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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    111 Normal St Ypsilanti, MI 48197

    • Commercial real estate
    • 5,876 SF
    • 0.35 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1063603
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 111 Normal St

    Year built
    1844
    Lot size
    0.35 lot acres
    Property size
    5,876 SF
    Property type
    Commercial real estate
    APN
    11-11-40-164-026

    Description

    This exceptional 6-unit apartment building presents a compelling investment opportunity in Ypsilanti, Michigan's historic Midtown district. Located at 111 N Normal St, this three-story walk-up property boasts 5,876 square feet on a 0.351-acre lot (APN: 11-11-40-164-026). Built in 1844 and extensively renovated in 1934 and again in 2024, the building is in excellent condition, showcasing a blend of historic charm and modern updates. The property features a mix of three 2-bedroom and three 1-bedroom units, currently enjoying 100% occupancy with annual leases. All tenants are traditional renters, not students, ensuring stable income and a desirable tenant profile. The building benefits from its prime location, situated one block south of Washtenaw Avenue and Eastern Michigan University, offering a quiet residential setting while enjoying proximity to major thoroughfares. Recent exterior improvements and ongoing aesthetic upgrades further enhance the property's appeal and value. A May 2024 appraisal by a top national appraiser is available. The property is zoned CN - Core Neighborhood, providing investment protection and attracting higher-end renters. This is a rare opportunity to acquire a well-maintained, historically significant multifamily property with strong rental income and significant upside potential in a thriving Michigan community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ypsilanti
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.6235855
    Latitude
    42.2427525

    Comparable in this City

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      Ypsilanti Multifamily Income Property

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      Downtown Ypsilanti Mixed-Use Property

      Mixed-use property in the heart of Ypsilanti's historic district.
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      Charming Multifamily Home with Updates

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    Similar Nearby for Sale

    • $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
    • $469,900

      Ypsilanti Income Property Near Campus

      Seven-unit income property near Eastern Michigan University campus.
      217 N Summit St, Ypsilanti, MI 48197
      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
    • $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
      $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
    • $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

    Similar Nearby for Lease

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      Updated Two-Bedroom Ypsilanti Unit

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      Downtown Ypsilanti Two-Story Retail Space

      Versatile 1,500 SF space in a dynamic commercial corridor.
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      Renovated Retail/Office Space in Ypsilanti

      Renovated commercial space with high ceilings in historic downtown Ypsilanti.
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      Ypsilanti Office Space Available

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    • Contact for pricing
      25,306 SF

      Valley View Shopping Center Retail Space

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    111 Normal St
    Ypsilanti, MI 48197
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    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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