 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$6.01M
$5.26M – $7.01M
NOI $420,770 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$10.49M
$9.18M – $12.24M
NOI $734,195 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
231
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 - Three-story building pairs loft residences with street-level commercial tenancy.
Where is this mixed-use property located?
The property is located at 400 N River St Ypsilanti, MI.
What is the asking price?
The asking price for this property is $8,999,999.
What are key features of this property?
This property features: 35,696‑square‑foot three‑story property built in 1861; 20 loft‑style residential units on the upper floors; Street‑level restaurant and bar tenancy remains under an existing commercial lease
