$ 4,450,000
314 OAKLAND Avenue Royal Oak, MI 48067
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REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
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$ 4,450,000
Est. payment /mo
Active
314 OAKLAND Avenue Royal Oak, MI 48067
20 Baths
0.8 Acres Lot
UPDATED:
10/28/2024 07:16 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Municipality Royal Oak City
Subdivision Royal Oak City
MLS Listing ID 20240081443
Originating Board Realcomp
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 Oakland County - 70
Zoning Multi-Family
Direction Royal Oak
Interior
Heating Forced Air, Hot Water
Exterior
View Y/N No
Building
Sewer Public
Water Public
Structure Type Brick
Others
Tax ID 2516477022
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Greater Development LLC
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