12800 W Nine Mile Rd
Oak Park, MI 48237
Sandstone Apartments · Multifamily Property For Sale · 46 Units

Sandstone Apartments is a complex built in 1964, consisting of 1 building located just west of Scotia Road along Nine Mile Road. It offers a unit mix of 22 one-bedroom units with approximately 700 ft.2 of living space, and 24 two-bedroom units with 846 ft.2 of living space. Notable for investors is the occupancy, which is currently at 93.5% and has maintained levels between 90-95% recently. Due to Sandstone Apartments exceptional location, it provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. Sandstone Apartments has been well-maintained and this offering represents a turn-key investment for a multifamily investor. The property is outfitted with landlord paid heat & water and tenant-paid electric. Sandstone Apartments is currently performing well, which is evidenced by its 93.5% occupancy. The complex stays full due to a host of factors, including the condition of the property and its aforementioned strategic location. At the asking price of $3,450,000, this offering represents a 6.48% cap rate and is being offered. It is important to note, that our rent comparables study found that current rents are well below market. For example, the one-bedroom units are approximately $103 below market and the two-bedroom units are approximately $155 below market. If a new owner were to raise rents by just $30 per unit, it would result in an additional $17k in NOI, equating to $207,000 in value. With multifamily investment being the preferred asset class in the current market place, Sandstone Apartments presents an exciting opportunity to acquire a high quality asset with plenty of upside.