989 University DrPontiac, MI 48342

Property Details for 989 University Dr

Year built

1975

Lot size

0.96 AC

Property size (Sq ft)

9,045 SF

Zone code

BI

Property type

Medical offices

Property subtype

Medical centers

APN

64-14-22-327-022

APU

641422327022

Description

This exceptional 9,045 square foot office building presents a compelling investment opportunity in Pontiac, Michigan. Located at 989 University Dr, this Class C property boasts 8 units, currently 75% occupied, offering strong potential for passive income or owner-occupancy. Built in 1975, the building sits on a 0.96-acre lot and features 72 parking spaces, catering to tenants and visitors alike. The property is zoned C-1 and includes a mix of executive, medical, and traditional office spaces. The asking price is $649,000, translating to $71.75 per square foot. With an occupancy date of October 31, 2023, this property offers immediate income generation. Its prime location, just a couple of blocks west of N. Opdyke Rd and south of M-59, ensures high visibility and accessibility. The property's strong tenant base and solid occupancy rate make it an attractive investment for both passive income seekers and owner-occupants. The property's APN is 14-22-327-017, 14-22-327-022. This is a net lease investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,548,395

  6.5%

  $1,429,288

  7%

  $1,327,196

• Comparable approach

  Method

  Valuation

  Relative Method

  $846,069

  Geo Method

  $846,069

• Alternative Use

  Use

  Valuation

  Residential

  $1,772,317

  Hospitality

  $1,623,432

  Educational

  $1,350,677

  Medical

  $1,397,129

  Retail

  $2,101,053

Location Insight

City

Pontiac

County

Oakland

State

Michigan

Latitude

42.6546

Longitude

-83.2637

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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