A multi-family property—on a lake!
We knew that the location and the market demand for apartments could make this listing a rare and promising opportunity.
Driving there, we found the ten-unit multifamily building on half of a peninsula ~ reaching out into Pontiac Lake. Plus, there was a 2,700-square-foot home on the nearly 2-acre lot, steps away from the water.
Built in the 1960s, the apartments and the house all needed upgrades. Some had been started but not completed. The ledger of expenses and income wasn’t clear. Other realtors and residents told us that, despite the location and hot apartment market, we couldn’t get more than $450K for the property.
Marketing it, we emphasized the possibilities. The multi-family cashflow would fund a buyer’s investment, and the property offered a major value-add opportunity for the future: a luxury home on spacious acreage with beautiful lake views. With our deep rooted relationships, we were able to create a competitive format that held the properties disposition price throughout.
We also knew that people fall in love with lakes. When they do, there’s no telling what they might pay. It is totally subjective to that persons desire, which takes a seasoned Commercial Realtor to know how to work the territory.
Three different buyers did indeed fall in love with the property. With us, they saw the possibilities. Competing with each other, they drove the closing price to over $520,000.
The Lake does indeed play. It plays with the eye of the beholder. If you have lake property you’re ready to sell, call the Thomas Duke Company at 248-476-3700. We’ll find buyers who fall in love with it.
