MI > Oakland > Royal Oak > 314 Oakland Avenue

$4,450,000

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  • 20 Units
  • 27,732 SqFt
  • MLS# 20240081443
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248-304-6700

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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.

Property Information

Status
Active 
Address
314 Oakland Avenue 
City
Royal Oak 
Zip
48067 
Year Built
1963 
Style
Contemporary 
Possession
At Close 
Architecture
2 Story 
Listing Date
10/28/2024 
Subdivision
Assr'S Plat No 6 - Royal Oak 
County
Oakland 
Above Grade SqFt
27,732 
Total No of Units
20 

School Information

School District
Royal Oak 

Taxes

Summer Taxes
$28,844 
Winter Taxes
$5,183 

Rooms and Land

Lot Dimensions
129.00 x 269.00 
Total Acres
0.8 

Features

Style
Contemporary 
Basement
Partially Finished 
Heating
Forced Air, Hot Water, Natural Gas, Separate Meters 

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Market Statistics
Property History
MLS Number New Status Previous Status Activity Date New List Price Previous List Price Sold Price DOM
20240081443 Active Oct 28 2024 3:36PM $4,450,000 16
School Information
Local Business

Learn More About This Listing

Contact Customer Care

Mon-Fri 9am-9pm Sat/Sun 9am-7pm

248-304-6700

Contact Customer Care

Mon-Fri 9am-9pm Sat/Sun 9am-7pm

248-208-3883

By proceeding, you consent to receive calls, emails, and texts from Max Broock and others about your inquiry and other home-related matters, but not as a condition of any purchase. To opt-out, you can reply 'stop' to texts or click the unsubscribe link in the emails. Msg/data rates may apply. View Privacy Policy.

Listing Broker

MIRC Logo

Listing Courtesy of Greater Development Llc
(313) 209-2900
Office Address 21 Kercheval Ste 233

314 Oakland Avenue Royal Oak
Contact us
$4,450,000
For Sale • No. of Units: 20