67
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$1,900,000
Est. payment /mo
12,746 SqFt
Active
51 SPOKANE DR Pontiac, MI 48341
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Key Details
Property Type Commercial
Sub Type BusinessandRealEstate
Listing Status Active
Purchase Type For Sale
Square Footage 12,746 sqft
Price per Sqft $149
Subdivision Assr'S Plat No 109 - City Of Pontiac
MLS Listing ID 20261017986
Year Built 1940
Lot Size 1.150 Acres
Acres 1.15
Property Sub-Type BusinessandRealEstate
Property Description
Rare opportunity on this turn-key, profitable, cash-flowing property! Total of 18 two-bedroom units averaging approximately $1,130/month and roughly 800 sq. ft. each. 17 of the 18 units are currently occupied with tenants current on rent.
Property features individual natural gas furnaces for each apartment along with separate utility setups, including individual water meters—ideal for efficient management and expense control. Each unit offers a private entrance and basement.
Extensive updates throughout: 9 units have been fully renovated within the last 4 years, and 16 bathrooms have been completely updated. A new roof was installed across the entire complex in 2024 with a 20-year transferable warranty. Additional improvements include new concrete walkways in the courtyard, cultured stone on 9 porches, newly shingled porch overhangs, updated front exterior doors, glass block windows in every unit, newer gutters, trim, and exterior security lighting. The west side of the building also features a newer asphalt parking lot.
12 units include central air, and 10 units have newer furnaces. Security camera system in place for added peace of mind. One master key provides access to the building for convenience.
Current mortgage may be assumable for qualified buyers at 7.0% or less interest rate. Please do NOT approach property or tenants without a confirmed showing appointment.
Strong upside potential with projected NOI of $259,200 through rent increases on under-market units and leasing the remaining vacancy.
Property features individual natural gas furnaces for each apartment along with separate utility setups, including individual water meters—ideal for efficient management and expense control. Each unit offers a private entrance and basement.
Extensive updates throughout: 9 units have been fully renovated within the last 4 years, and 16 bathrooms have been completely updated. A new roof was installed across the entire complex in 2024 with a 20-year transferable warranty. Additional improvements include new concrete walkways in the courtyard, cultured stone on 9 porches, newly shingled porch overhangs, updated front exterior doors, glass block windows in every unit, newer gutters, trim, and exterior security lighting. The west side of the building also features a newer asphalt parking lot.
12 units include central air, and 10 units have newer furnaces. Security camera system in place for added peace of mind. One master key provides access to the building for convenience.
Current mortgage may be assumable for qualified buyers at 7.0% or less interest rate. Please do NOT approach property or tenants without a confirmed showing appointment.
Strong upside potential with projected NOI of $259,200 through rent increases on under-market units and leasing the remaining vacancy.
Location
State MI
County Oakland
Area Area02142Pontiac
Interior
Heating Forced Air, Natural Gas
Fireplace No
Exterior
View Y/N No
Roof Type Asphalt
Garage false
Building
Foundation Basement, Block
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Pontiac
Others
Senior Community false
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition ShortSaleNo, Standard
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Listed by James T Silver of Keller Williams Somerset
NEARBY SCHOOL & BUSINESS
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