Verzell Manor

$1,950,000

51 Spokane Dr, Pontiac, MI 48341

For Sale

Multifamily Garden Low Rise

Active

Last Updated: 03/05/2025

Details:

Cap Rate: 6.9%

NOI: $134,556

Building Size: 25,492 sqft

Lot Area: 1.1498 acres

Occupancy: 88%

Units: 18

Year Built: 1940

Floors: 1

Offered by Broker

Jonna Group

Real Estate Investment Services

Jonna Group | Colliers

Request Info to Unlock

Highlights:

18 Unit | 25,492 Sq. Ft. | Value-Add Opportunity
88% Occupancy
Surrounded by High-demand Rental Market
Forecasted Rents Range from $875 to $1,250 per Unit
2024 Renovations | Roof, Sidewalks, Windows, Furnace & Water Heaters, and Interiors
New Roof For Entire Complex With 20-year Transferable Warranty (Effective 7/3/24)
Close to M-59 & Telegraph Road
16 Min from Oakland County International Airport

Description:

Introducing an investment opportunity in the heart of Pontiac, MI. This renovated multifamily complex property contains 18 units, offering investors a prime income-generating asset. Built in 1940 and rejuvenated in 2024, this property combines vintage charm with modern functionality.

Pontiac, Michigan, is a historic city in Oakland County, known for its significant role in the American automotive industry, particularly as a manufacturing hub for General Motors. The city is also recognized for hosting events like the Arts, Beats & Eats festival and for landmarks such as the M1 Concourse motorsports facility and the Pontiac Transportation Museum. It has easy access to major highways and public transportation.