3415 FAIRMONT Road Pending Save Request In-Person Tour Request Virtual Tour
Royal Oak,MI 48073
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
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