Triplex with R4C
For Sale
$715,000
547 Elizabeth St, Ann Arbor, MI 48104
Built in 1901, this three-unit triplex offers a residential income setup within Ann Arbor’s R4C zoning district.
Property Size1,563 SF
Price / SF$457.45
Days on Market49
Property Features for 547 Elizabeth St
General Information
Standard status
Active
Size
1,563 SF
Property subtype
Multifamily
Zoning
R4C
Additional Details
Multifamily Units
3
Building Details
Building Size
1,563 SF
Year Built
1901
Tenancy
Multi
Listing Agency:
Altitude Commercial Real Estate
(248) 781-8076
Listed By:
George Abro · License #6502432561
Source:
Altitudecre
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 11 at 5:31AM
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 Altitude Commercial Real Estate
Investment Insights
Based on property information with market context.
This for-sale triplex includes a 1,563 square foot building with three separate units. The property was built in 1901 and is offered as a residential income asset suitable for investors seeking a multi-unit rental structure.
Located at 547 Elizabeth St in Ann Arbor, Michigan, the building is positioned within the city’s R4C zoning district. The current offering is focused on the existing three-unit configuration and the established multifamily/residential income use.
From a tenant and operator standpoint, a three-unit layout can provide multiple rental streams in a single ownership structure. Buyers looking for a straightforward residential income property can evaluate the building’s vintage construction and unit count as key factors, along with the constraints and opportunities associated with the R4C zoning designation. This is presented as an opportunity to add a small multifamily asset in Ann Arbor to a rental portfolio, with the understanding that the property is being sold based on its existing improvements and zoning.
Located at 547 Elizabeth St in Ann Arbor, Michigan, the building is positioned within the city’s R4C zoning district. The current offering is focused on the existing three-unit configuration and the established multifamily/residential income use.
From a tenant and operator standpoint, a three-unit layout can provide multiple rental streams in a single ownership structure. Buyers looking for a straightforward residential income property can evaluate the building’s vintage construction and unit count as key factors, along with the constraints and opportunities associated with the R4C zoning designation. This is presented as an opportunity to add a small multifamily asset in Ann Arbor to a rental portfolio, with the understanding that the property is being sold based on its existing improvements and zoning.
Key Highlights
- Built in 1901, 1,563 SF three‑unit triplex in Ann Arbor, MI
- 3‑unit residential income setup for multifamily or single‑family rental portfolio use
- Zoned R4C
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
$20,255
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
2.83%
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%
$405,100
$405.1K
Cap Rate 7%
$289,357
$289.4K
Cap Rate 9%
$225,056
$225.1K
Market Conditions
NOI Build-Up for 1,563 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
$30.9K $19.80/SF
− Vacancy
−$2.0K −$1.29/SF
EGI
$28.9K $18.51/SF
− OpEx
−$8.7K −$5.55/SF
NOI
$20.3K $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%
$405,100
Cap Rate 7%
$289,357
Cap Rate 9%
$225,056
Alternative Uses
Best Use
Multifamily LT 5
$289.4K
$253.2K – $337.6K
NOI $20,255 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$254.0K
$222.3K – $296.4K
NOI $17,783 @ 7.0% cap · market cap 2.49%
Theoretical Best
Office A
$345.2K
$302.1K – $402.7K
NOI $24,164 @ 7.0% cap · market cap 3.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,061
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Built in 1901, this three-unit triplex offers a residential income setup within Ann Arbor’s R4C zoning district.
Where is this triplex located?
The property is located at 547 Elizabeth St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: Built in 1901, 1,563 SF three‑unit triplex in Ann Arbor, MI; 3‑unit residential income setup for multifamily or single‑family rental portfolio use; Zoned R4C
