Renovated 11-Unit Apartment
For Sale
$700,000
98 S Edith Street, Pontiac, MI 48342
MULTI_FAMILY - Other - Pontiac, MI
Property Size5,000 SF
Lot Size0.34 Acres
Price / SF$140
Days on Market172
Property Features for 98 S Edith Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
11
Bathrooms
11
Full bathrooms
11
Rooms
Bedroom 9, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 11, Bedroom 2, Bathroom 5, Bathroom 4, Bedroom 7, Bathroom 3, Bathroom 8, Bathroom 10, Bedroom 8, Bedroom 6, Bathroom 7, Bathroom 9, Bedroom 10, Bathroom 1, Basement, Bedroom 3, Bathroom 6, Bedroom 5, Bathroom 11
Parking
13
Interior features
Circuit Breakers, Laundry Facility
Subdivision
Citizens Dev Co Add
Elementary school district
Pontiac
Middle school district
Pontiac
High school district
Pontiac
Directions
West of Martin Luther King, North of Auburn
Standard status
Active
APN
1428481022
Size
5,000 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
T3N, R10E, SEC 28 CITIZEN'S DEVELOPMENT COMPANY'S ADDITION LOT 145 TO 147 INCL.
Tax Annual Amount
7307
Legal Description
T3N, R10E, SEC 28 CITIZEN'S DEVELOPMENT COMPANY'S ADDITION LOT 145 TO 147 INCL.
Utilities
Heating system
Wall Furnace
Building Details
Year built
1930
Floors in Building
2
Number of units
11
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
(248) 609-8000
Listed By:
Brett McKinney
(248) 649-7200
Added: Feb 15
Changed: Aug 1
Last Checked: Aug 6 at 2:06PM
MLS# 20261009434
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Apartment buildings with strong internal utility separation and recent unit improvements. This 11-unit brick building has renovations finished last week, with 10 of the 11 units fully renovated. Building updates include updated breaker boxes, and the roof was recoated in the fall. Laundry infrastructure is available on site through laundry hook-ups, with potential for coin laundry.
The building is heated with wall furnaces and includes a basement. Each unit has separate gas and electric meters, supporting independent metering across the tenant base. The property is zoned Multi-Family.
Additional interior features include circuit breakers and an on-site laundry facility, aligning with day-to-day resident needs for a multi-unit rental setup.
The building is heated with wall furnaces and includes a basement. Each unit has separate gas and electric meters, supporting independent metering across the tenant base. The property is zoned Multi-Family.
Additional interior features include circuit breakers and an on-site laundry facility, aligning with day-to-day resident needs for a multi-unit rental setup.
Key Highlights
- 11‑unit apartment building with renovations finished last week
- 10 of 11 units fully renovated
- 0.34‑acre lot with brick construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$61,331
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,226,620
$1.2M
Cap Rate 7%
$876,157
$876.2K
Cap Rate 9%
$681,456
$681.5K
Market Conditions
NOI Build-Up for 5,000 SF
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.
Gross rent
$116.4K $23.28/SF
− Vacancy
−$4.9K −$0.98/SF
EGI
$111.5K $22.30/SF
− OpEx
−$50.2K −$10.04/SF
NOI
$61.3K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,226,620
Cap Rate 7%
$876,157
Cap Rate 9%
$681,456
Alternative Uses
Best Use
Apartment 5plus
$876.2K
$766.6K – $1.02M
NOI $61,331 @ 7.0% cap · market cap 8.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$943.7K – $1.26M
NOI $75,492 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovations finished on 10 of 11 units in this 0.34-acre brick apartment building with separate gas and electric meters.
Where is this apartment building located?
The property is located at 98 S Edith Street Pontiac, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 11‑unit apartment building with renovations finished last week; 10 of 11 units fully renovated; 0.34‑acre lot with brick construction
