227 N Grove St - Multi-Family FOR SALE


Ypsilanti, MI 48198- Depot Town
$1,175,000 USD
248-369-5829
227 N Grove St, Ypsilanti, MI for Sale
$1,175,000 USD
Multi-Family - FOR SALE
1/3
null | 5.58% Cap Rate

227 N Grove St
Ypsilanti, MI 48198
Depot Town


HIGHLIGHTS

  • A unique Second Empire design located in a beautiful Historic neighborhood.
  • Some units have porches and some have private patios.
  • High ceilings with large daylit windows and hardwood floors with unique architectural features.

OVERVIEW

This Second Empire 1861 Gem has been completely renovated from inside out and from top to bottom. The Gilbert Mansion is located in the Historic District of Ypsilanti and just two blocks from Historic Depot Town. There are many options for additional revenue for this unique property. 1. Current rents are approximately 10 to 15 percent below the going rate for this area. 2. Install coin laundry, currently theirs a washer and dryer located in the basement at no cost to the tenants. 3. Currently there are 7 storage units located in the basement at no cost to the tenants. This could generate 25. to 35 per month per tenant. 4. Construct a carport and charge a fee of approximately 100.00 per month per vehicle. 5. With minimal upgrades the units could be marketed as Luxury apartments. 6. The property can be converted to condominiums. 5. Convert to luxury units with minimal upgrades, this has the potential of increasing revenues by approximately 20 to 30 percent. 6. Convert these units to condominiums. 7. Apply for a split to create one to two additional building sits. If approved this has the potential to create 4 to 6 additional units.

FOR SALE DETAILS

PRICE

$1,175,000 USD

PRICE/SF

$147 USD /SF

# OF UNITS

7

PRICE/UNIT

$167,857

CAP RATE

5.58%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Gilbert Mansion

PROPERTY TYPE

Multi-Family

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1861

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.46 AC

LAND SF

63,710 SF

ZONING

-

APN/PARCEL ID

11-09-111-002

ASK ABOUT THIS PROPERTY

Christopher WhiteGilbert MansionMore Info
248-369-5829

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Christopher WhiteGilbert MansionMore Info
248-369-5829

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.