416 Perrin St - Apartments FOR SALE


Ypsilanti, MI 48197- Downtown Ypsilanti
$2,000,000 USD
248-800-0153
416 Perrin St, Ypsilanti, MI for Sale
$2,000,000 USD
Apartments - FOR SALE
1/36
null | Request Cap Rate

416 Perrin St
Ypsilanti, MI 48197
Downtown Ypsilanti


HIGHLIGHTS

  • Located across the street from Eastern Michigan University
  • Diverse existing unit mix of studio, one, two, and three bedroom floorplans
  • Option for new owner to complete the project to suit their targeted tenant base
  • Several large employers in the immediate area
  • Increasing quality of life as Ypsilanti continues to grow and develop
  • Close proximity to major expressways

OVERVIEW

Global Real Estate Advisors ("GREA"), as exclusive advisor, is pleased to present the opportunity to acquire Perrin Apartments, a 25-unit multifamily asset with on-site leasing office located in Ypsilanti, Michigan, situated within one mile of Eastern Michigan University's main campus in the heart of Washtenaw County's Ann Arbor-Ypsilanti metropolitan area. The Property is currently vacant and being offered in its current condition with the majority of units down to the studs, presenting a blank-canvas renovation opportunity for an investor seeking to control finish quality, unit configuration, and lease-up strategy from the ground up. A select number of units remain in semi-finished condition featuring luxury vinyl tile flooring and some appliances. The building is equipped with boiler heating and includes dedicated tenant parking behind the building as well as an on-site leasing office to support operational efficiency and lease-up. The Property's immediate proximity to Eastern Michigan University — with enrollment of approximately 16,000 to 18,000 students and over 2,800 faculty and staff — offers the incoming investor flexibility to target EMU's student and graduate student population or market-rate workforce housing serving the broader Ypsilanti and Ann Arbor employment base, tailoring finishes and pricing to the highest-yielding tenant profile.

FOR SALE DETAILS

PRICE

$2,000,000 USD

PRICE/SF

$78 USD /SF

# OF UNITS

25

PRICE/UNIT

$80,000

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Iliad Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1974

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.69 AC

LAND SF

30,056 SF

ZONING

R-4

APN/PARCEL ID

11-40-113-005

ASK ABOUT THIS PROPERTY

Samuel CobbGREAMore Info
248-800-0153

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Samuel CobbGREAMore Info
248-800-0153

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