314 OAKLAND Avenue Active Save Request In-Person Tour Request Virtual Tour
Royal Oak,MI 48067
Key Details
Property Type Multi-Family
Sub Type Contemporary
Listing Status Active
Purchase Type For Sale
Square Footage 27,732 sqft
Price per Sqft $160
Subdivision Assr'S Plat No 6 - Royal Oak
MLS Listing ID 20240081443
Style Contemporary
Bedrooms 20
Full Baths 20
Originating Board Realcomp II Ltd
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
Zoning Multi-Family
Direction Royal Oak
Rooms
Basement Partially Finished
Interior
Heating Forced Air,Hot Water,Separate Meters
Fireplace no
Heat Source Natural Gas
Exterior
Garage Spaces 25.0
Waterfront no
Road Frontage Paved
Garage no
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Architectural Style Contemporary
Level or Stories 2 Story
Structure Type Brick
Schools
School District Royal Oak
Others
Pets Allowed Yes
Tax ID 2516477022
Ownership Short Sale - No,Private Owned
Assessment Amount $15
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Financing Cash,Conventional