Turn-Key Multifamily Investment
For Sale
$1,900,000
51 Spokane Drive, Pontiac, MI 48341
Profitable 18-unit complex with recent renovations and strong income potential.
Property Size12,746 SF
Price / SF$131.94
Days on Market134
Property Features for 51 Spokane Drive
General Information
Standard status
Active
Size
12,746 SF
Property subtype
Commercial
Zoning
Multi-Family
Taxes and HOA fees
Annual Taxes
$16,813
Building Details
Building Size
12,746 SF
Year Built
1940
Listing Agency:
Keller Williams Somerset
(248) 530-7292
Listed By:
James T Silver · License #6501302927
Source:
Buyatthelake
Added: Apr 15
Changed: Aug 23
Last Checked: Aug 25 at 8:39AM
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 property features 18 two-bedroom units, each approximately 800 square feet. Sixteen of the units are currently occupied, with tenants current on rent. Each apartment has its own natural gas furnace and separate utility setups, including individual water meters. Each unit also includes a private entrance and basement. Significant updates have been made throughout the property. Nine units have been fully renovated within the last four years, and 16 bathrooms have been completely updated. A new roof was installed across the entire complex in 2024 with a 20-year transferable warranty. Additional improvements include 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, newer gutters, trim, and exterior security lighting. The west side of the building features a newer asphalt parking lot. Twelve units include central air, and 10 units have newer furnaces. A security camera system is in place. One master key provides access to the building. The current mortgage may be assumable for qualified buyers at 7.0% or less interest rate. The property has strong upside potential with a projected Net Operating Income (NOI) of $259,200 through rent increases on under-market units and leasing the remaining vacancy.
Key Highlights
- Turn‑key, cash‑flowing property with strong upside potential, projected NOI of $259,200.
- New roof installed in 2024 with a 20‑year transferable warranty.
- Individual natural gas furnaces and separate utility setups for each unit.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
572
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
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Profitable 18-unit complex with recent renovations and strong income potential.
Where is this apartment building located?
The property is located at 51 Spokane Drive 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: Turn‑key, cash‑flowing property with strong upside potential, projected NOI of $259,200.; New roof installed in 2024 with a 20‑year transferable warranty.; Individual natural gas furnaces and separate utility setups for each unit.
