Pike Street Properties
Listed by Pike Street Properties
$1,400,000
17 W Lawrence The Burlingham Flats - Oakland County Cachet!
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 10,000
Net Rentable (SqFt) 10,000
Units 14
Pro-Forma Cap Rate 7.43%
Pro-Forma NOI $104,000
Price per SqFt $140
Class B
Year Built 1920
Year Renovated 2021
Buildings 1
Stories 2
Lot Size (SqFt) 5,000
Investment Type Stabilized
Ground Lease No
Sale Condition For sale by owner
Mixed Use - $1,400,000.00
Marketing description
Elegant and Efficient Mixed-Use Building at 17 W Lawrence St, Pontiac, MI
This fully renovated building at 17 W Lawrence Street offers an exceptional blend of modern amenities and historical charm in the heart of Pontiac, MI. The property underwent a complete gut rehab. Rental upside and the ability to convert two more spaces into 1bed or studio apartments.
Key features include:
- New Electrical and Upgraded Plumbing: All electrical systems have been replaced, and most plumbing is brand new, providing peace of mind for years to come.
- Efficient Insulation & Heating: Sound-attenuating, fire-rated insulation ensures a quiet, secure environment. The building is heated by a fully serviced and upgraded boiler system, with efficient indoor/outdoor thermostats to maximize energy savings.
- State-of-the-Art Security: The property is equipped with a full security camera system inside and out, along with a newly installed audible fire alarm system for enhanced safety.
- Comfortable Living Spaces: All units feature central air conditioning, and reworked, operable windows maintain both aesthetics and function without the need for replacement.
- Innovative Property Management: A new Butterfly video intercom system allows tenants to manage door access through their phones, with logged door activity providing valuable insights for seamless property management.
This mixed-use property includes:
- 5 Residential Apartments: Four 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit. Can add two more residential units for added upside.
- Private Offices & Studios: Three single-tenant private offices or studios (approx. 250 sqft each) on the second floor.
- Larger Commercial Studios: Two spacious commercial studios on the first floor (approx. 800 sqft each). These two studios space could easily be converted to apartments for additional upside.
- Retail Unit: A sizable 3,500 sqft retail space, perfect for a flagship business. Current leased for a 3 year term.
- Basement Artist Studios: Three artist studios in the basement, offering creative spaces for tenants or outside rentals.
This building offers a rare combination of historic character, modern amenities, and diverse rental opportunities, making it a prime investment in Pontiac’s growing market.
Investment highlights
Listing Contacts
Pike Street Properties
Listed by Pike Street Properties
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