Brick Duplex with Two Occupied
New
For Sale
$225,000
196 BONDALE Avenue, Pontiac, MI 48341
Multifamily, 2 Story, Pontiac, MI
Property Size1,075 SF
Lot Size0.19 Acres
Price / SF$209.30
Days on Market3
Property Features for 196 BONDALE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Basement, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Interior features
Laundry Facility
Subdivision
WOODWARD ESTATES
Elementary school district
Pontiac
Middle school district
Pontiac
High school district
Pontiac
Directions
South Blvd and East of Woodward
Standard status
Active
APN
1904132031
Size
1,075 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
T2N, R10E, SEC 4 WOODWARD ESTATES SUB LOT 432 EXC W 15 FT, ALSO ALL OF LOT 433 9-6-89 FR 019 & 020
Tax Annual Amount
1165
Legal Description
T2N, R10E, SEC 4 WOODWARD ESTATES SUB LOT 432 EXC W 15 FT, ALSO ALL OF LOT 433 9-6-89 FR 019 & 020
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1928
Floors in Building
2
Number of units
2
Building materials
Brick
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
Inside Realty, LLC
Listed By:
Jennice F Hayes
(248) 758-0022
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 17 at 6:06AM
MLS# 20261074650
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 1928 Colonial-style duplex contains two similarly configured units, each with two bedrooms and one bathroom. The property measures 1,075 square feet on a 0.19-acre lot and includes a basement, laundry facilities, forced-air heating, brick construction, an asphalt roof, and public water service. Both units are currently tenant occupied. Appliances are not included, although they may be negotiated separately.
The property is located on Bondale Avenue in Pontiac, within walking distance of St. Joseph Mercy Hospital. It is also positioned near local freeways, the downtown area, and the Amazon center. Multi-Family, Residential zoning supports the property's duplex configuration.
The property is located on Bondale Avenue in Pontiac, within walking distance of St. Joseph Mercy Hospital. It is also positioned near local freeways, the downtown area, and the Amazon center. Multi-Family, Residential zoning supports the property's duplex configuration.
Key Highlights
- Two‑unit duplex with both residences currently tenant occupied
- 1,075 square feet on a 0.19‑acre lot
- Each unit includes two bedrooms and one bathroom
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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Current Use
Lease Details
2
Residential units
100%
Occupancy
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching units are currently occupied, with laundry facilities and forced-air heating.
Where is this duplex located?
The property is located at 196 BONDALE Avenue 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‑unit duplex with both residences currently tenant occupied; 1,075 square feet on a 0.19‑acre lot; Each unit includes two bedrooms and one bathroom
