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    Property profile & analytics

    360 Martin Luther King Jr Blvd Pontiac, MI 48342

    • Retail space
    • 11,008 SF
    • 0.56 lot acres
    For Sale
    View listing
    $2,600,000
    Last Sale
    Feb 14, 2023
    $2,239,000
    Value Estimations
    Cap Rate Potential
    4.8%
    Retail space
    Location Intelligence
    Property ID
    US43-0884555
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Olaolu A. Akinbiyi, BPharm / Pharmacy
    • Ryan P. Browne, PharmD / Pharmacy
    • higi / Physician
    • Rite Aid Photo / (Bike/Boat/Book/etc) Store
    • Rite Aid #04301 / Medical Laboratory

    Property Details for 360 Martin Luther King Jr Blvd

    Year built
    1999
    Lot size
    0.56 lot acres
    Property size
    11,008 SF
    Zone code
    BI
    Property type
    Retail space
    APN
    64-14-28-229-006
    APU
    641428229006

    Description

    This exceptional retail opportunity presents a 11,207-square-foot freestanding building situated on a 2.27-acre lot in Pontiac, Michigan. Located at 360 Martin Luther King Jr Blvd N, this property boasts a highly visible location at the intersection of Martin Luther King Jr Boulevard, Featherstone, and University Drive, ensuring maximum exposure for any business. The building features a convenient drive-thru window, adding significant operational flexibility. Its versatile layout offers ample space for customization, making it suitable for a wide range of retail or service-oriented businesses. The absolute NNN lease type provides a straightforward ownership structure. The property is currently vacant, presenting a blank canvas for a new tenant to establish their presence in this thriving area. With its spacious interior and prime location, this property represents a significant investment opportunity in a high-traffic area of Oakland County, Michigan, with a zip code of 48342. The expansive lot size provides ample parking and potential for future expansion. This is a rare chance to acquire a substantial retail space in a desirable location with excellent visibility and accessibility. The asking price is $2,600,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,485,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,975,000
      6.5%
      $1,820,000
      7%
      $1,690,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $3,400,000
      COMMERCIAL (GENERAL)
      $1,940,000
      RESTAURANT
      $1,905,000
      MEDICAL BUILDING
      $1,740,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pontiac
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2702
    Latitude
    42.6484
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $22,335
    $0.00
    $0.00
    $416,540
    -
    $0.00
    $0.00
    $833,080

    Comparable in this City

    • Value Estimation by Request
      5,386 SF

      243 Auburn Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,386 SF
      243 Auburn Ave, Pontiac, MI 48342-3012
      View Details
    • Value Estimation by Request
      1,941 SF

      655 Joslyn Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,941 SF
      655 Joslyn Ave, Pontiac, MI 48342-1578
      View Details
    • Value Estimation by Request
      2,726 SF

      484 Perry St

      RETAIL STORES (PERSONAL SERVICES) • 2,726 SF
      484 Perry St, Pontiac, MI 48342-2448
      View Details
    • Value Estimation by Request
      1,816 SF

      417 Pike St

      RETAIL STORES (PERSONAL SERVICES) • 1,816 SF
      417 Pike St, Pontiac, MI 48342-2831
      View Details
    • Value Estimation by Request
      1,980 SF

      77 Saginaw St

      RETAIL STORES (PERSONAL SERVICES) • 1,980 SF
      77 Saginaw St, Pontiac, MI 48342-2154
      View Details
    • Value Estimation
      $2,445,000
      61,995 SF

      556 Saginaw St

      RETAIL STORES (PERSONAL SERVICES) • 61,995 SF
      556 Saginaw St, Pontiac, MI 48342-1466
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,000 SF

      Downtown Pontiac Multifamily/Office/Retail Building

      6,000 SF multi-family/office/retail building in downtown Pontiac for sale.
      148 N Saginaw St, Pontiac, MI 48342
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    • $149,900
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      Pontiac Commercial Property with Development Potential

      Well-maintained commercial building with income and multi-family development opportunity.
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      Pontiac Vacant Commercial Building

      Vacant 4904 SF building suitable for multiple uses.
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    • $850,000
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      Spacious Retail/Office Space in Pontiac

      7,039 SF retail/office space with finished lower level.
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    • $2,600,000
      11,207 SF

      Pontiac Retail Building - $2.6M

      11,207 SF Vacant Retail Space, Drive-Thru
      360 Martin Luther King Jr Blvd, Pontiac, MI 48342
      View Details
    • $350,000
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      Downtown Pontiac Retail/Showroom Space

      Retail space in Pontiac's retail district with high ceilings.
      87 N Saginaw St, Pontiac, MI 48342
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    Similar Nearby for Lease

    • $9 SF/Yr
      9,840 SF

      Retail Space in Pontiac, MI

      Retail space available for lease in Pontiac, Michigan.
      29 S Saginaw St, Pontiac, MI 48342
      View Details
    • Contact for pricing
      24,319 SF

      Downtown Pontiac Corner Location

      High-visibility space in revitalized Downtown Pontiac, suitable for retail/office.
      67 N Saginaw St, Pontiac, MI 48342
      View Details
    • $399,000
      5,800 SF

      Redevelopment Opportunity on Hard Corner

      0.36 AC corner lot with existing 5,800 SF building.
      747 Perry St, Pontiac, MI 48342
      View Details
    • $9 SF/Yr
      19,000 SF

      Pontiac Warehouse Space Available

      19,000 sq ft warehouse space for lease.
      49700 Woodward Ave, Pontiac, MI 48342
      View Details
    • $1,500 /Mo

      Pontiac Flex Space For Rent

      1600 sq ft flex space with overhang doors.
      356 Auburn Ave, Pontiac, MI 48342
      View Details
    • Contact for pricing

      New Construction Commercial Spaces Available

      New commercial spaces for lease in Downtown Pontiac, available 2026.
      49730 Woodward Ave, Pontiac, MI 48342
      View Details
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    Pontiac, MI 48342
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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