4-Unit
608 Pearl St., Ypsilanti, MI 48198
For Sale
Contact for pricing
On-site parking supports the property's four residential units.
Property Size2,800 SF
Price / SF$170
Days on Market47
Property Features for 608 Pearl St.
General Information
Standard status
Size
Property subtype
Zoning
Net Operating Income
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
on-site parking
Listing Agency:
Beal Properties LLC
Listed By:
Stewart Beal · License MI #6505380163
(734) 602-5700
Source:
Crexi
Added: Sep 25
Changed: Nov 8
Last Checked: Nov 8 at 2:39PM
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 2,800-square-foot quadplex contains four apartments: one with a bedroom, one with two bedrooms, and two with three bedrooms. Mechanical systems were replaced in 2022, and parking is available on site.
The property is near Downtown Ypsilanti and is zoned Core Neighborhood.
The property is near Downtown Ypsilanti and is zoned Core Neighborhood.
Key Highlights
- Four apartments: one 1‑bedroom, one 2‑bedroom, and two 3‑bedroom units
- 2,800 square feet across four residential units
- Mechanical systems replaced in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,674
Cap Rate
7.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$733,480
$733.5K
Cap Rate 7%
$523,914
$523.9K
Cap Rate 9%
$407,489
$407.5K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$55.4K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$52.4K $18.71/SF
− OpEx
−$15.7K −$5.61/SF
NOI
$36.7K $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%
$733,480
Cap Rate 7%
$523,914
Cap Rate 9%
$407,489
Alternative Uses
Best Use
Multifamily LT 5
$523.9K
$458.4K – $611.2K
NOI $36,674 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$471.5K
$412.6K – $550.1K
NOI $33,005 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$822.7K
$719.9K – $959.8K
NOI $57,590 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,150
Businesses Nearby
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Business Placement
Demographics for 48198, MI
40,067
Population
17,379
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
92%
High-School Grad
33.4 sq mi
ZIP Area
1,200
Density / Sq Mi
$63,678
Median Household Income
$36,671
Median Earnings
$1,197
Median Rent
$178,300
Median Home Value
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Market
Properties on Market for Quadplexes in Washtenaw County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - On-site parking supports the property's four residential units.
Where is this quadplex located?
The property is located at 608 Pearl St. Ypsilanti, MI.
What is the asking price?
The asking price for this property is $476,000.
What are key features of this property?
This property features: Four apartments: one 1‑bedroom, one 2‑bedroom, and two 3‑bedroom units; 2,800 square feet across four residential units; Mechanical systems replaced in 2022
