Turn-Key Multifamily Investment
51 SPOKANE Drive, Pontiac, MI 48341
MULTI_FAMILY - Pontiac, MI
Property size:
12,746 SFLot size:
1.15 AcresPrice / SF:
$149/SF- Added:
- Apr 3, 2026
- Days on Market:
- 59
- Last Refresh:
- May 31 at 9:06 am
Property Features for 51 SPOKANE Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Multi-Family
- Bedrooms
- 36
- Bathrooms
- 18
- Rooms
- Bedroom 11, Bedroom 20, Bedroom 9, Bedroom 15, Bathroom 2, Bathroom 15, Bathroom 9, Bathroom 13, Bedroom 23, Bedroom 33, Bathroom 14, Bedroom 19, Bedroom 30, Bathroom 10, Bedroom 27, Bathroom 18, Bedroom 29, Bathroom 4, Bedroom 10, Bedroom 25, Bedroom 26, Bedroom 36, Bedroom 7, Bedroom 12, Bedroom 6, Bathroom 5, Bathroom 16, Bedroom 21, Bathroom 1, Bedroom 34, Bathroom 11, Bedroom 13, Bedroom 1, Bedroom 16, Bedroom 22, Bedroom 8, Bathroom 8, Bathroom 7, Bedroom 35, Bathroom 6, Bedroom 28, Bedroom 5, Bathroom 3, Bedroom 4, Bedroom 18, Bathroom 12, Bedroom 3, Bedroom 17, Bedroom 24, Bedroom 31, Bedroom 14, Bedroom 32, Basement, Bedroom 2, Bathroom 17
- Pets allowed
- Call
- Standard status
- Active
- APN
- 1430402009
- Size
- 12,746 SF
- Lot size
- 1.15 Acres
Taxes and HOA fees
- Tax Description
- T3N, R10E, SEC 30 ASSESSOR'S PLAT NO. 109 LOTS 17 TO 25 INCL, ALSO LOTS 40 TO 48 INCL
- Tax Annual Amount
- 16813
Utilities
- Heating system
- Forced Air
- Water source
- Public
Building Details
- Year built
- 1940
- Floors in Building
- 1
- Number of units
- 18
- Building materials
- Brick
- Roof type
- Asphalt
- Architectural style
- Other
Listing agent James T Silver License #6502374648 (248) 649-7200
Listing office Keller Williams Somerset 888 W Big Beaver Road #200, Troy, MI (248) 649-7200
Listing date Apr 3, 2026
MLS# 20261018060
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
- Turn‑key, profitable, cash‑flowing property with strong upside potential and projected NOI of $259,200.
- 18 two‑bedroom units, averaging $1,130/month, with 17 units currently occupied and tenants current on rent.
- New roof installed in 2024 with a 20‑year transferable warranty.
- Extensive updates throughout, including 9 fully renovated units and 16 updated bathrooms.
- Individual natural gas furnaces and separate utility setups with individual water meters for each apartment.
- Each unit features a private entrance and basement.
Overview
This multifamily property in Pontiac, MI, presents a rare investment opportunity. The property features 18 two-bedroom units, each approximately 800 square feet. Seventeen of the units are currently occupied, with tenants current on rent. Each apartment has a private entrance and basement, along with individual natural gas furnaces and separate utility setups, including individual water meters. Extensive updates have been completed throughout the property. Nine units have been fully renovated within the last four 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 nine 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 features a newer asphalt parking lot. Twelve units include central air, and 10 units have newer furnaces. A security camera system is in place. One master key provides access to the building. The property, situated on a 1.15-acre lot, offers a total building size of 12,746 square feet. The property has strong upside potential with projected NOI of $259,200 through rent increases on under-market units and leasing the remaining vacancy. The property is zoned Multi-Family.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $296.7k | $23.28 |
| − Vacancy | −$12.5k | −$0.98 |
| EGI | $284.3k | $22.30 |
| − OpEx | −$127.9k | −$10.04 |
| NOI | $156.3k | $12.27 |
12,746 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.23M
$1.95M – $2.61M
NOI $156,345 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.75M
$2.41M – $3.21M
NOI $192,444 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Pontiac
- County
- Oakland
- State
- Michigan
- Longitude
- -83.317533
- Latitude
- 42.639304
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Profitable 18-unit apartment complex with recent renovations and strong income potential.
Where is this apartment building located?
The property is located at 51 SPOKANE Drive Pontiac, MI.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Turn‑key, profitable, cash‑flowing property with strong upside potential and projected NOI of $259,200.; 18 two‑bedroom units, averaging $1,130/month, with 17 units currently occupied and tenants current on rent.; New roof installed in 2024 with a 20‑year transferable warranty.
