For Sale
$460,000

502 Miller Ave Ann Arbor, MI 48103

Prime Ann Arbor location, 2-unit rental.

Overview

Added:
Dec 11, 2024
Days on market:
127
This classic Dutch Colonial duplex, situated in Ann Arbor's desirable Water Hill neighborhood, presents a compelling investment opportunity. The property boasts a total of 1,355 square feet, encompassing two rental units: a one-bedroom and a two-bedroom. Conveniently located next to a coffee and pastry shop and across from Knight's Market, this property offers exceptional walkability to downtown Ann Arbor. Residents enjoy the convenience of a covered parking space and a small yard. The property features a basement with laundry facilities, adding value and convenience for tenants. The building is a two-story structure on a lot with R2A zoning. Financial highlights include a current NOI of $35,970, resulting in a 7.82% cap rate. Pro-forma NOI is $22,792, yielding a 4.95% cap rate. The asking price for this two-unit property is $460,000, representing a price per unit of $230,000. The property's address is 502 Miller Ave, Ann Arbor, MI 48103, and its APN is 09-09-29-220-019. This property offers a blend of strong rental income potential and a desirable location, making it an attractive investment for discerning buyers.

Highlights

  • Desirable Water Hill location in Ann Arbor.
  • Walkable to downtown Ann Arbor.
  • Charming Dutch Colonial with small yard.
  • Convenient coffee shop adjacent.
  • Across from Knight's Market for grocery shopping.
  • Covered parking included.

Property Details for 502 Miller Ave

Property type
Residential income homes, Dormitories
Square Feet
1,355 SF
Buildings
1
Stories
2
Units
2

Location Insight

City
Ann Arbor
County
Washtenaw
State
Michigan
Latitude
42.284101751268
Longitude
-83.752349308157
502 Miller Ave, Ann Arbor, Michigan

FAQs

What type of property is this?
Residential income home - Prime Ann Arbor location, 2-unit rental.
Where is the residential income home located?
The property is located at 502 Miller Ave Ann Arbor, MI.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Desirable Water Hill location in Ann Arbor.; Walkable to downtown Ann Arbor.; Charming Dutch Colonial with small yard.
How can I contact the broker?
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502 Miller Ave
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