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    59 S Main Street Independence Twp, MI 48346

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    Pending
    $699,999

    MULTI_FAMILY - Other - Independence Twp, MI

    Property size:
    3,006 SF
    Lot size:
    0.75 Acres
    Added:
    Jun 25, 2025
    Days on Market:
    290
    Last Refresh:
    Apr 10 at 8:06 am

    Property Features for 59 S Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Multi-Family
    Bedrooms
    7
    Bathrooms
    5
    Rooms
    Basement, Bathroom 5, Bedroom 6, Bedroom 5, Bathroom 4, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 7, Bathroom 3
    Pets allowed
    Call
    Interior features
    Laundry Facility
    Standard status
    Pending
    APN
    0820382007
    Size
    3,006 SF
    Lot size
    0.75 Acres

    Taxes and HOA fees

    Tax Description
    T4N, R9E, SEC 20 ASSESSOR'S PLAT OF CLARKSTON LOT 70 EXC N 57 FT
    Tax Annual Amount
    7217

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1903
    Floors in Building
    2
    Number of units
    5
    Building materials
    Vinyl
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Thomas Wilhelm
    Thomas Wilhelm

    Listing agent Thomas Wilhelm License #6501196948

    Listing office Wilhelm & Associates 6485 Dixie, Clarkston, MI

    Listing date Jun 25, 2025

    MLS# 20251011478

    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.

    Overview

    Historical Apartment Building in Clarkston

    This is a five-unit historical apartment building located in downtown Clarkston on Main Street, backing up to Depot Park. The building contains two two-bedroom units and three one-bedroom units. Coin laundry is available on site. Water and sewer utilities are provided. The lot size is 198 X 165. The property is zoned for multi-family use. All leases are month to month, except for unit 5, which has a lease until 3/26. The property is being sold as is.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Independence Twp
    County
    Oakland
    State
    Michigan
    Longitude
    -83.419499
    Latitude
    42.733883

    Nearby Similar for Sale

    • $824,900
      6,200 SF

      Log Home on Walters Lake

      Historic log home with lake frontage, ideal for short-term rentals.
      8646 Thendara Boulevard, Independence Twp, MI 48348
      View Details
    • Contact for pricing
      91 SF

      Kroger Anchored Shopping Center

      High-performing shopping center serving multiple communities.
      5990 Sashabaw Road | Independence Twp, MI 48346, MI 48346
      View Details

    FAQs

    What type of property is this?
    Apartment building - Five-unit apartment building in downtown Clarkston near Depot Park.
    Where is this apartment building located?
    The property is located at 59 S Main Street Independence Twp, MI.
    What is the asking price?
    The asking price for this property is $699,999.
    What are key features of this property?
    This property features: Prime Downtown Clarkston location on Main Street; Backs up to Depot Park; Historical apartment building
    (248) 625-9500
    We can help!
    Listing Contact
    Thomas Wilhelm
    Thomas Wilhelm
    Real Estate License ID: 6501196948
    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.

    More about this property
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