Restored Historic Mixed-Use
400 N River Street, Ypsilanti, MI 48198
For Sale
$8,999,999
Commercial Sale, Ypsilanti, MI
Property Size31,496 SF
Lot Size0.82 Acres
Price / SF$285.75
Days on Market95
Property Features for 400 N River Street
General Information
Property type
Property subtype
Zoning description
Bathrooms
Full bathrooms
Rooms
Elementary school district
Middle school district
High school district
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
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Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Heating system
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Amenities
outdoor gathering spaces
Building Details
Year built
Number of units
Building materials
Roof type
Buildings
Listing Agency:
Real Estate One Inc
(734) 217-3000
Listed By:
Danielle Dunn
(734) 717-1292
Added: Aug 7
Changed: Oct 30
Last Checked: Nov 9 at 10:06PM
MLS# 26041906
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1861, this restored three-story Italianate building contains 31,496 square feet on 0.82 acres. The property retains historic architectural character and includes street-level restaurant and bar space, along with 20 loft residences on the upper floors. Construction includes wood siding and brick, with forced-air heating, central air, and a rubber roof.
The building occupies a visible corner position at the entrance to Ypsilanti’s historic Depot Town. Thompson & Co. restaurant and Mash bar operate on the ground floor, while the sale covers the real estate only; the restaurant business is excluded and remains under its existing commercial lease. The property has received a Governor’s Award for Historic Preservation.
The building occupies a visible corner position at the entrance to Ypsilanti’s historic Depot Town. Thompson & Co. restaurant and Mash bar operate on the ground floor, while the sale covers the real estate only; the restaurant business is excluded and remains under its existing commercial lease. The property has received a Governor’s Award for Historic Preservation.
Key Highlights
- 31,496‑square‑foot mixed‑use building on 0.82 acres
- Originally built in 1861 and restored as a three‑story Italianate property
- 20 loft residences occupy the upper floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$437,272
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,745,440
$8.7M
Cap Rate 7%
$6,246,743
$6.2M
Cap Rate 9%
$4,858,578
$4.9M
Market Conditions
NOI Build-Up for 31,496 SF
Gross rent
$680.3K $21.60/SF
− Vacancy
−$97.3K −$3.09/SF
EGI
$583.0K $18.51/SF
− OpEx
−$145.8K −$4.63/SF
NOI
$437.3K $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%
$8,745,440
Cap Rate 7%
$6,246,743
Cap Rate 9%
$4,858,578
Alternative Uses
Best Use
Specialty Retail
$6.25M
$5.47M – $7.29M
NOI $437,272 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$5.30M
$4.64M – $6.19M
NOI $371,262 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$9.25M
$8.10M – $10.80M
NOI $647,810 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
1,129
Businesses Nearby
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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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Market
Properties on Market for Mixed-use properties in Washtenaw County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story Italianate property combines leased street-level commercial space with 20 loft residences.
Where is this mixed-use property located?
The property is located at 400 N River Street 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: 31,496‑square‑foot mixed‑use building on 0.82 acres; Originally built in 1861 and restored as a three‑story Italianate property; 20 loft residences occupy the upper floors
