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Maple Ranch Apartments 2301 W 14 Mile Rd 13 Unit Apartment Building $1,950,000 ($150,000/Unit) 5.01% Cap Rate Royal Oak, MI 48073
Executive Summary
Maple Ranch Apartments are located in Royal Oak, a friendly community, within walking distance of shopping, banks, parks, and a great school district. The
complex was built in 1960 and has been well-maintained over the years with mature trees and landscaping. It contains 13 apartment homes: 12 one-bedroom,
one-bath units, each measuring 700 square feet, and 1 two-bedroom, one-bath unit, each measuring 1,250 square feet.
There are RUBS in place through a third party, Conservice.
Water/Sewer flat fee: 1-Bedroom - $35/month, 2-Bedroom - $45/month
Gas - RUBS based on square footage
All new windows and roofs were installed within the last 10 years. The electrical panels were also upgraded.
IPO has projected an NOI going forward of $97,687 based on street rents and the T-12 January 2025 – December 2025 P&L. However, in year two, when the
complex is brought up to market, the NOI increases to $118,257.
complex was built in 1960 and has been well-maintained over the years with mature trees and landscaping. It contains 13 apartment homes: 12 one-bedroom,
one-bath units, each measuring 700 square feet, and 1 two-bedroom, one-bath unit, each measuring 1,250 square feet.
There are RUBS in place through a third party, Conservice.
Water/Sewer flat fee: 1-Bedroom - $35/month, 2-Bedroom - $45/month
Gas - RUBS based on square footage
All new windows and roofs were installed within the last 10 years. The electrical panels were also upgraded.
IPO has projected an NOI going forward of $97,687 based on street rents and the T-12 January 2025 – December 2025 P&L. However, in year two, when the
complex is brought up to market, the NOI increases to $118,257.
Property Facts
| Price | $1,950,000 | Building Class | C |
| Price Per Unit | $150,000 | Lot Size | 0.76 AC |
| Sale Type | Investment | Building Size | 11,234 SF |
| Cap Rate | 5.01% | Average Occupancy | 92% |
| No. Units | 13 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.42/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | AI | ||
| Price | $1,950,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.76 AC |
| Building Size | 11,234 SF |
| Average Occupancy | 92% |
| No. Stories | 1 |
| Year Built | 1960 |
| Parking Ratio | 1.42/1,000 SF |
| Zoning | AI |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 700 |
| 2+1 | 1 | - | 1,250 |
1 1
Walk Score®
Very Walkable (73)
Property Taxes
| Parcel Number | 25-05-202-023 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $374,570 |
Property Taxes
Parcel Number
25-05-202-023
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$374,570
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Maple Ranch Apartments | 2301 W 14 Mile Rd
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