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    Updated Multi-Unit Home with Garage Title is generated by Realmo AI

    223 E Michigan Avenue, Pontiac, IL 61764

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    New
    For Sale
    $379,900

    MULTI_FAMILY - Other - Pontiac, IL

    Lot size:
    0.17 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 8 at 7:06 am

    Property Features for 223 E Michigan Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 2, Basement, Bedroom 3, Utility Room, Laundry Room, Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 3
    Parking
    3
    Parking features
    Garage, Open
    Fencing
    Fenced
    Basement
    Finished, Full
    Standard status
    Active
    APN
    151515482007
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2419

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    1900
    Building materials
    Vinyl Siding
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Julie Moore

    Listing agent Julie Moore License #475157626

    Listing office RE/MAX Rising 1015 Ekstam Drive Suite 2, Bloomington, IL

    Listing date Jun 2, 2026

    MLS# 12664466 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two remodeled units since 2021: basement apartment and an upstairs main unit
    • 2024 kitchen with an island and coffee bar in the upstairs unit
    • Basement apartment includes its own laundry, bedroom with egress, full bathroom, utility room, and extra room
    • Expanded upstairs bathroom by 12 inches with a jetted tub/shower combo, new vanity, toilet, and Bluetooth fan
    • High‑efficiency HVAC (2022) plus updated plumbing, wiring, and flooring
    • Fenced yard with above‑ground pool and a garage with 10‑ft and 7‑ft overhead doors

    Overview

    This fully updated two-unit home offers comfortable, flexible living across two levels, with extensive improvements completed over recent years. The basement apartment includes its own laundry, a bedroom with egress, 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, along with a bathroom that has been expanded and includes a jetted tub/shower combo. Additional upstairs space includes two more bedrooms and a second kitchen, plus a charming attic retreat.

    Outside, the property includes a fenced yard with an above-ground pool and a professionally leveled yard area. There is an updated front porch and an additional back porch, and the home also has an impressive garage with a 10-foot and a 7-foot overhead door. The roof was placed in 2026, and high-efficiency HVAC was installed in 2022, along with updated plumbing, wiring, and flooring.

    With its clear multi-unit layout and extensive updates, this property is well suited for buyers seeking a house-hack setup, multi-generational living, or a turn-key residential income investment. The combination of dedicated basement amenities and substantial upstairs improvements provides practical options for owners and tenants while keeping day-to-day functionality at the center of the design.
    Property Profile 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
    -88.626767
    Latitude
    40.88943

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    FAQs

    What type of property is this?
    Duplex - Fully updated two-unit residence with separate laundry and flexible living space, ideal for house-hack or income-focused ownership.
    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: Two remodeled units since 2021: basement apartment and an upstairs main unit; 2024 kitchen with an island and coffee bar in the upstairs unit; Basement apartment includes its own laundry, bedroom with egress, full bathroom, utility room, and extra room
    (309) 275-9333
    We can help!
    Listing Contact
    Julie Moore
    Real Estate License ID: 475157626
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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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