21 Saginaw St Pontiac, MI 48342
- Retail space
- 5,776 SF
- 0.07 lot acres
Current Use by Public Records
- Life Triage / Consultant
- JesMia Lofts / Apartment Building
- Electric Love Tattoo / Tattoo Shop
Property Details for 21 Saginaw St
- Year built
- 1920
- Lot size
- 0.07 lot acres
- Property size
- 5,776 SF
- Zone code
- BI
- Property type
- Retail space
- APN
- 64-14-29-476-016
- APU
- 641429476016
Description
This exceptional investment opportunity presents a well-maintained, three-story mixed-use apartment building located at 21 N Saginaw St, Pontiac, MI 48342. Boasting 7,500 square feet on a 2,500 square foot lot, this Class C property offers five units, each with in-unit washer/dryer and central heat and air conditioning. The building underwent significant renovations in 2018, including a complete roof tear-off and new facade windows. Rear units feature private outdoor balconies. Currently fully rented, this stabilized investment boasts a 7% cap rate and a net operating income (NOI) of $54,985, translating to a price per unit of $157,000 and a price per square foot of $104.67. The asking price is $785,000. Built in 1920, the property benefits from its prime location across from the Strand Theatre and minutes from the Oakland County headquarters and the upcoming 100-unit Oakland Town Center redevelopment. The ground floor currently houses a retail tenant under lease until 2026. The second floor features a spacious, full-floor unit, ideal for owner occupancy. Recent renovations and upgraded finishes offer potential for further rental income upside. This is a rare chance to acquire a stable, high-performing multifamily asset in a rapidly developing area.
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
- -83.2926
- Latitude
- 42.6373
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
