For more precise geocoding and directions, latitude/longitude points can be combined with street addresses as in the image shown below. (The Streets data add-on must be license and installed.)

This feature geocodes the lat/long to the nearest point on the particular street in the address, rather than simply to the nearest street, as would be the case for a lat/long by itself. If the lat/long is more than .5 miles from the street in the address, an error message will be returned.

The minimum input when using this combination should include the lat/long plus a street name.  Including an address will provide more precise geocoding. The Highway & Streets route option must be turned on in the Routing Preferences of Route Options or the current route profile. This option is selected by default with PC*MILER Streets installed.