Restored Three-Story Mixed-Use
For Sale
$8,999,999
400 N River St, Ypsilanti, MI 48198
Historic property with restaurant, bar, outdoor gathering areas, and 20 loft residences.
Property Size35,696 SF
Price / SF$252.13
Days on Market98
Property Features for 400 N River St
General Information
Standard status
Active
Size
35,696 SF
Property subtype
Retail, Multifamily
Zoning
B-3
Building Details
Building Size
35,696 SF
Year Built
1861
Listing Agency:
Real Estate One - Ypsilanti
Listed By:
Danielle Dunn
(734) 717-1292
Source:
Cpix.resimplifi
Added: Jul 1
Changed: Sep 5
Last Checked: Oct 5 at 3:08PM
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.
The Thompson Block is a restored three-story Italianate mixed-use building dating to 1861, with historic character preserved throughout the property. The ground level contains Thompson & Co. restaurant and Mash bar, along with outdoor gathering areas. Twenty loft residences occupy the upper floors and are designed around the building’s historic architecture and contemporary residential amenities.
Positioned at the gateway to Ypsilanti’s historic Depot Town, the building occupies a highly visible corner location at 400 N River Street. The property has received a Governor’s Award for Historic Preservation. The offering includes the real estate only; the restaurant business is excluded and remains in operation under its existing commercial lease.
Positioned at the gateway to Ypsilanti’s historic Depot Town, the building occupies a highly visible corner location at 400 N River Street. The property has received a Governor’s Award for Historic Preservation. The offering includes the real estate only; the restaurant business is excluded and remains in operation under its existing commercial lease.
Key Highlights
- Three‑story Italianate mixed‑use building originally built in 1861
- 20 loft residences on the upper floors
- Street‑level restaurant and bar tenancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$495,582
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,220
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic property with restaurant, bar, outdoor gathering areas, and 20 loft residences.
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: Three‑story Italianate mixed‑use building originally built in 1861; 20 loft residences on the upper floors; Street‑level restaurant and bar tenancy
