1540 Packard Street, Ann Arbor, MI 48104
Local realty services provided by:Better Homes and Gardens Real Estate Connections
1540 Packard Street,Ann Arbor, MI 48104
$850,000
- - Beds
- 2 Baths
- - sq. ft.
- Multi-family
- Active
Listed by: ilana riback
Office: @properties christie's int'laa
MLS#:26056696
Source:MI_MICHRIC
Price summary
- Price:$850,000
About this home
**FIRST TIME OFFERED IN A GENERATION!** A rare opportunity to own a substantial, stately brick duplex in Ann Arbor's desirable Lower Burns Park neighborhood, affectionately known as LoBuPa. Lovingly cared for by the same owner for over 30 years, this distinctive property combines enduring architectural character, established rental income, thoughtful recent improvements & compelling long-term potential. An exceptional opportunity for investors, future owner-occupants & buyers seeking flexibility in a prime central Ann Arbor location. <p><p>**TWO DISTINCTIVE RESIDENCES, TIMELESS CHARACTER & GENEROUS LIVING SPACES!** The vertically stacked duplex features two spacious residences, each with its own kitchen & living areas. The main-level unit offers 2 bedrooms, 2 full baths, an inviting great room, dining area & fabulous sunroom with sliding glass doors opening to the refreshed backyard patio. Upstairs, the expansive 4-bedroom, 2-full-bath residence offers comfortable living & dining spaces and a versatile layout. Original hardwood floors grace many rooms, complemented by abundant natural light, charming architectural details & generously proportioned interiors. <p><p>**ESTABLISHED INCOME WITH ROOM TO GROW!** Certified by the City of Ann Arbor as a two-unit rental property, with a Certificate of Compliance valid through January 24, 2028, 1540 Packard St offers an established rental configuration with income already in place, and optionality for future use! The main-level residence is occupied by longstanding, renewing tenants under a joint & several lease through August 2027 at $2,100/month, with tenants responsible for utilities other than water. Upstairs, three individually executed 1-year, single bedroom leases beginning August 2026 generate a combined $2,729/month, with utilities included. The fourth upstairs bedroom has been intentionally held vacant to preserve flexibility for a future purchaser, though multiple interested prospective tenants have been readily identified. <p><p>**CURRENT COMBINED CONTRACTED GROSS RENT: $4,829/MONTH ($57,948 ANNUALLY).** Prospective tenant interest at approximately $950/month for the available fourth upstairs bedroom presents an opportunity to increase total projected gross rental income to **$5,779/MONTH ($69,348 ANNUALLY)** if leased at that rate. Figures represent gross rental income before operating expenses, and projected income is not guaranteed. A detailed rent roll & supporting financial information are available to qualified purchasers upon request. <p><p>**A COMPELLING OPPORTUNITY FOR FUTURE OPTIMIZATION!** Existing rental rates were established before the property's recent repairs, improvements & beautification. The seller believes current rents may be below achievable market levels following these enhancements, presenting potential for future rental growth as leases expire. The upstairs utility-inclusive, individually leased structure was intentionally adopted to simplify administration in anticipation of the sale. Future ownership may explore alternative rental & utility arrangements, subject to existing leases, applicable municipal requirements & market conditions. Whether maintaining the established investment, pursuing future owner occupancy supported by rental income, or contemplating eventual restoration to one grand residence, the property's versatility invites an exciting range of long-term possibilities. <p><p>**AN ENTIRE ADDITIONAL LEVEL OF POSSIBILITY!** The substantial basement has been thoughtfully cleaned, painted & prepared for its next chapter. Previously utilized by the longtime owner as a third residential unit, this level features an existing kitchen (appliances sold as-is and may not function; no fridge on site), full bath, two rooms with egress windows, living room, dining/bonus room, laundry & storage. An interior stairwell directly connects the basement to the upper residence, introducing intriguing possibilities for expanded living space associated with that unit, or potential restoration as an additional rental residence. The City's current Certificate of Compliance recognizes two residential units, with a maximum occupancy of six individuals for the four-bedroom upper residence; this occupancy allowance does not independently establish approval for basement sleeping rooms or additional habitable space. All proposed basement uses, including sleeping accommodations, expanded residential occupancy or an additional dwelling unit, require independent verification of applicable zoning, building codes, permits & municipal approvals. Buyer to conduct independent due diligence with the City of Ann Arbor; seller makes no representations or warranties regarding the feasibility or approval of any proposed basement use. <p><p>**THOUGHTFUL IMPROVEMENTS, INSIDE & OUT!** Meaningful recent attention has been devoted to the property's condition, functionality & presentation. Improvements include refreshed interior & exterior paint, sealed & painted window trim, power-washed brick & vinyl siding, a newly regraded driveway with drainage improvements alongside & behind the detached garage, a new concrete rear step & walkway, refreshed landscaping, and numerous additional repairs & enhancements throughout. Outdoors, the recently repositioned backyard fence opens up a delightful grassy retreat, creating an inviting setting for picnics, gardening, relaxation & recreation. A detached two-car garage & generous driveway offer valuable off-street parking opportunities, with garage spaces available for potential separate rental income or future owner allocation, subject to existing tenancy arrangements. <p><p>**AN EXCEPTIONAL CENTRAL ANN ARBOR LOCATION!** Situated along the vibrant Packard corridor, near the University of Michigan, and walkable to Michigan Stadium, downtown Ann Arbor, neighborhood parks, restaurants, shopping & everyday conveniences, this approximately 0.18-acre property offers the enduring appeal of an established residential neighborhood with outstanding access to the city's most desirable destinations. <p><p>**A RARE COMBINATION OF GENERATIONAL OWNERSHIP, ESTABLISHED INCOME & FUTURE POSSIBILITIES!** Rich in character, thoughtfully refreshed & positioned for its next chapter, 1540 Packard St presents a distinctive opportunity to acquire a longtime-held Ann Arbor property, preserve its legacy & thoughtfully shape its future....
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Home facts
- Year built:1938
- Subdivision & Development:Lower Burns Park
- Listing ID #:26056696
- Added:12 day(s) ago
- Updated:November 05, 2026 at 05:40 PM
Rooms and interior
- Total bathrooms:2
- Basement:Yes
- Basement Description:Daylight
Heating and cooling
- Heating:Baseboard, Forced Air
Structure and exterior
- Year built:1938
- Lot area:0.18 Acres
- Construction Materials:Brick, Concrete, Vinyl Siding
Schools
- High school:Pioneer High School
- Middle school:Tappan Middle School
- Elementary school:Burns Park Elementary School
Utilities
- Sewer:Public Sewer
Finances and disclosures
- Price:$850,000
- Tax amount:$12,630 (2026)
Parking
- Total parking spaces:6
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