18-Unit Apartment
51 SPOKANE Drive Unit SourceFi Pontiac, MI 48341
51 SPOKANE Drive Unit SourceFi, Pontiac, MI, 48341
$1,900,000
For Sale
$1,900,000
Turn-key 18-unit two-bedroom rental with most units occupied and extensive recent exterior and interior updates.
Property Size12,746 SF
Price / SF$149.07
Days on Market109
Property Features for 51 SPOKANE Drive Unit SourceFi
General Information
- Standard status
- Active
- Size
- 12,746 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 19
Listing Agency
(248) 417-9617
Listed by
Keller Williams Somerset
(248) 417-9617
Source
Xome
Added: Apr 1 Checked: Jul 18 at 3:26 am
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 turn-key apartment property totals 18 two-bedroom units. Seventeen of the 18 units are currently occupied and tenants are reported current on rent. Each unit is described as having a private entrance and basement, with individual natural gas furnaces and separate utility setups that include individual water meters.
The complex has undergone extensive updates. A new roof was installed across the entire property in 2024 with a 20-year transferable warranty, and the exterior includes 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, and newer gutters, trim, and exterior security lighting. The west side of the building includes a newer asphalt parking lot, and a security camera system is in place.
According to the provided information, 12 units include central air, and 10 units have newer furnaces. One master key provides access to the building for convenience. The current mortgage may be assumable for qualified buyers at 7.0% or less interest rate, and the remarks project NOI of $259,200 through rent increases on under-market units and leasing the remaining vacancy.
The complex has undergone extensive updates. A new roof was installed across the entire property in 2024 with a 20-year transferable warranty, and the exterior includes 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, and newer gutters, trim, and exterior security lighting. The west side of the building includes a newer asphalt parking lot, and a security camera system is in place.
According to the provided information, 12 units include central air, and 10 units have newer furnaces. One master key provides access to the building for convenience. The current mortgage may be assumable for qualified buyers at 7.0% or less interest rate, and the remarks project NOI of $259,200 through rent increases on under-market units and leasing the remaining vacancy.
Key Highlights
- 18 two‑bedroom rental units averaging about $1,130/month; 17 units occupied and tenants are current on rent
- Each unit has a private entrance and basement, with individual natural gas furnaces and separate utility setups including individual water meters
- Extensive updates: 9 units renovated within the last 4 years and 16 bathrooms updated
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $296.7k | $23.28 |
| − Vacancy | −$12.5k | −$0.98 |
| EGI | $284.3k | $22.30 |
| − OpEx | −$127.9k | −$10.04 |
| NOI | $156.3k | $12.27 |
12,746 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.23M
$1.95M – $2.61M
NOI $156,345 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.75M
$2.41M – $3.21M
NOI $192,444 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Turn-key 18-unit two-bedroom rental with most units occupied and extensive recent exterior and interior updates.
Where is this apartment building located?
The property is located at 51 SPOKANE Drive Unit SourceFi 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: 18 two‑bedroom rental units averaging about $1,130/month; 17 units occupied and tenants are current on rent; Each unit has a private entrance and basement, with individual natural gas furnaces and separate utility setups including individual water meters; Extensive updates: 9 units renovated within the last 4 years and 16 bathrooms updated
