51 SPOKANE Drive
Pontiac, MI 48341
Multi Family · MLS # 20261018060 · Listing courtesy of Keller Williams Somerset
About this home
Rare opportunity on this turn-key, profitable, cash-flowing property! Total of 18 two-bedroom units averaging approximately $1,130/month and roughly 800 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 NOI of $259,200 through rent increases on under-market units and leasing the remaining vacancy.
Interior
Systems and utilities
Exterior and lot
Taxes, HOA and more
Schools
How it compares in Pontiac
Over the last 90 days, 117 homes sold in Pontiac for a median of $147,200, about $107 per square foot, and the typical one went under contract in 16 days. This home is listed at $1,900,000, or $149 per square foot, 39% above the city median, and has been on the market 206 days. Size, condition, updates and the exact street all move the number, so treat this as context. See recent Pontiac sales or ask us for the comparable sales on this one.
Property taxes for a new owner
The current owner pays about $16,813 a year. A buyer who lives here would pay about $11,441 to $36,821 a year once the taxable value resets after the sale, at the 2025 homestead rate of 38.37 mills for Pontiac City and Pontiac schools, plus the 1% administration fee. Michigan resets a home's taxable value the year after it sells, so the seller's bill isn't a good number to budget with. See the math.
Monthly payment estimate
Estimate only, 30 year fixed, includes taxes at a new owner's rate when listed. Ask us for a lender quote.
Location
Similar homes in Pontiac
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