$755,000
$40K PRICE DROP

508 W Summit St Ann Arbor, MI 48103

Water Hill Neighborhood

Estimated payment $5,521/month

Total Views 14,350
-- Bed
-- Bath
-- Sq Ft
-- Price per Sq Ft

Highlights

  • 0.22 Acre Lot
  • Laundry Room
  • 2-minute walk to Belize Park
  • Bach Elementary School Rated A
  • Forced Air Heating System

About This Home

Perched atop a corner lot in the always desirable Water Hill, sits this 5 unit apartment building. With strong rents and virtually zero vacancy, this investment features not just location, but some big ticket updates- including a new roof (2022) and new laundry center (2024). All units are either studios or 1 bedroom and all have a full bathroom and kitchen. Driveway parking. Monthly rent roll is $6,035 with tenants paying utilities via bill back. A great investment opportunity.

Listing Agent

Jon Keller

J Keller Properties, LLC License #6502370935 Listed on: 08/01/2025

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $18,744

Year Built

  • Built in 1901

Lot Details

  • 9,496 Sq Ft Lot
  • Lot Dimensions are 82 x 116

Parking

  • 4 Parking Spaces

Home Design

  • Stucco

Laundry

  • Laundry Room

Basement

  • Basement Fills Entire Space Under The House
  • Laundry in Basement

Utilities

  • No Cooling
  • Forced Air Heating System
  • Heating System Uses Natural Gas
  • Cable TV Available

Community Details

  • 5 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$18,744

Year Built

Built in 1901

Lot Details

0

Listing Details

  • Property Sub-Type: 5+ Units
  • Property Type: Multi Family
  • New Construction: No
  • Year Built: 1901
  • Location Property Info:Property Sub-Type: 5+ Units
  • OfficeContract Info:List PriceSqFt2: 440.23
  • General Property Info:New Construction2: No
  • General Property Info:Lot Dimensions: 82 x 116
  • General Property Info:Waterfront3: No
  • General Property Info:Basement: Yes
  • Tax Info:Zoning3: R2A
  • Waterfront Options:Water Access YN: No
  • General Property Info:Total _pound_ Units: 5
  • General Property Info:Total _pound_ Bldgs: 1.0
  • Heat Type:Forced Air: Yes
  • Substructure:Full: Yes
  • Heat Source:Natural Gas3: Yes
  • Laundry Features Laundry Room: Yes
  • Laundry Features In Basement: Yes
  • Laundry Features Common Area: Yes
  • Util Avail at Street Cable Available: Yes
  • Utilities Attached Cable Connected: Yes
  • Sewer:Public Sewer5: Yes
  • Water:Public Water4: Yes
  • Remarks Misc: Public Remarks: Perched atop a corner lot in the always desirable Water Hill, sits this 5 unit apartment building. With strong rents and virtually zero vacancy, this investment features not just location, but some big ticket updates- including a new roof (2022) and new laundry center (2024). All units are either studios or 1 bedroom and all have a full bathroom and kitchen. Driveway parking. Monthly rent roll is $6,035 with tenants paying utilities via bill back. A great investment opportunity.
  • Remarks Misc: Agent Only Remarks: Occupied- 48 hours notice to show. List agent or rep must be present. Must present proof of funds or pre approval letter for showings. Fully occupied. Rent roll $6035/mo.
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Full
  • Basement: Yes

Exterior Features

  • Construction Materials: Stucco
  • List Price: 755000.0
  • Lot Features: Sidewalk
  • Number of Buildings: 1
  • Road Surface Type: Paved
  • Waterfront: No
  • Access Feat:Accessibility Features2: No
  • Exterior Material:Stucco: Yes

Garage/Parking

  • Total Parking Spaces: 4.0
  • General Property Info:Total Parking Spaces: 4.0

Utilities

  • Cooling: None
  • Cooling: No
  • Heating: Forced Air
  • Heating: Yes
  • Laundry Features: Common Area, In Basement, Laundry Room
  • Utilities: Cable Available, Cable Connected

Association/Amenities

  • Association Info:Assoc Buy in Fee: 0

Lot Info

  • Lot Size Acres: 0.22
  • Lot Size Area: 0.22
  • Lot Dimensions: 82 x 116
  • Lot Size Sq Ft: 9496.0
  • Zoning Description: R2A

Rental Info

  • Owner Pays: None
  • Tenant Pays: Electric, Water, Trash, Sewer, Gas

Multi Family

  • Number of Units Total: 5

Tax Info

  • Tax Annual Amount: 18744.0
  • Tax Year: 2025

Map

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $14,943 $291,600 $0 $0
2024 $14,534 $269,800 $0 $0
2023 $13,856 $265,300 $0 $0
2022 $12,181 $247,700 $0 $0
2021 $11,836 $235,900 $0 $0
2020 $11,464 $221,500 $0 $0
2019 $10,935 $209,500 $209,500 $0
2018 $10,729 $192,200 $0 $0
2017 $10,350 $183,000 $0 $0
2016 $8,053 $162,987 $0 $0
2015 $5,763 $162,500 $0 $0
2014 $5,763 $93,819 $0 $0
2013 -- $93,819 $0 $0
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
06/02/2025 06/02/25 Price Changed $755,000 -2.6% --
05/12/2025 05/12/25 Price Changed $775,000 -2.5% --
04/23/2025 04/23/25 For Sale $795,000 +43.0% --
11/10/2022 11/10/22 Sold $556,100 -30.4% $324 / Sq Ft View Prior Sale
11/09/2022 11/09/22 Pending -- -- --
05/03/2022 05/03/22 For Sale $799,000 -- $466 / Sq Ft
Source: MichRIC

Purchase History

Date Type Sale Price Title Company
Warranty Deed $556,100 Liberty Title
Warranty Deed $415,000 None Available
Quit Claim Deed -- --
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Previous Owner $1,525,000 Future Advance Clause Open End Mortgage
Source: Public Records

Source: MichRIC

MLS Number: 25016569

MichRIC

APN: 09-20-301-002

Michigan Washtenaw County Ann Arbor 48103 Water Hill

508 W Summit St, Ann Arbor, MI

For Sale

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MichRIC Information is deemed reliable but not guaranteed.
Copyright 2025 MichRIC, LLC. All rights reserved.

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Jon Keller
Listing Agent
Jon Keller
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J Keller Properties, LLC
(734) 371-8144