17 Lawrence St Pontiac, MI 48342

Property Details for 17 Lawrence St

Year built

1920

Property size

10,000 SF

Property type

Apartment buildings

Description

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.