51 Spokane Dr - Apartments FOR SALE


Pontiac, MI 48341
$1,900,000 USD
248-530-7292
51 Spokane Dr, Pontiac, MI for Sale
$1,900,000 USD
Apartments - FOR SALE
1/45
null | 10.36% Cap Rate

51 Spokane Dr
Pontiac, MI 48341


OVERVIEW

Rare opportunity on this turn-key, profitable, cash-flowing property! Total of 18 two-bedroom units averaging approximately $1,130/month and roughly 645 sq. ft. each. 17 of the 18 units are currently occupied with tenants current on rent. Property features individual natural gas furnaces for each apartment along with separate utility setups, including individual water meters—ideal for efficient management and expense control. Each unit offers a private entrance and basement. Extensive updates throughout: 9 units have been fully renovated within the last 4 years, and 16 bathrooms have been completely updated. A new roof was installed across the entire complex in 2024 with a 20-year transferable warranty. Additional improvements include new concrete walkways in the courtyard, cultured stone on 9 porches, newly shingled porch overhangs, updated front exterior doors, glass block windows in every unit, newer gutters, trim, and exterior security lighting. The west side of the building also features a newer asphalt parking lot. 12 units include central air, and 10 units have newer furnaces. Security camera system in place for added peace of mind. One master key provides access to the building for convenience. Please do NOT approach property or tenants without a confirmed showing appointment. Strong upside potential with projected gross income of $259,200 through rent increases on under-market units and leasing the remaining vacancy.

FOR SALE DETAILS

PRICE

$1,900,000 USD

PRICE/SF

$75 USD /SF

# OF UNITS

18

PRICE/UNIT

$105,556

CAP RATE

10.36%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Spokane Villas

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1940

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.15 AC

LAND SF

50,094 SF

ZONING

AI

APN/PARCEL ID

14-30-402-009

ASK ABOUT THIS PROPERTY

James SilverKeller Williams Realty - Troy Market CenterMore Info
248-530-7292

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James SilverKeller Williams Realty - Troy Market CenterMore Info
248-530-7292

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.