470 Cesar E Chavez AvePontiac, MI 48342

Property Details for 470 Cesar E Chavez Ave

Year built

1948

Property size (Sq ft)

6,011 SF

Property type

Apartment buildings

Description

This exceptional value-add opportunity presents a six-unit apartment building located at 470 Cesar E Chavez Ave, Pontiac, MI 48342. The property, built in 1948, comprises 6,011 square feet across two stories and sits on a parcel with APN 1420354024. Currently zoned C-1, the building offers a mix of unit types including five one-bedroom units and one studio apartment, all currently occupied, generating a net operating income (NOI) of $24,000. The asking price is $325,000, representing a price per square foot of $54.07 and a price per unit of $54,167. The pro-forma cap rate is 7.38%. Current rental income totals $3,940 per month, with the owner responsible for utilities. Heating is provided by a boiler system. Six parking spaces are available. The property presents a significant value-add opportunity due to below-market rents and the potential for modernization and cosmetic upgrades to increase rental income. This is an ideal investment in a growing market, offering immediate cash flow and long-term appreciation potential. The building's prime location in Pontiac, Michigan, provides easy access to downtown Pontiac, major highways, and public transportation.

Location Insight

City

Pontiac

County

Oakland

State

Michigan

Latitude

42.6496

Longitude

-83.306

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