Modernist Duplex with
For Sale
$999,000
517-515 Oswego St, Ann Arbor, MI 48104
Separate gas and electric meters and two addresses complement the home’s adaptable two-level layout.
Property Size4,525 SF
Price / SF$220.77
Days on Market94
Property Features for 517-515 Oswego St
General Information
Standard status
Active
Size
4,525 SF
Property subtype
Multi-Family
Building Details
Year Built
1937
Listing Agency:
Howard Hanna Real Estate
Listed By:
Leanne Wade · License #6506046737
(734) 686-2086
Source:
Vmrealestatemichigan
Added: Jun 30
Changed: Sep 29
Last Checked: Oct 1 at 11:49AM
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 Howard Hanna Real Estate
Investment Insights
Based on property information with market context.
This 4,525-square-foot duplex, built in 1937 and designed by modernist architect George Brigham, retains original built-ins, fireplaces and Brigham-designed light fixtures. Living areas and bedrooms span both levels, with a first-floor suite featuring a zero-entry shower and a second-floor primary suite with an en suite bath, walk-in closet and fireplace. A finished lower level adds a full bath and family room. The upper-level family room has triple-pane windows and a private balcony. Recent work includes new insulation, water heaters and a roof; the home also has a two-car attached garage, fenced yard, paver patio and deck.
The property is near the Arboretum entrance on Geddes Avenue. The South University district, Main Street, Kerrytown and the University of Michigan Hospital are reachable on foot or by bicycle. Its corner windows take in views of the surrounding setting.
The property is near the Arboretum entrance on Geddes Avenue. The South University district, Main Street, Kerrytown and the University of Michigan Hospital are reachable on foot or by bicycle. Its corner windows take in views of the surrounding setting.
Key Highlights
- 4,525 square feet; built in 1937
- Designed by modernist architect George Brigham, with original built‑ins, fireplaces and light fixtures
- Duplex layout with two addresses and separate gas and electric meters
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
$58,640
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
5.87%
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%
$1,172,800
$1.2M
Cap Rate 7%
$837,714
$837.7K
Cap Rate 9%
$651,556
$651.6K
Market Conditions
NOI Build-Up for 4,525 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
$89.6K $19.80/SF
− Vacancy
−$5.8K −$1.29/SF
EGI
$83.8K $18.51/SF
− OpEx
−$25.1K −$5.55/SF
NOI
$58.6K $12.96/SF
Area
Ann Arbor, MI
Vacancy
6.50%
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%
$1,172,800
Cap Rate 7%
$837,714
Cap Rate 9%
$651,556
Alternative Uses
Best Use
Multifamily LT 5
$837.7K
$733.0K – $977.3K
NOI $58,640 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$735.5K
$643.5K – $858.1K
NOI $51,483 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$999.4K
$874.5K – $1.17M
NOI $69,956 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Explore this area
Business Placement
Demographics for 48104, MI
41,588
Population
19,173
Households
2.2
Avg Household Size
27
Median Age
82%
College-Educated
98%
High-School Grad
7.8 sq mi
ZIP Area
5,332
Density / Sq Mi
$63,341
Median Household Income
$16,073
Median Earnings
$1,548
Median Rent
$481,600
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?
Duplex - Separate gas and electric meters and two addresses complement the home’s adaptable two-level layout.
Where is this duplex located?
The property is located at 517-515 Oswego St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 4,525 square feet; built in 1937; Designed by modernist architect George Brigham, with original built‑ins, fireplaces and light fixtures; Duplex layout with two addresses and separate gas and electric meters
