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Iliad Apartments 416 Perrin St 25 Unit Apartment Building $2,783,400 CAD ($111,336 CAD/Unit) Ypsilanti, MI 48197
Investment Highlights
- Located across the street from Eastern Michigan University
- Option for new owner to complete the project to suit their targeted tenant base
- Increasing quality of life as Ypsilanti continues to grow and develop
- Diverse existing unit mix of studio, one, two, and three bedroom floorplans
- Several large employers in the immediate area
- Close proximity to major expressways
Executive Summary
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.
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.
Property Facts
| Price | $2,783,400 CAD | Building Class | C |
| Price Per Unit | $111,336 CAD | Lot Size | 0.69 AC |
| Sale Type | Investment | Building Size | 25,623 SF |
| No. Units | 25 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1974 |
| Apartment Style | Low-Rise | Parking Ratio | 0.78/1,000 SF |
| Zoning | R-4 - Multifamily | ||
| Price | $2,783,400 CAD |
| Price Per Unit | $111,336 CAD |
| Sale Type | Investment |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.69 AC |
| Building Size | 25,623 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1974 |
| Parking Ratio | 0.78/1,000 SF |
| Zoning | R-4 - Multifamily |
Amenities
Unit Amenities
- Cable Ready
- Microwave
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Wi-Fi
Site Amenities
- Furnished Units Available
- Wi-Fi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 500 |
| 1+1 | 5 | - | 500 |
| 2+1 | 8 | - | 600 |
| 3+1 | 10 | - | 1,000 |
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Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 11-40-113-005 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,419,395 CAD |
Property Taxes
Parcel Number
11-40-113-005
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,419,395 CAD
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Iliad Apartments | 416 Perrin St
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