3415 FAIRMONT Road Pending

Royal Oak,MI 48073

$ 4500000

28 Beds

28 Baths

19039 SqFt


Key Details

Property Type Multi-Family

Sub Type Traditional

Listing Status Pending

Purchase Type For Sale

Square Footage 19,039 sqft

Price per Sqft $236

Subdivision Oakfield Gardens Replat

MLS Listing ID 20240063798

Style Traditional

Bedrooms 28

Full Baths 28

Year Built 1961

Annual Tax Amount $35,794

Lot Size 1.050 Acres

Property Description

Altitude Fairmont is a stabilized 28 unit, apartment building located in Royal Oak, Michigan. There are 26 one bedroom one bath units that are 550 square feet, and 2 two bedroom 1 bath units that are 750 square feet. There are 28 parking spaces for the apartment building. The property is 93% occupied (two vacancies) grossing over $36,000 per month.

The property has gone through a partial renovation over the past 2 years. The parking lot was replaced 2 years ago with a 2 inch overlay, so it is in great shape. 19 of the 28 units have gone through extensive interior renovations including new flooring, cabinets, countertops, bathrooms, paint, and fixtures. 7 of the units have gone through a "mid-grade" renovation which includes a combination of the full renovation, and two units have not been renovated. Each unit renovation cost between $18,000 and $22,000. 21 units also received brand new AC wall units. Tenants have individual electric bills, and there is a RUBS system that bills the tenants back for heat, water, sewer and trash.

Location

State MI

County Oakland

Area Royal Oak

Zoning Multi-Family

Interior

Heating Baseboard

Laundry 1

Exterior

Garage Spaces 28.0

Building

Foundation Basement

Sewer Public Sewer (Sewer-Sanitary)

Water Public (Municipal)

Structure Type Block/Concrete/Masonry

Schools

School District Royal Oak

Others

Assessment Amount $15

Acceptable Financing Cash,Conventional

Listing Terms Cash,Conventional

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