$4,450,000
314 OAKLAND Avenue Royal Oak, MI 48067 1775
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$4,450,000
Est. payment /mo
20 BA
27,732 SqFt
Active
314 OAKLAND Avenue Royal Oak, MI 48067 1775
UPDATED:
10/28/2024 07:32 PM
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 27,732 sqft
Price per Sqft $160
Subdivision Mi
MLS Listing ID 60350570
Style 2 Story
Full Baths 20
Year Built 1963
Annual Tax Amount $34,027
Lot Size 0.800 Acres
Acres 0.8
Lot Dimensions 129.00 x 269.00
Property Description
The Royal Oakland is a fully stabilized, 20-unit apartment building located in the desirable community of Royal Oak, Michigan. This trophy asset features 16 one-bedroom, one-bath units (700 sq. ft.) and 4 two-bedroom, one-bath units (900 sq. ft.). The property has 28 off street dedicated parking spaces for tenants. The property is 100% occupied, generating a gross monthly income of over $33,700. Over the past two years, the property has undergone extensive renovations. The parking lot was replaced two years ago, and the roof was updated in 2019. Sixteen of the twenty units have received interior upgrades, including new flooring, cabinets, countertops, bathrooms, paint, and fixtures, with each renovation costing around $25,000. These renovated units are commanding rental increases of $500–$700 per month.
Location
State MI
County Oakland
Area Royal Oak (63251)
Zoning Multi-Family
Rooms
Basement Partially Finished
Interior
Heating Forced Air, Hot Water
Fireplace No
Exterior
Exterior Feature Brick
Waterfront No
Building
Story 2 Story
Foundation Basement
Water Public Water
Structure Type Brick
Schools
School District Royal Oak Neighborhood Schools
Others
Ownership Private
Assessment Amount $15
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Greater Development LLC
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