Royal Oak, MI 48073,3415 FAIRMONT Road
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$ 4,500,000
Est. payment | /mo

28 Beds

28 Baths

19,039 SqFt


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$ 4,500,000
Est. payment | /mo
Save

28 Beds

28 Baths

19,039 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

Originating Board Realcomp II Ltd

Year Built 1961

Annual Tax Amount $35,794

Lot Size 1.050 Acres

Acres 1.05

Lot Dimensions 120.00 x 382.82

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

Direction 13 mile Royal Oak

Rooms

Basement Partially Finished

Interior

Interior Features Laundry Facility

Heating Baseboard

Fireplace no

Heat Source Natural Gas

Laundry 1

Exterior

Garage Spaces 28.0

Waterfront no

Road Frontage Paved

Garage no

Building

Foundation Basement

Sewer Public Sewer (Sewer-Sanitary)

Water Public (Municipal)

Architectural Style Traditional

Level or Stories 2 Story

Structure Type Block/Concrete/Masonry

Schools

School District Royal Oak

Others

Pets Allowed Yes

Tax ID 2506353016

Ownership Short Sale - No,Private Owned

Assessment Amount $15

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Financing Cash,Conventional

Realcomp MLS
Listed by Brady Williams of Greater Development LLC

GET MORE INFORMATION

JEFF HIGGINS

Managing Partner | License ID: 6506046014

+1(248) 233-6165

280 North Old Woodward Avenue, Suite 100, Birmingham, MI, 48009, United States

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3415 FAIRMONT Road