Tenant-Occupied
New
For Sale
$225,000
196 Bondale Ave, Pontiac, MI 48341
Two matching units are currently occupied on a quiet dead-end street near major area destinations.
Property Size1,075 SF
Price / SF$209.30
Days on Market7
Property Features for 196 Bondale Ave
General Information
Standard status
Active
Size
1,075 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1928
Tenancy
Multi
Listing Agency:
@Properties Christie's Int'l R.E. Birmingham
(248) 850-8632
Listed By:
Mark Schmansky
(248) 701-0207
Source:
Patientmoves
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 22 at 4:24PM
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 @Properties Christie's Int'l R.E. Birmingham
Investment Insights
Based on property information with market context.
This duplex includes two matching residential units within a 1,075-square-foot property built in 1928. Both units are currently tenant occupied, and appliances may be negotiated separately but are not included in the sale. The property offers an established two-unit configuration for an owner seeking a residential income asset.
Located at 196 Bondale Ave. in Pontiac, the duplex is within walking distance of St. Joseph Mercy Hospital and sits on a quiet dead-end street. The property is also near local freeways, the downtown area, and the Amazon center. The address provides a straightforward residential setting with access to several nearby employment and activity centers.
Located at 196 Bondale Ave. in Pontiac, the duplex is within walking distance of St. Joseph Mercy Hospital and sits on a quiet dead-end street. The property is also near local freeways, the downtown area, and the Amazon center. The address provides a straightforward residential setting with access to several nearby employment and activity centers.
Key Highlights
- Two tenant‑occupied units with matching layouts
- 1,075 SF property built in 1928
- Within walking distance of St. Joseph Mercy Hospital
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
$14,229
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
6.32%
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%
$284,580
$284.6K
Cap Rate 7%
$203,271
$203.3K
Cap Rate 9%
$158,100
$158.1K
Market Conditions
NOI Build-Up for 1,075 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
$21.3K $19.80/SF
− Vacancy
−$958 −$0.89/SF
EGI
$20.3K $18.91/SF
− OpEx
−$6.1K −$5.67/SF
NOI
$14.2K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$284,580
Cap Rate 7%
$203,271
Cap Rate 9%
$158,100
Alternative Uses
Best Use
Multifamily LT 5
$203.3K
$177.9K – $237.2K
NOI $14,229 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$188.4K
$164.8K – $219.8K
NOI $13,186 @ 7.0% cap · market cap 5.86%
Theoretical Best
Specialty Retail
$231.9K
$202.9K – $270.5K
NOI $16,231 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,117
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching units are currently occupied on a quiet dead-end street near major area destinations.
Where is this duplex located?
The property is located at 196 Bondale Ave Pontiac, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two tenant‑occupied units with matching layouts; 1,075 SF property built in 1928; Within walking distance of St. Joseph Mercy Hospital
