Historic Mixed-Use
New
For Sale
$8,999,999
400 N River Street, Ypsilanti, MI 48198
COMMERCIAL - Ypsilanti, MI
Property Size31,496 SF
Lot Size0.82 Acres
Price / SF$285.75
Days on Market5
Property Features for 400 N River Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C I
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Ypsilanti
Middle school district
Ypsilanti
High school district
Ypsilanti
Standard status
Active
APN
11-88-04-495-023
Size
31,496 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BLK:100 DIST:11 CITY/MUNI/TWP:YPSILANTI CITY
Tax Annual Amount
19325
Legal Description
BLK:100 DIST:11 CITY/MUNI/TWP:YPSILANTI CITY
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
outdoor gathering spaces
Building Details
Year built
1861
Building materials
Brick
Listing Agency:
Real Estate One Inc
(734) 217-3000
Listed By:
Danielle Dunn
(734) 717-1292
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
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.
Investment Insights
Based on property information with market context.
Built in 1861, this restored three-story Italianate property contains 31,496 square feet on 0.82 acres. The brick building pairs historic architectural character with modern construction and has received a Governor’s Award for Historic Preservation. Central air and forced-air heating serve the building, with cable available.
The ground level includes Thompson & Co. restaurant and Mash bar, along with outdoor gathering areas at a prominent corner location near Ypsilanti’s historic Depot Town. The upper levels contain 20 loft residences designed around the building’s historic features. The offering includes the real estate only; the restaurant business is excluded and remains in operation under its existing commercial lease.
The ground level includes Thompson & Co. restaurant and Mash bar, along with outdoor gathering areas at a prominent corner location near Ypsilanti’s historic Depot Town. The upper levels contain 20 loft residences designed around the building’s historic features. The offering includes the real estate only; the restaurant business is excluded and remains in operation under its existing commercial lease.
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 = 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
$437,272
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
4.86%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story property combines leased restaurant 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
