Royal Oak, MI 48073 ·
6 Units · Multifamily For Sale
Multifamily Property For Sale
|No. Units||6||Cap Rate||11%|
|Building Size||3,883 SF||Occupancy||100%|
|Property Type||Multifamily||No. Stories||1|
|Property Sub-type||Garden/Low-Rise||Year Built||1956|
|Property Use Type||Investment||Lot Size||4,167 SF|
|Listing ID: 17758839||Date Created: 07/23/2012||Last Updated: 10/10/2012|
The offering of the Devon Apartments presents an opportunity to purchase a piece of the vibrant community that is Royal Oak. Royal Oak is a northern suburb of Detroit in Southern Oakland County. The area is known for its great shopping and dining opportunities as well as many cultural activities.
Devon Apartments are comprised of five (5) one-bedroom apartments and one (1) two bedroom apartment. Units feature large windows, tiled bathrooms, and baseboard heating. A useful utility room is located in the middle of the building available for maintenance and utility needs. On site laundry machines are available for tenant use. Heat is provided by the landlord. Separate utility metering for electric usage keeps the majority of utility costs with the tenants.
The property is currently in control of a trustee for the estate of the previous owner. The trustee is not a multifamily manager and has not strictly enforced rent collections. There are currently 3 tenants paying well below market and 3 tenants that are in arrears. Given occupancy status, no interior tours will be available until buyers provide proof of funding and an offer acceptable to the seller.
Devon Apartments are conveniently located on Devon Road between 13 and 14 mile road. The apartments are located less than two miles east of Woodward Ave allowing tenants to enjoy easy access to one of the area' s major roadways and two miles north of bustling Downtown Royal Oak. The location also benefits from its proximity to the neighboring cities of Troy and Birmingham with many shopping and recreational options. The surrounding apartments are similar in size and style and are currently operating with no vacancies. Three public parks are all within walking distance and make this location attractive to many outdoor enthusiasts. Residents have great shopping and employment options approximately two miles northeast in Troy at the Oakland Mall.
- 100 % Physical Occupancy, 50% economic
- Great locaiton in a submarket that rarely has a property available to purchase
- Rents over $100 below neighbors who are all full
- Estate sale- not being well managed, next owner will do much better
- 2 miles to Oakland Mall, Downtown Royal Oak and Woodward
- 3 blocks from Royal Oak High School
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