Income/Residential/Office - for Sale in Ypsilanti

Multi-Family for Sale
Also listed as Office, Hospitality
Catylist Listing ID: 30283558
Property Subtypes: Duplex/Fourplex, Other
Number of Units: 4 Units
Building Size (RSF): 4,685 SF
Gross Land Area: 0.28 SF
Sale Price: $485,000
Unit Price: $121,250 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Building Name: PARISH HOUSE INN
Usable Size (USF): 4,685 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/16/2018

Overview / Comments

Parish House Inn - Meticulously restored and modernized historic residence that has been a highly regarded Bed & Breakfast the last 25 years. Owner/operator is retiring.

This outstanding property is being offered as an income/investment property, and would also be a beautiful private residence or duplex in the heart of Ypsilanti's business district.

Up to Twelve (12) Bedrooms with private baths that can easily be subdivided into Three or Four apartments.

There are 10 & 1/2 Baths including 2 Barrier Free. Whole-House Fire Suppression System, Central Air & Heat, Hardwood floors & carpeting. Seven on-site parking spots and a beautiful view of Huron River in backyard.

Furniture, Fixtures & Appliances available separately.

PRIVATE SHOWINGS BY APPOINTMENT ONLY!

Visit www.ParishHouseInn.com for more information.

Financials

Finance Data Year 2019
Potential Rental Income $64,800 (Annual)
Gross Operating Income $72,576 (Annual)
Net Operating Income $47,997 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Ann Arbor
County: Washtenaw
Submarket/Township: Washtenaw E of 23
Taxing Authority: City of Ypsilanti
Tax ID/APN: 11-11-39-182-003
Zoning: HC - HISTORIC CORRIDOR
Percent Occupied: 0%
Property Located Between: 1 Blk. South of Michigan Ave.
Highway Access: I-94 and U.S. 12
Airports: DTW, Ann Arbor
Site Description: THE HOUSE. The old Queen Anne style house stood six blocks from the current location, when it served as the home for the ministers and their families of the First Congregational Church. It had been used as the Sunday School and office space since the 1950’s, but due to the passage of the American Disabilities legislation in the 1980’s, it’s usefulness was over. The logical thing to do was tear it down and build a new building. Because it was in the Historic District, which has strict rules in place to preserve these buildings, it had to be moved. So it was offered for sale in 1987 with the condition that it had to be moved off the property. It was purchased, by a man who had the vision of turning it into a bed and breakfast. He had purchased a vacant lot near-by and the house was moved there in September of 1987. Local architects designed the building and the renovation began. Unfortunately, life intervened, and it was not finished for five more years. It officially opened in August of 1993, and was named the Parish House Inn to honor its past life. Landscaping for the front and side yard was also done in 1993, and the patio constructed, adjacent to the parking area. Only dining tables and chairs were provided. Breakfast was served there occasionally for a couple of years. In 1998, when my husband, Lance Mason and I became the owners, I totally re-designed the back patio. By surrounding the area with a lattice fence for climbing roses and clematis, it has become a private space for guests. Large pots of geraniums and herbs, add color. A table and chairs are there for guests to relax and enjoy the view. The backyard is about thirty feet above the Huron River. At a strategic place above the river, there’s a bench where guests like to sit, watch the birds flying around the trees and the ducks floating by. In the breakfast area, we have a collection of photographs that show the house being moved. It was quite a process. Our guest are always fascinated and I love to tell the story.
Area Description: Ypsilanti is a progressive city with a great community vibe and arts scene. Ypsilanti has the second largest contiguous historic district in the state of Michigan which includes both downtown Ypsilanti, along Michigan Avenue, and the Depot Town area adjacent to Frog Island Park and Riverside Park, which features many specialty shops, bars and grills, and a farmers' market. The history of Ypsilanti is still present and vibrant in today’s shops, dining and entertainment scene. With the Downtown and Depot Town districts only minutes apart they utilize their beautifully preserved historic areas to add interest to the variety of cultures present in the art, music and shopping. Ypsilanti is home to Eastern Michigan University and expands beyond the downtown districts to include 23,000+ acres of public park and recreation areas that help make up the Washtenaw County area. You’re just minutes from town and can find golfing, mountain biking, canoeing, hiking or natural scenery to relax in. Alternatively, you can travel to neighboring Ann Arbor (6 miles west of Ypsilanti) or Detroit (18 miles east of Ypsilanti) for sporting events, concerts and cultural excursions.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 3
Year Built: 1878
Year Renovated: 1994
Roof Type: Gable
Parking Type: Surface
Parking Description: Private lot in rear of bldg.
Total Parking Spaces: 7
Laundry: Shared
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Beautiful.
Zoning Description: HC - Historic Corridor. Approved as Multi-Family
Lot Frontage: 72
Lot Depth: 174
Water Service: Municipal
Sewer Type: Municipal
Easements Description: Shared drive to rear parking with neighboring property.
Legal Description: Lot 166 & S 6 FT of Lot 167 Original Plat

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,192 78,677 146,998
Median Age: 29.35 33.09 34.86
Households: 5,929 32,297 59,855

Contact

© Copyright 2001-2018 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.