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227 N Grove St - The Gilbert Mansion 7 Unit Apartment Building Offered at $1,175,000 at a 5.58% Cap Rate Ypsilanti, MI 48198
Investment Highlights
- A unique Second Empire design located in a beautiful Historic neighborhood.
- High ceilings with large daylit windows and hardwood floors with unique architectural features.
- Some units have porches and some have private patios.
Executive Summary
This Second Empire 1861 Gem has been completely renovated from inside out and from top to bottom.
The Gilbert Mansion is located in the Historic District of Ypsilanti and just two blocks from Historic Depot Town.
There are many options for additional revenue for this unique property.
1. Current rents are approximately 10 to 15 percent below the going rate for this area.
2. Install coin laundry, currently theirs a washer and dryer located in the basement at no cost to the tenants.
3. Currently there are 7 storage units located in the basement at no cost to the tenants. This could generate 25. to 35 per month per tenant.
4. Construct a carport and charge a fee of approximately 100.00 per month per vehicle.
5. With minimal upgrades the units could be marketed as Luxury apartments.
6. The property can be converted to condominiums.
5. Convert to luxury units with minimal upgrades, this has the potential of increasing revenues by approximately 20 to 30 percent.
6. Convert these units to condominiums.
7. Apply for a split to create one to two additional building sits. If approved this has the potential to create 4 to 6 additional units.
The Gilbert Mansion is located in the Historic District of Ypsilanti and just two blocks from Historic Depot Town.
There are many options for additional revenue for this unique property.
1. Current rents are approximately 10 to 15 percent below the going rate for this area.
2. Install coin laundry, currently theirs a washer and dryer located in the basement at no cost to the tenants.
3. Currently there are 7 storage units located in the basement at no cost to the tenants. This could generate 25. to 35 per month per tenant.
4. Construct a carport and charge a fee of approximately 100.00 per month per vehicle.
5. With minimal upgrades the units could be marketed as Luxury apartments.
6. The property can be converted to condominiums.
5. Convert to luxury units with minimal upgrades, this has the potential of increasing revenues by approximately 20 to 30 percent.
6. Convert these units to condominiums.
7. Apply for a split to create one to two additional building sits. If approved this has the potential to create 4 to 6 additional units.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Kitchen
- Hardwood Floors
- Vaulted Ceiling
- Refrigerator
- Range
- Tub/Shower
- Carpet
- Yard
- Breakfast Nook
- Built-In Bookshelves
- Den
- Dining Room
- Garden
- Intercom
- Lawn
- Patio
- Porch
- Smoke Free
- Window Coverings
- Large Bedrooms
Site Amenities
- Individual Locking Bedrooms
- Private Bathroom
1 1
Walk Score®
Very Walkable (81)
Property Taxes
| Parcel Number | 11-09-111-002 | Total Assessment | $423,300 |
| Land Assessment | $0 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Number
11-09-111-002
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$423,300
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
1 of 4
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
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Gilbert Mansion
227 N Grove St - The Gilbert Mansion
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