314 Oakland Ave, Royal Oak, MI 48067
- $4,000,000
- 20
- BA
- 27,732
- SqFt
- Sold Price
- $4,000,000
- List Price
- $4,450,000
- Closing Date
- Dec 31, 2024
- MLS#
- 20240081443
- Status
- CLOSED
- Bathrooms
- 20
- Subdivision
- ASSR'S PLAT NO 6 - ROYAL OAK
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.
Additional Information
- Year Built
- 1963
- Basement Type
- Partial, Partial
- Acres
- 0.80
- Style
- Contemporary
- Acres
- 0.80
- School District
- Royal Oak
- Heating
- Forced Air, Hot Water, Natural Gas, Separate Meters
Mortgage Calculator
Courtesy of Greater Development LLC 3132092900
Selling Office: Greater Development LLC.
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