918 Main St Ann Arbor, MI 48104-1035

Property Details for 918 Main St

Year built

1952

Lot size

0.07 lot acres

Property size

2,992 SF

Zone code

C1B

Property type

Commercial real estate

APN

09-09-20-403-026

APU

90920403026

Description

This exceptional mixed-use property, located at 918 N Main St in Ann Arbor, Michigan, presents a compelling investment opportunity. The 3,000 square foot, two-story building boasts a prime location near the river and the University of Michigan medical campus, within a high-growth corridor. Currently operating at 100% occupancy with three tenants under a modified lease structure, the property features a high-end spa on the first floor and two studio apartments on the second. The current lease term extends until April 1, 2032, providing significant long-term stability. The building, constructed in 1960 and extensively renovated in 2000, 2010, and 2021, offers 2,800 square feet of net rentable space, generating a substantial net operating income (NOI) of $64,000, resulting in a 5.97% cap rate. The property includes eight parking spaces and sits on a 0.07-acre lot with 1,500 square feet of air rights. The asking price is $1,072,000, translating to $357.33 per square foot. The property is zoned C3 and has a history of rent bumps. Estimated annual property taxes based on the asking price are approximately $20,000. Seller financing is possible, offering flexible terms for qualified buyers. This is a stabilized investment with significant potential for value-add opportunities, such as converting existing space into larger apartments or condos. The property has been meticulously maintained and offers a rare opportunity to acquire a well-performing asset in a desirable location.