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32272136
20093276

16 E Lawrence St, Pontiac, MI 48342

LG
IL 481-012651
Pike Street Properties
Listed by Pike Street Properties
$750,000
647 days on market
Updated 40 days ago
Opportunity zone

16 E Lawrence, Pontiac - Complimentary Pontiac Penthouse!

Details
Property Type Mixed Use, Multifamily (+2)
Sub Type Apartment Building
Square Footage 7,500
Units 7
Cap Rate 5.87%
NOI $44,000
Occupancy 100%
Tenancy Multi
Lease Type Modified
Price per SqFt $100
Broker Co-Op Yes
Class C
Year Renovated 2020
Buildings 1
Stories 3
Lot Size (SqFt) 2,500
Investment Type Redevelopment
Sale Condition For sale by owner

Mixed Use Gut Rehab -$750,000.00

Marketing description

Discover a prime investment opportunity in the heart of Pontiac with 16 E Lawrence, a fully leased and stabilized property featuring a complete gut rehab. This meticulously renovated project is designed to deliver long-term value and consistent returns. Enjoy your complimentary Pontiac Penthouse while other building tenants defray your cost of ownership.

Key Highlights:

  • Comprehensive Gut Rehab: Every aspect of the property has been meticulously upgraded, ensuring modern standards and quality throughout.

    • New complete tear off roof.

    • Boiler completely rehabbed with inside/outside thermostat and radiator controls.

    • New camera security system.

    • Building completely insulated with blown-in insulation.

    • New front and side doors.

    • New vertical plumbing.

    • All new appliances, kitchen cabinets and restrooms.

    • Refinished hardwood flooring

  • Stabilized & Fully Leased: The property is currently fully occupied, providing immediate and steady cash flow.

  • Diverse Tenant Mix: Featuring 2 retail tenants on the ground floor and 4 residential units above, this property offers a balanced income stream and reduced risk.

This turnkey investment is ideal for those seeking a hassle-free addition to their portfolio with strong, dependable returns.

Investment highlights

Listing Contacts

LG
IL 481-012651
Pike Street Properties
Listed by Pike Street Properties

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$44,000.00
$3,666.67/mo

Valuation Metrics

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DSCR
5.87%
Cap Rate
5.87%
ROI

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