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    17 Lawrence St Pontiac, MI 48342

    Sponsored
    For Sale
    $1,600,000

    14-unit building, renovated 2021

    Property size:
    10,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 14-unit apartment building in Pontiac, Michigan presents a compelling investment opportunity. The property, located at 17 W Lawrence St, boasts 10,000 square feet on a 5,000 square foot lot and is a fully renovated, two-story Class B building constructed in 1920 and extensively updated in 2021. The asking price is $1,600,000, representing a price per square foot of $160 and a price per unit of $114,285.71. The property's strong financial performance is reflected in its pro-forma NOI of $104,000 and a 6.50% pro-forma cap rate. The building comprises five residential apartments (four one-bedroom, one-bathroom units and one two-bedroom, one-bathroom unit), three single-tenant private offices or studios (approximately 250 square feet each), two spacious commercial studios (approximately 800 square feet each), and a sizable 3,500 square foot retail space. Additionally, three artist studios are located in the basement. Modern amenities include a new Butterfly video intercom system, a full security camera system, a newly installed audible fire alarm system, central air conditioning in all residential units, upgraded plumbing and electrical systems, efficient insulation and heating (including a serviced and upgraded boiler system), and reworked operable windows. This mixed-use property offers a unique blend of historical charm and modern updates, making it an attractive investment in Pontiac's thriving market. The property is not subject to a ground lease.

    Property Features for 17 Lawrence St

    General Information

    Property type
    Multifamily properties
    Square Feet
    10,000 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1920/2021
    Buildings
    1
    Stories
    2
    Units
    14

    HighLights

    • $1,600,000 asking price for a stabilized Class B multifamily apartment building.
    • 10,000 square feet, 14 units, with a $160 per square foot price and a 6.50% pro‑forma cap rate.
    • $104,000 pro‑forma NOI.
    • Fully renovated in 2021, this two‑story building sits on a 5,000 square foot lot in Pontiac, MI.
    • Features five residential apartments (four 1‑bedroom/1‑bath, one 2‑bedroom/1‑bath), three private offices/studios, two large commercial studios, a 3,500 square foot retail space, and three basement artist studios.
    Property Profile Location Intelligence

    Current Use by Public Records

    West Alley Tourist Attraction The Pontiac Tribune News Service Magnetic Recording Recording Studio

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Pontiac
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2930325
    Latitude
    42.6372473

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    FAQs

    What type of property is this?
    Multifamily property - 14-unit building, renovated 2021
    Where is this multifamily property located?
    The property is located at 17 Lawrence St Pontiac, MI.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: $1,600,000 asking price for a stabilized Class B multifamily apartment building.; 10,000 square feet, 14 units, with a $160 per square foot price and a 6.50% pro-forma cap rate.; $104,000 pro-forma NOI.
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    Realmo Value Estimation

    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.

    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.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    17 Lawrence St Pontiac, MI 48342
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