470 Cesar E Chavez Ave Pontiac, MI 48342
- Apartment buildings
- 6,011 SF
Current Use by Public Records
- Apartment buildings
Property Details for 470 Cesar E Chavez Ave
- Year built
- 1948
- Property size
- 6,011 SF
- Property type
- Apartment buildings
Description
This exceptional value-add opportunity presents a six-unit apartment building located at 470 Cesar E Chavez Ave, Pontiac, MI 48342. The property, built in 1948, comprises 6,011 square feet across two stories and sits on a parcel with APN 1420354024. Currently zoned C-1, the building offers a mix of unit types including five one-bedroom units and one studio apartment, all currently occupied, generating a net operating income (NOI) of $24,000. The asking price is $325,000, representing a price per square foot of $54.07 and a price per unit of $54,167. The pro-forma cap rate is 7.38%. Current rental income totals $3,940 per month, with the owner responsible for utilities. Heating is provided by a boiler system. Six parking spaces are available. The property presents a significant value-add opportunity due to below-market rents and the potential for modernization and cosmetic upgrades to increase rental income. This is an ideal investment in a growing market, offering immediate cash flow and long-term appreciation potential. The building's prime location in Pontiac, Michigan, provides easy access to downtown Pontiac, major highways, and public transportation.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pontiac
- County
- Oakland
- State
- Michigan
- Longitude
- -83.306
- Latitude
- 42.6496
