Ypsilanti Industrial

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 29979163
Property Subtypes: Student Housing
Status: Pending/Contingent
Building Status: Proposed
Number of Units: 600 Units
Building Size (RSF): 210,000 SF
Gross Building Area: See Agent
Gross Land Area: 8.59 Acres
Sale Price: $3,375,000
Unit Price: $5,625 Per Unit
Ceiling: 32 ft.
Drive In Bays: 5 Bays
Property Use Type: Vacant/Owner-User
Building Name: 800 Lowell St. & 725 N. Huron St.
Sale Terms: Cash to Seller
Last Updated: 9/19/2017

Overview / Comments

Site presented for re-development for multi-family housing for Eastern Michigan University, whose campus is directly across the street. Architectural studies put 600 beds on the site.

Additional Details

Nearest MSA: Ann Arbor
County: Washtenaw
Submarket/Township: Washtenaw E of 23
Tax ID/APN: 11-11-04-335-001
Zoning: M-1, M-2
Percent Occupied: 70%
Market Type: Medium
Property Located Between: Huron River Dr. & Forest
Road Type: Paved
Transportation: Bus
Site Description: Historically an industrial and manufacturing site with two industrial buildings totaling 180,000 sq, ft, separated by an abandoned railroad right-of-way.
Area Description: Eastern Michigan University's student population is 23,518 (2015). Housing supply in Ypsilanti is limited and there is a market for purpose-built, multi-family housing.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 2
Year Built: 1920
Parking Type: Surface
Heat Source: Ceiling Units, Radiant
Zoning Description: M-1, M-2 Industrial
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee simple.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,874 77,684 158,996
Median Age: 28.6 32.82 34.94
Households: 5,740 32,801 64,988

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