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    M1 Concourse Private Garage Title is generated by Realmo AI

    123 Pit Lane, Pontiac, MI 48341

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    For Sale
    $460,000

    Real Estate Only - Pontiac, MI

    Property size:
    775 SF
    Lot size:
    0.02 Acres
    Price / SF:
    $593/SF
    Added:
    Feb 14, 2026
    Days on Market:
    96
    Last Refresh:
    May 21 at 8:06 pm

    Property Features for 123 Pit Lane

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Exterior features
    Garage
    Standard status
    Active
    APN
    1433305112
    Size
    775 SF
    Lot size
    0.02 Acres

    Taxes and HOA fees

    Tax Annual Amount
    6569

    Building Details

    Year built
    2016
    Building materials
    Block, Metal Siding
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    Nicole E Menuck
    Nicole E Menuck

    Listing agent Nicole E Menuck

    Listing office KW Domain 210 S Old Woodward Ave Suite 200, Birmingham, MI

    Listing date Feb 14, 2026

    MLS# 20261009369 Listing URL

    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.

    HighLights

    • Prime location within M1 Concourse with rare track views.
    • 775 sq ft of floor space plus a finished mezzanine with kitchenette and full bath (shower).
    • Includes a scissor lift for showcasing a car.
    • Versatile space suitable for personal getaway, social space, office, car storage/work, or M1 events access.
    • Part of the M1 Private Garage Community with access to parties, music festivals, and cruise nights.
    • Features a half bath on the garage floor level and a 14' high x 10' wide overhead door.

    Overview

    This 775 square-foot garage, located in Pontiac, MI, features a finished mezzanine. The garage includes a half bath on the floor level and a full bath with a shower on the mezzanine level, along with a kitchenette. It is equipped with a scissor lift for showcasing a car. The overhead door measures 14 feet high and 10 feet wide. This property is located in a central location with track views. According to the listing, this garage can be used as a personal getaway, social space, office space, or a place to store and work on a car collection. It is part of the M1 Private Garage Community, which hosts parties, music festivals, and cruise nights. The quarterly association dues are $484.97. The property is suitable for commercial use.
    Location Intelligence

    Current Use by Public Records

    Parking lots & garages

    Map

    City
    Pontiac
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2928
    Latitude
    42.6266

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    FAQs

    What type of property is this?
    Parking lot & garage - 775 SF garage with mezzanine, kitchenette, and baths.
    Where is this parking lot & garage located?
    The property is located at 123 Pit Lane Pontiac, MI.
    What is the asking price?
    The asking price for this property is $460,000.
    What are key features of this property?
    This property features: Prime location within M1 Concourse with rare track views.; 775 sq ft of floor space plus a finished mezzanine with kitchenette and full bath (shower).; Includes a scissor lift for showcasing a car.
    (248) 568-7070
    We can help!
    Listing Contact
    Nicole E Menuck
    Nicole E Menuck
    Real Estate License ID: 278361
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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