$1,160,000
$1,199,000
3.3%For more information regarding the value of a property, please contact us for a free consultation.
8 Baths
0.45 Acres Lot
SOLD DATE : 01/06/2025
Key Details
Sold Price $1,160,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Municipality Royal Oak City
Subdivision Royal Oak City
MLS Listing ID 20240069222
Sold Date 01/06/25
Originating Board Realcomp
Year Built 1956
Annual Tax Amount $15,577
Lot Size 0.450 Acres
Acres 0.45
Lot Dimensions 66.00 x 292.00
Property Description
Incredible Investment Opportunity just minutes from Downtown Royal Oak! This 8 Unit multifamily has over $100K in capital improvements in 2024 including New Windows, Vertical Steel Siding/Soffits/Fascia/Gutters, New Sign, Exterior Painting, Laundry Facilities and complete renovation of Unit 1. There is great upside potential to increase rent after renovations: Unit 1 (2Bed/1Bath) was previously renting at $1025/mo and post renovation is now at $1700/mo. The 1Bed/Bath units once renovated should go for upward of $1300/mo. There is additional tremendous opportunity for rental income growth to convert units to Short Term Rentals as shown through AirDNA on the 1Bed/1Bath Units. This property is ideally located in Royal Oak; Situated adjacent to a brand new park and with excellent proximity to Beaumont Hospital, The Detroit Zoo, Royal Oak Music Theater, Major Freeways, Downtown Detroit and DTW. Royal Oak is housed in Oakland County which is the wealthiest county in all of Michigan and the second largest, which drives the demand for housing and short term rentals, alike! Reach out to Chris for additional investment/financial/area information!
Location
State MI
County Oakland
Area Oakland County - 70
Zoning Multi-Family,Residential
Direction From 696, Exit onto Woodward Ave and head North. Take a right onto W Lincoln Ave. Turn right onto S Main St to head south. E Hudson Ave will be on your Left. Just past the Park on your left is the drive.
Rooms
Basement Slab
Interior
Heating Baseboard, Hot Water
Cooling Window Unit(s)
Exterior
View Y/N No
Building
Sewer Public
Water Public
Structure Type Aluminum Siding,Brick
Schools
School District Royal Oak
Others
Tax ID 2522326024
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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