Six-Unit Apartment Building with Private
For Sale
Under Contract
$599,999
109 Cadillac Street, Pontiac, MI 48342
MULTI_FAMILY - Ranch - Pontiac, MI
Property Size4,256 SF
Lot Size0.46 Acres
Price / SF$140.98
Days on Market95
Property Features for 109 Cadillac Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Commercial,Multi-Family
Bedrooms
4
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Basement, Bathroom 4, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 4
Pets allowed
Yes
Interior features
Laundry Facility
Subdivision
Fairview -Avon Township
Elementary school district
Pontiac
Middle school district
Pontiac
High school district
Pontiac
Directions
Baldwin and Rundell
Standard status
Active Under Contract
APN
1420377012
Size
4,256 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Description
T3N, R10E, SEC 20 FAIRVIEW LOTS 1, 2 & 3 BLK 2
Tax Annual Amount
7870
Legal Description
T3N, R10E, SEC 20 FAIRVIEW LOTS 1, 2 & 3 BLK 2
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
private entrance
dedicated basement
laundry hookups
Building Details
Year built
1929
Floors in Building
1
Number of units
6
Building materials
Brick
Architectural style
Ranch
Listing Agency:
Oak and Stone Real Estate
(248) 266-0584
Listed By:
Parker McInnis
(248) 705-0175
Added: May 7
Changed: Aug 4
Last Checked: Aug 9 at 7:06PM
MLS# 20261032530
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
109 Cadillac Street is a brick ranch, six-unit multifamily property in Pontiac, MI, built in 1929 and totaling 4,256 square feet. The building offers townhome-style layouts, with each of the six units featuring its own private entrance and a dedicated basement, along with laundry hookups in each basement.
Utility service is individually managed for each unit: all six units are separately metered for gas, water, and electric, and each unit has its own furnace, central air conditioning system, and hot water heater. Interior updates include fresh paint, new flooring, and light bathroom upgrades throughout the units, and the roof is described as newer.
Current occupancy is five of six units, with one unit intentionally left vacant to support easy walkthroughs and future leasing flexibility. Water source is public. The property is stated to be fully approved with the Pontiac Housing Commission for their voucher program.
Utility service is individually managed for each unit: all six units are separately metered for gas, water, and electric, and each unit has its own furnace, central air conditioning system, and hot water heater. Interior updates include fresh paint, new flooring, and light bathroom upgrades throughout the units, and the roof is described as newer.
Current occupancy is five of six units, with one unit intentionally left vacant to support easy walkthroughs and future leasing flexibility. Water source is public. The property is stated to be fully approved with the Pontiac Housing Commission for their voucher program.
Key Highlights
- Six two‑bedroom, one‑bath units with private entrances and dedicated basements
- All units are separately metered for gas, water, and electric
- Each unit has its own furnace, central air, and hot water heater
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$52,205
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,044,100
$1.0M
Cap Rate 7%
$745,786
$745.8K
Cap Rate 9%
$580,056
$580.1K
Market Conditions
NOI Build-Up for 4,256 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$99.1K $23.28/SF
− Vacancy
−$4.2K −$0.98/SF
EGI
$94.9K $22.30/SF
− OpEx
−$42.7K −$10.04/SF
NOI
$52.2K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,044,100
Cap Rate 7%
$745,786
Cap Rate 9%
$580,056
Alternative Uses
Best Use
Apartment 5plus
$745.8K
$652.6K – $870.1K
NOI $52,205 @ 7.0% cap · market cap 8.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$918.0K
$803.2K – $1.07M
NOI $64,259 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 48342, MI
18,685
Population
7,559
Households
2.5
Avg Household Size
33
Median Age
10%
College-Educated
76%
High-School Grad
5.2 sq mi
ZIP Area
3,593
Density / Sq Mi
$33,750
Median Household Income
$29,970
Median Earnings
$851
Median Rent
$90,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six two-bedroom, one-bath units with separately metered gas, water, and electric and private entrances in a brick ranch.
Where is this apartment building located?
The property is located at 109 Cadillac Street Pontiac, MI.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Six two‑bedroom, one‑bath units with private entrances and dedicated basements; All units are separately metered for gas, water, and electric; Each unit has its own furnace, central air, and hot water heater
