Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    951 Michigan Ave Ypsilanti, MI 48198

    Sponsored
    For Sale
    Contact for pricing

    6.59 Acres, B-3 Zoning, Development Opportunity

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 6.59-acre commercial land parcel, located at 953 E Michigan Ave in Ypsilanti, Michigan (Washtenaw County, zip code 48198), presents a prime development opportunity. The property, identified by APN K-11-10-205-039, is zoned B-3 General Business, offering significant flexibility for various commercial ventures. Previously occupied by a mobile home park, the site has been completely cleared, eliminating the need for costly demolition. The land is now a blank canvas, ready for immediate development. With a total area of 287,060 square feet, this expansive lot provides ample space for a wide range of projects. The seller is open to negotiations on the price, and a development agreement is a required condition of sale. This presents a unique chance to acquire a sizable, cleared commercial lot in a desirable location, poised for significant future growth. Serious inquiries only. The property is conveniently located near major transportation routes, offering easy access to the surrounding community and beyond. This is an exceptional opportunity for developers seeking a prime location for their next project. All utilities are available at the site.

    Property Features for 951 Michigan Ave

    General Information

    Property type
    Land
    Lot Size
    287,060 SF

    HighLights

    • 287,060 square feet of land.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ypsilanti
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.5944617
    Latitude
    42.2438994

    Nearby Similar for Sale

    • New
      $315,000
      0.14 Acres

      Ypsilanti Duplex Near EMU

      Fully tenanted duplex near Eastern Michigan University.
      611 Emmet St, Ypsilanti, MI 48197
      View Details
    • $380,000
      0.06 Acres

      Ypsilanti Multifamily Investment Opportunity

      Excellent investment property near EMU with potential for a third unit.
      308 Ballard St, Ypsilanti, MI 48197
      View Details
    • $550,000
      1,884 SF

      Income-Generating Four-Unit Property

      Well-maintained four-unit property with immediate income potential in Ypsilanti.
      102 Spring St, Ypsilanti, MI 48197
      View Details
    • $282,000
      0.23 Acres

      Charming Multifamily Home with Updates

      Updated home near parks and eateries, potential for multifamily use.
      112 Perrin St, Ypsilanti, MI 48197
      View Details
    • $1,800,000
      2,822 SF

      Agricultural Property with Two Homes

      42.1-acre property featuring two residences and multiple outbuildings.
      2381 Ridge Rd, Ypsilanti, MI 48198
      View Details
    • $425,000
      3,400 SF

      Multi-Family Property with Rental Appeal

      Well-maintained multi-family property with spacious layouts and strong rental appeal.
      430 N Adams St N, Ypsilanti, MI 48197
      View Details
    • $399,000
      0.14 Acres

      Ypsilanti Multifamily Property For Sale

      Multifamily property near EMU with month-to-month tenants.
      609 Emmet St, Ypsilanti, MI 48197
      View Details
    • $299,000
      4,433 SF

      Downtown Ypsilanti Mixed-Use Property

      Mixed-use property in the heart of Ypsilanti's historic district.
      8 W Michigan Ave, Ypsilanti, MI 48197
      View Details
    • New
      $348,900
      2,250 SF

      Ypsilanti Triplex Investment Opportunity

      Fully occupied triplex near Eastern Michigan University with long-term tenants.
      408 N Hamilton St, Ypsilanti, MI 48197
      View Details
    • $920,000
      0.37 Acres

      Ypsilanti Multifamily Income Property

      Modern 6-unit apartment building near Eastern Michigan University.
      221 N Normal St, Ypsilanti, MI 48197
      View Details
    • $3,600,000
      25,800 SF

      Ypsilanti Commercial Property For Sale

      Commercial property in Ypsilanti, Michigan, with 25,800 square feet.
      265 S Harris Rd, Ypsilanti, MI 48198
      View Details
    • $850,000
      5,656 SF

      Renovated Industrial Flex Space

      Fully renovated flex space with light industrial zoning in Ypsilanti.
      59 Ecorse Rd, Ypsilanti, MI 48198
      View Details

    FAQs

    What type of property is this?
    Land - 6.59 Acres, B-3 Zoning, Development Opportunity
    Where is this land located?
    The property is located at 951 Michigan Ave Ypsilanti, MI.
    What are key features of this property?
    This property features: 287,060 square feet of land.; ;
    Request Owner's contact information
    951 Michigan Ave Ypsilanti, MI 48198
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    951 Michigan Ave
    Ypsilanti, MI 48198
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    951 Michigan Ave Ypsilanti, MI 48198
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.