Four-Unit Apartment
For Sale
$416,000
515 N Congress St, Ypsilanti, MI 48197
Converted house offers apartment units, parking, and access to city transit.
Property Size2,122 SF
Price / SF$196.04
Days on Market70
Property Features for 515 N Congress St
General Information
Standard status
Active
Size
2,122 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$42,360
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1843
Listing Agency:
Beal Properties LLC
(810) 292-5176
Listed By:
Andre Kingston
Source:
Vmrealestatemichigan
Added: Jun 24
Changed: Aug 31
Last Checked: Aug 31 at 5:52PM
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 2,122-square-foot multifamily property contains four residential units within a large house originally built in 1843. The building has been adapted for apartment use and is described as well maintained, with on-site parking available.
Located at 515 N Congress St in Ypsilanti, the property is near the university and downtown. City transit, business services, and food establishments are also nearby, adding convenient access to daily amenities for occupants.
Located at 515 N Congress St in Ypsilanti, the property is near the university and downtown. City transit, business services, and food establishments are also nearby, adding convenient access to daily amenities for occupants.
Key Highlights
- Four‑unit residential configuration
- 2,122 square feet of multifamily space
- Large house originally built in 1843
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
$27,793
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
6.68%
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%
$555,860
$555.9K
Cap Rate 7%
$397,043
$397.0K
Cap Rate 9%
$308,811
$308.8K
Market Conditions
NOI Build-Up for 2,122 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
$42.0K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$39.7K $18.71/SF
− OpEx
−$11.9K −$5.61/SF
NOI
$27.8K $13.10/SF
Area
Washtenaw County, MI
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$555,860
Cap Rate 7%
$397,043
Cap Rate 9%
$308,811
Alternative Uses
Best Use
Multifamily LT 5
$397.0K
$347.4K – $463.2K
NOI $27,793 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$357.3K
$312.7K – $416.9K
NOI $25,013 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$623.5K
$545.6K – $727.4K
NOI $43,645 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,233
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?
Quadplex - Converted house offers apartment units, parking, and access to city transit.
Where is this quadplex located?
The property is located at 515 N Congress St Ypsilanti, MI.
What is the asking price?
The asking price for this property is $416,000.
What are key features of this property?
This property features: Four‑unit residential configuration; 2,122 square feet of multifamily space; Large house originally built in 1843
