Brick Apartment
For Sale
$1,900,000
51 SPOKANE Drive, Pontiac, MI 48341
Multifamily, 1 Story, Pontiac, MI
Property Size12,746 SF
Lot Size1.15 Acres
Price / SF$149.07
Days on Market150
Property Features for 51 SPOKANE Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
36
Bathrooms
18
Full bathrooms
18
Rooms
Bedroom 3, Bedroom 28, Bathroom 6, Bathroom 13, Bedroom 23, Bedroom 6, Bedroom 13, Bedroom 26, Bedroom 2, Bedroom 27, Bedroom 14, Bedroom 7, Bedroom 33, Bedroom 31, Bathroom 18, Bathroom 7, Bathroom 16, Bedroom 15, Bathroom 2, Bedroom 36, Bathroom 9, Bedroom 24, Bathroom 4, Bathroom 3, Bedroom 18, Bathroom 10, Bedroom 9, Bedroom 11, Bathroom 8, Bedroom 17, Bedroom 4, Bathroom 14, Basement, Bedroom 19, Bedroom 10, Bedroom 8, Bedroom 16, Bedroom 34, Bedroom 35, Bedroom 32, Bedroom 29, Bedroom 30, Bedroom 22, Bathroom 1, Bathroom 5, Bathroom 17, Bedroom 1, Bedroom 5, Bedroom 21, Bathroom 11, Bathroom 12, Bedroom 25, Bathroom 15, Bedroom 20, Bedroom 12
Pets allowed
Call
Subdivision
ASSR'S PLAT NO 109 - CITY OF PONTIAC
Elementary school district
Pontiac
Middle school district
Pontiac
High school district
Pontiac
Directions
See Map
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
Legal Description
T3N, R10E, SEC 30 ASSESSOR'S PLAT NO. 109 LOTS 17 TO 25 INCL, ALSO LOTS 40 TO 48 INCL
Utilities
Heating system
Forced Air
Water source
Public
Amenities
courtyard
security camera system
Building Details
Year built
1940
Floors in Building
1
Number of units
18
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Somerset · Keller Williams Realty
(248) 649-7200
Listed By:
James T Silver · License #6502374648
(248) 649-7200
Added: Apr 3
Changed: Aug 19
Last Checked: Aug 30 at 8:06AM
MLS# 20261018060
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.
This brick apartment building offers 18 two-bedroom units, with 17 currently occupied and tenants current on rent. Unit layouts include private entrances and basements. Heating is provided via forced-air systems, with individual natural gas furnaces for each apartment and separate utility setups, including individual water meters.
The property totals 12,746 square feet on a 1.15-acre lot. Updates described include 9 units fully renovated within the last 4 years, with 16 bathrooms completely updated. The complex received a new asphalt roof in 2024 with a 20-year transferable warranty, and exterior improvements include new concrete walkways in the courtyard, cultured stone on 9 porches, newly shingled porch overhangs, updated front exterior doors, and glass block windows in every unit. Additional items include newer gutters, trim, and exterior security lighting, plus a newer asphalt parking lot on the west side of the building. A security camera system is in place, and one master key provides access to the building.
The property totals 12,746 square feet on a 1.15-acre lot. Updates described include 9 units fully renovated within the last 4 years, with 16 bathrooms completely updated. The complex received a new asphalt roof in 2024 with a 20-year transferable warranty, and exterior improvements include new concrete walkways in the courtyard, cultured stone on 9 porches, newly shingled porch overhangs, updated front exterior doors, and glass block windows in every unit. Additional items include newer gutters, trim, and exterior security lighting, plus a newer asphalt parking lot on the west side of the building. A security camera system is in place, and one master key provides access to the building.
Key Highlights
- 18 two‑bedroom units total; 17 units currently occupied with tenants current on rent
- Individual natural gas furnaces plus separate utilities with individual water meters for each apartment
- 9 units fully renovated within the last 4 years; 16 bathrooms updated
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
$156,345
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
8.23%
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%
$3,126,900
$3.1M
Cap Rate 7%
$2,233,500
$2.2M
Cap Rate 9%
$1,737,167
$1.7M
Market Conditions
NOI Build-Up for 12,746 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
$296.7K $23.28/SF
− Vacancy
−$12.5K −$0.98/SF
EGI
$284.3K $22.30/SF
− OpEx
−$127.9K −$10.04/SF
NOI
$156.3K $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%
$3,126,900
Cap Rate 7%
$2,233,500
Cap Rate 9%
$1,737,167
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 48341, MI
16,980
Population
8,601
Households
2
Avg Household Size
38
Median Age
24%
College-Educated
86%
High-School Grad
6.7 sq mi
ZIP Area
2,534
Density / Sq Mi
$46,185
Median Household Income
$34,200
Median Earnings
$917
Median Rent
$124,600
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 - Brick apartment building zoned for multi-family use with 18 two-bedroom units and multiple recent exterior and interior updates.
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: 18 two‑bedroom units total; 17 units currently occupied with tenants current on rent; Individual natural gas furnaces plus separate utilities with individual water meters for each apartment; 9 units fully renovated within the last 4 years; 16 bathrooms updated
