Four-Unit Apartment
For Sale
$395,200
515 N Congress St, Ypsilanti, MI 48197
Converted house offers apartment units, parking, and access to city transit.
Property Size2,122 SF
Price / SF$186.24
Days on Market132
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
Listed By:
Andre Kingston
(810) 292-5176
Source:
Vmrealestatemichigan
Added: Jun 8
Changed: Oct 1
Last Checked: Oct 16 at 9:27AM
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
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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 / Yr
$27,793
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
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
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 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 7.03%
Second Best
Apartment 5plus
$357.3K
$312.7K – $416.9K
NOI $25,013 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$623.5K
$545.6K – $727.4K
NOI $43,645 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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 $395,200.
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
