Mixed-Use Property with Two
404 W Liberty Street, Ann Arbor, MI 48103
For Sale
$1,600,000
Under Contract
Commercial Sale, Ann Arbor, MI
Property Size5,318 SF
Lot Size0.18 Acres
Price / SF$300.86
Days on Market471
Property Features for 404 W Liberty Street
General Information
Property type
Property subtype
Zoning description
Bathrooms
Full bathrooms
Rooms
Parking
Interior features
Elementary school district
Middle school district
High school district
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Heating system
Cooling system
Amenities
full kitchen
lounge
basement storage
Building Details
Year built
Number of units
Building materials
Roof type
Buildings
Listing Agency:
J Keller Properties, LLC
(734) 369-8239
Listed By:
Jonathon Keller · License MI #6502370935
(734) 323-1072
Added: Jul 28, 2025
Changed: Oct 30
Last Checked: Nov 10 at 5:06PM
MLS# 25037503
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.
This mixed-use property contains two buildings totaling 5,318 square feet on 0.18 acres. The office building at 404 W Liberty Street provides 2,650 square feet with eight private offices, a kitchen, lounge, two bathrooms, and a full basement offering storage space. The second building at 406 W Liberty Street includes a 1,334-square-foot first-floor garage and a 1,334-square-foot upstairs apartment with two bedrooms, one bathroom, large living areas, skylights, and a balcony.
The parcel is zoned D2 and identified as a non-contributing building within the historic west side. A shared driveway serves the property. Improvements date to 1936 and include block, concrete, and stucco construction, forced-air heat, central air, broadband, and a combination of composition and rubber roofing.
The parcel is zoned D2 and identified as a non-contributing building within the historic west side. A shared driveway serves the property. Improvements date to 1936 and include block, concrete, and stucco construction, forced-air heat, central air, broadband, and a combination of composition and rubber roofing.
Key Highlights
- 5,318 SF mixed‑use property on a 0.18‑acre parcel
- Two buildings at 404 W Liberty Street and 406 W Liberty Street
- 2,650 SF office building with 8 private offices, kitchen, lounge, bathrooms, and basement
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.
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,175
Businesses Nearby
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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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Market
Properties on Market for Mixed-use properties in Washtenaw County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building commercial property combines private offices, a garage workspace, an apartment, and basement storage.
Where is this mixed-use property located?
The property is located at 404 W Liberty Street 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: 5,318 SF mixed‑use property on a 0.18‑acre parcel; Two buildings at 404 W Liberty Street and 406 W Liberty Street; 2,650 SF office building with 8 private offices, kitchen, lounge, bathrooms, and basement
