Storefront Property with Full
New
For Sale
$250,000
928 University Dr, Pontiac, MI 48342
Divisible retail space includes an overhead door, multiple restrooms, and a fenced outdoor area.
Property Size2,020 SF
Lot Size0.22 Acres
Price / SF$123.76
Days on Market4
Property Features for 928 University Dr
General Information
Standard status
Active
Size
2,020 SF
Lot size
0.22 Acres
Property subtype
Retail
Zoning
C-1
Additional Details
Opportunity Zone
Yes
Utilities to Site
Yes
Amenities
Overhead Door
Restroom
Additional Restrooms
Full Basement
HVAC Units
Additional HVAC Unit in Basement
Separate Water/Gas Meters
Ample Electric
Wall Signage
Fenced Yard
Building Details
Building Size
2,020 SF
Year Built
1952
Listing Agency:
NAI Farbman - Corporate
Listed By:
Wendy Acho · License #6501411463
(248) 563-0739
Source:
Naiglobal
Added: Oct 20
Changed: Oct 21
Last Checked: Oct 23 at 3:52AM
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 - Corporate
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Investment Insights
Based on property information with market context.
This 2,020-square-foot storefront property was built in 1952 and offers divisible space, an overhead door, and three restrooms. A full basement has an additional HVAC unit; two more HVAC units serve the property. The building also has two separate meters for water and gas, wall signage, and an option for pylon signage.
The 0.217-acre site includes a fenced yard and parking. It is located near Featherstone Street and Martin Luther King Jr. Boulevard North. The property is zoned C-1 and lies within a Local Business/Residential Mixed Use District and an Opportunity Zone (QOZ).
The 0.217-acre site includes a fenced yard and parking. It is located near Featherstone Street and Martin Luther King Jr. Boulevard North. The property is zoned C-1 and lies within a Local Business/Residential Mixed Use District and an Opportunity Zone (QOZ).
Key Highlights
- 2,020 SF of divisible storefront space
- Full basement with an additional HVAC unit
- Three restrooms and an overhead door
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,736
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$434,720
$434.7K
Cap Rate 7%
$310,514
$310.5K
Cap Rate 9%
$241,511
$241.5K
Market Conditions
NOI Build-Up for 2,020 SF
Gross rent
$33.9K $16.80/SF
− Vacancy
−$2.9K −$1.43/SF
EGI
$31.1K $15.37/SF
− OpEx
−$9.3K −$4.61/SF
NOI
$21.7K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$434,720
Cap Rate 7%
$310,514
Cap Rate 9%
$241,511
Alternative Uses
Best Use
Retail
$310.5K
$271.7K – $362.3K
NOI $21,736 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$435.7K
$381.2K – $508.3K
NOI $30,499 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48342, MI
18,685
Population
7,559
Households
2.5
Avg Household Size
33
Median Age
10%
College-Educated
76%
High-School Grad
5.2 sq mi
ZIP Area
3,593
Density / Sq Mi
$33,750
Median Household Income
$29,970
Median Earnings
$851
Median Rent
$90,600
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Storefront property - Divisible retail space includes an overhead door, multiple restrooms, and a fenced outdoor area.
Where is this storefront property located?
The property is located at 928 University Dr Pontiac, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,020 SF of divisible storefront space; Full basement with an additional HVAC unit; Three restrooms and an overhead door
