Historic
For Sale
$357,000
412 N Washington, Ypsilanti, MI 48197
Three-unit residential property built in 1860 near local shops and neighborhood services.
Property Size2,632 SF
Days on Market50
Property Features for 412 N Washington
General Information
Standard status
Active
Size
2,632 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,429
Building Details
Building Size
2,632 SF
Year Built
1860
Units
3
Listing Agency:
Beal Properties LLC
(586) 894-3566
Listed By:
Andre Ameye
(586) 894-3566
Source:
Insiderealty
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 30 at 11:49PM
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 Beal Properties LLC
Investment Insights
Based on property information with market context.
This three-unit residential property dates to 1860 and is located within Ypsilanti’s historical district. The building is described as well maintained, with each unit offering comfortable living space and professional maintenance.
The property is positioned within walking distance of local shops, including Ace Hardware. Its three-unit configuration supports a range of residential ownership and occupancy arrangements, subject to applicable requirements.
The property is positioned within walking distance of local shops, including Ace Hardware. Its three-unit configuration supports a range of residential ownership and occupancy arrangements, subject to applicable requirements.
Key Highlights
- Three‑unit property built in 1860
- Located in Ypsilanti’s historical district
- Walking distance to local shops
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
$31,025
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
8.69%
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%
$620,500
$620.5K
Cap Rate 7%
$443,214
$443.2K
Cap Rate 9%
$344,722
$344.7K
Market Conditions
NOI Build-Up for 2,632 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
$59.4K $22.56/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$56.4K $21.43/SF
− OpEx
−$25.4K −$9.64/SF
NOI
$31.0K $11.79/SF
Area
Washtenaw County, MI
Vacancy
5.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$620,500
Cap Rate 7%
$443,214
Cap Rate 9%
$344,722
Alternative Uses
Best Use
Multifamily LT 5
$492.5K
$430.9K – $574.6K
NOI $34,473 @ 7.0% cap · market cap 9.66%
Second Best
Apartment 5plus
$443.2K
$387.8K – $517.1K
NOI $31,025 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$773.4K
$676.7K – $902.3K
NOI $54,135 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,241
Businesses Nearby
Explore this area
Business Placement
Demographics for 48197, MI
67,895
Population
28,649
Households
2.4
Avg Household Size
33
Median Age
47%
College-Educated
94%
High-School Grad
41.2 sq mi
ZIP Area
1,648
Density / Sq Mi
$70,913
Median Household Income
$39,314
Median Earnings
$1,203
Median Rent
$274,100
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?
Triplex - Three-unit residential property built in 1860 near local shops and neighborhood services.
Where is this triplex located?
The property is located at 412 N Washington Ypsilanti, MI.
What is the asking price?
The asking price for this property is $357,000.
What are key features of this property?
This property features: Three‑unit property built in 1860; Located in Ypsilanti’s historical district; Walking distance to local shops
