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    Fully Updated Multi-Unit Duplex Title is generated by Realmo AI

    223 E Michigan Avenue, Pontiac, IL 61764

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    Two remodeled units offer flexible living options with in-unit laundry and multiple kitchens in one move-in ready home.

    Type:Multifamily
    Added:
    Jun 2, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 6 at 2:05 am

    Property Features for 223 E Michigan Avenue

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    Building Details

    Year Built
    1900

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    Listing Contact
    Julie Moore

    Listing agent Julie Moore

    Listing office RE/MAX Rising

    Listing date Jun 2, 2026

    Source Crexi

    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 RE/MAX Rising

    HighLights

    • Fully updated multi‑unit home with 2 remodeled units (updates since 2021)
    • Basement apartment includes its own laundry, bedroom with egress, full bath, utility room, and extra room
    • Upstairs main unit features a 2024 kitchen with island and coffee bar, plus an expanded bathroom with jetted tub/shower combo
    • Second upstairs kitchen and additional bedrooms, including a charming attic retreat
    • Outdoor amenities include a fenced yard with an above‑ground pool and professionally leveled yard, plus front and back porches
    • Garage has 10‑ft and 7‑ft overhead doors; roof (2026) and high‑efficiency HVAC (2022) with updated plumbing, wiring, and flooring

    Overview

    This fully updated multi-unit duplex is set up for flexible living, with two remodeled units and multiple interior options. The basement apartment includes its own laundry, a bedroom with egress, a kitchen, living room, full bathroom, utility room, and an additional room suited to a variety of uses. The upstairs main unit features a 2024 kitchen with an island and coffee bar, an expanded bathroom with a jetted tub/shower combination, and a second kitchen along with two additional bedrooms and a separate attic retreat.

    Outside, the property offers a fenced yard with an above-ground pool and professionally leveled yard areas. There is an updated front porch, a quaint back porch, and a garage with a 10-foot and a 7-foot overhead door. Major systems and finishes have been refreshed, including a roof placed in 2026, high-efficiency HVAC installed in 2022, and updated plumbing, wiring, and flooring.

    Located at 223 E Michigan Avenue in Pontiac, IL, this home is well-suited for buyers looking to “house hack” with an owner-occupied unit while maintaining rental flexibility, or for multi-generational use under one roof. The multiple kitchens and laundry in the basement apartment can support a range of household arrangements while keeping day-to-day living spaces distinct.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pontiac
    County
    Livingston
    State
    Illinois
    Longitude
    -88.626744
    Latitude
    40.8894

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    FAQs

    What type of property is this?
    Duplex - Two remodeled units offer flexible living options with in-unit laundry and multiple kitchens in one move-in ready home.
    Where is this duplex located?
    The property is located at 223 E Michigan Avenue Pontiac, IL.
    What is the asking price?
    The asking price for this property is $379,900.
    What are key features of this property?
    This property features: Fully updated multi‑unit home with 2 remodeled units (updates since 2021); Basement apartment includes its own laundry, bedroom with egress, full bath, utility room, and extra room; Upstairs main unit features a 2024 kitchen with island and coffee bar, plus an expanded bathroom with jetted tub/shower combo
    We can help!
    Contact for Pricing
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    and status of this listing
    Julie Moore
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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.

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