Mixed-Use Property with Office
For Sale
$1,600,000
Pending
404 W Liberty St, Ann Arbor, MI 48103
Two buildings combine private offices with garage/workshop space and an upstairs apartment.
Property Size5,318 SF
Days on Market471
Property Features for 404 W Liberty St
General Information
Standard status
Pending
Size
5,318 SF
Property subtype
Commercial
Zoning
D2
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Office Units
8
Amenities
kitchen
lounge
Building Details
Year Built
1936
Buildings
2
Listing Agency:
J Keller Properties, LLC
Listed By:
Jonathon Keller · License #6502370935
(734) 323-1072
Source:
Vmrealestatemichigan
Added: Jun 22, 2025
Changed: Oct 1
Last Checked: Oct 5 at 7:03PM
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 J Keller Properties, LLC
Investment Insights
Based on property information with market context.
At 404–406 W Liberty St, two buildings provide office, garage, and residential space. The 2,650-square-foot office building includes eight private offices, a kitchen, lounge, two bathrooms, and a basement for storage. The second building has a 1,334-square-foot garage area on the ground floor and a 1,334-square-foot, two-bedroom, one-bathroom apartment above. The apartment features multiple skylights and a balcony.
The property is zoned D2 and is identified as a non-contributing building to the historic west side. A shared driveway serves the site. The buildings date to 1936.
The property is zoned D2 and is identified as a non-contributing building to the historic west side. A shared driveway serves the site. The buildings date to 1936.
Key Highlights
- 2,650‑square‑foot office building with eight private offices
- Office building includes a kitchen, lounge, two bathrooms, and basement storage
- Second building has a 1,334‑square‑foot ground‑floor garage area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,380
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,247,600
$1.2M
Cap Rate 7%
$891,143
$891.1K
Cap Rate 9%
$693,111
$693.1K
Market Conditions
NOI Build-Up for 5,318 SF
Gross rent
$108.5K $20.40/SF
− Vacancy
−$8.7K −$1.63/SF
EGI
$99.8K $18.77/SF
− OpEx
−$37.4K −$7.04/SF
NOI
$62.4K $11.73/SF
Area
Ann Arbor, MI
Vacancy
8.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,247,600
Cap Rate 7%
$891,143
Cap Rate 9%
$693,111
Alternative Uses
Best Use
Mixed Use
$891.1K
$779.8K – $1.04M
NOI $62,380 @ 7.0% cap · market cap 3.90%
Second Best
Office B
$853.5K
$746.8K – $995.8K
NOI $59,746 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,215 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 48103, MI
55,605
Population
25,511
Households
2.2
Avg Household Size
40
Median Age
75%
College-Educated
97%
High-School Grad
66.5 sq mi
ZIP Area
836
Density / Sq Mi
$115,513
Median Household Income
$65,698
Median Earnings
$1,760
Median Rent
$455,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine private offices with garage/workshop space and an upstairs apartment.
Where is this mixed-use property located?
The property is located at 404 W Liberty St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 2,650‑square‑foot office building with eight private offices; Office building includes a kitchen, lounge, two bathrooms, and basement storage; Second building has a 1,334‑square‑foot ground‑floor garage area
