Log In/Sign Up
Your email has been sent.
Spokane Villas 51 Spokane Dr 18 Unit Apartment Building $1,900,000 ($105,556/Unit) 10.36% Cap Rate Pontiac, MI 48341
Executive Summary
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.
$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.
Property Facts
| Price | $1,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $105,556 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.15 AC |
| Cap Rate | 10.36% | Building Size | 25,492 SF |
| No. Units | 18 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1940 |
| Zoning | AI | ||
| Price | $1,900,000 |
| Price Per Unit | $105,556 |
| Sale Type | Investment |
| Cap Rate | 10.36% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.15 AC |
| Building Size | 25,492 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1940 |
| Zoning | AI |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
Site Amenities
- 24 Hour Access
- Controlled Access
- Picnic Area
- Tenant Controlled HVAC
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 18 | - | 645 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
20/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 14-30-402-009 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $390,670 |
Property Taxes
Parcel Number
14-30-402-009
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$390,670
1 of 46
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Spokane Villas | 51 Spokane Dr
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.