Turn-Key Multifamily Investment
51 SPOKANE Dr Pontiac, MI 48341
For Sale
$1,900,000
Profitable 18-unit complex with recent renovations and strong income potential.
Property Size14,400 SF
Price / SF$131.94
Days on Market104
Property Features for 51 SPOKANE Dr
General Information
Standard status
Active
Size
14,400 SF
Property subtype
Investment
Building Details
Year Built
1940
Listing Agency:
Keller Williams Somerset
(248) 530-7292
Listed By:
James T Silver · License #6501302927
(248) 530-7292
Source:
Elliman
Added: Apr 15
Changed: Jul 10
Last Checked: Jul 27 at 11:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Somerset
Investment Insights
Based on property information with market context.
This property features 18 two-bedroom units, each approximately 800 square feet. Sixteen of the units are currently occupied, with tenants current on rent. Each apartment has its own natural gas furnace and separate utility setups, including individual water meters. Each unit also includes a private entrance and basement. Significant updates have been made 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 current mortgage may be assumable for qualified buyers at 7.0% or less interest rate. The property has strong upside potential with a projected Net Operating Income (NOI) of $259,200 through rent increases on under-market units and leasing the remaining vacancy.
Key Highlights
- Turn‑key, cash‑flowing property with strong upside potential, projected NOI of $259,200.
- New roof installed in 2024 with a 20‑year transferable warranty.
- Individual natural gas furnaces and separate utility setups for each unit.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Profitable 18-unit complex with recent renovations and strong income potential.
Where is this apartment building located?
The property is located at 51 SPOKANE Dr 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, cash‑flowing property with strong upside potential, projected NOI of $259,200.; New roof installed in 2024 with a 20‑year transferable warranty.; Individual natural gas furnaces and separate utility setups for each unit.
