Pontiac, MI 48341 ·
49 Units · Multifamily For Sale
Casa Del Rey
|No. Units||49||Property Use Type||Investment|
|Building Size||37,795 SF||Commission Split||4%|
|Property Type||Multifamily||Cap Rate||20%|
|Listing ID: 17334903||Date Created: 09/16/2011||Last Updated: 01/03/2012|
Bid deadline December 31, 2011. All reasonable offers considered. Income Property Organization is pleased to announce that we have been retained as the exclusive marketing representative for the Casa Del Rey apartments in Pontiac, MI. The Spanish Eclectic Casa Del Rey Apartments building, built in 1929, is a four-and-one-half-story, yellow and orange brick structure located south of Huron Street on the southeast corner of Oneida and Algonquin Streets. The front faces Oneida on the west, with the rear of the structure facing vacant lots to the East on Seminole Avenue. Originally built with forty-one units, it was the largest apartment building in Pontiac at the time. Interior walls are done in antique plaster. Natural oak trim is found throughout the building while elaborate use of colorful clay tile is found throughout public spaces and on fireplaces in many of the individual apartments.
The Casa Del Rey apartments were built in early 1920s, just prior to the great depression, at a cost of $400,000. With forty-one individual units, the four-and one-half story brick building was the one of the largest and finest apartment buildings in Pontiac at the time.
The immediate area is primarily established residential, with the North Oakland Medical Center located adjacent to the property. The property enjoys convenient access to Huron Street (M-59) and Orchard Lake Road, two well-traveled thoroughfares. These thoroughfares provide access to the area's commercial district, one mile east of the property, employment centers and to Business Loop U.S. 24 and Interstate 75. Huron Street also lends direct access to the Detroit metropolitan freeway network. In addition to excellent road access, the area has a rail transport center, with an Amtrak passenger terminal in the Phoenix Transportation Center.
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