Renovated 11-Unit Studio Apartment
566 E Columbia Ave, Pontiac, MI 48340
For Sale
$725,000
Fully renovated studios feature private entries, kitchens, and baths, with private off-street parking and a detached 3-car garage.
Property Size3,603 SF
Price / SF$201.22
Days on Market622
Property Features for 566 E Columbia Ave
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Zoning
Additional Details
Multifamily Units
Amenities
private off-street parking
detached 3-car garage
laundry machine
Building Details
Building Size
Year Built
Buildings
Stories
Tenancy
Listing Agency:
NAI Farbman
Listed By:
Brandon Ben-Ezra · License #6505136668
(947) 517-6226
Source:
Cpix.resimplifi
Added: Feb 26, 2025
Changed: Oct 31
Last Checked: Nov 8 at 2:13AM
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 NAI Farbman
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Investment Insights
Based on property information with market context.
This for-sale multifamily property offers 11 fully renovated studio apartments. Each unit includes its own private entry, kitchen, and bath, and the seller reports no deferred maintenance. The property also includes private off-street parking and a detached 3-car garage.
The building is located in North Pontiac (48340), approximately 3 miles from Great Lakes Crossing Mall, FANUC Campus, and an Amazon Fulfillment Center.
The current rental income is reported at approximately $94,000, with an indicated current NOI of approximately $64,000. The landlord pays for utilities, taxes, and insurance. Laundry machine revenue is reported at approximately $1,000 per year.
The building is located in North Pontiac (48340), approximately 3 miles from Great Lakes Crossing Mall, FANUC Campus, and an Amazon Fulfillment Center.
The current rental income is reported at approximately $94,000, with an indicated current NOI of approximately $64,000. The landlord pays for utilities, taxes, and insurance. Laundry machine revenue is reported at approximately $1,000 per year.
Key Highlights
- 11 studio apartments built in 1930 in North Pontiac (48340)
- Fully renovated with no deferred maintenance; each unit has a private entry, kitchen, and bath
- Rental income about $94,000; current NOI about $64,000 with ability to raise rents closer to market
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,195
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$883,900
$883.9K
Cap Rate 7%
$631,357
$631.4K
Cap Rate 9%
$491,056
$491.1K
Market Conditions
NOI Build-Up for 3,603 SF
Gross rent
$83.9K $23.28/SF
− Vacancy
−$3.5K −$0.98/SF
EGI
$80.4K $22.30/SF
− OpEx
−$36.2K −$10.04/SF
NOI
$44.2K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$883,900
Cap Rate 7%
$631,357
Cap Rate 9%
$491,056
Alternative Uses
Best Use
Apartment 5plus
$631.4K
$552.4K – $736.6K
NOI $44,195 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$777.1K
$680.0K – $906.7K
NOI $54,400 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
11
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Explore this area
Business Placement
Demographics for 48340, MI
26,039
Population
12,154
Households
2.1
Avg Household Size
33
Median Age
15%
College-Educated
82%
High-School Grad
7.7 sq mi
ZIP Area
3,382
Density / Sq Mi
$46,474
Median Household Income
$32,954
Median Earnings
$1,096
Median Rent
$105,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Oakland County, MI
Properties on Market for Apartment buildings in Oakland County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated studios feature private entries, kitchens, and baths, with private off-street parking and a detached 3-car garage.
Where is this apartment building located?
The property is located at 566 E Columbia Ave Pontiac, MI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 11 studio apartments built in 1930 in North Pontiac (48340); Fully renovated with no deferred maintenance; each unit has a private entry, kitchen, and bath; Rental income about $94,000; current NOI about $64,000 with ability to raise rents closer to market
