Sorry, 4005 Devon Road is no longer available! Check out these other great properties nearby or search above to find active commercial real estate for sale or lease.
A wonderful 8-unit ranch style apartment complex in prestigious Royal Oak. Rents are $720-$740 a month.New Windows and a new boiler.
|Photo Coming Soon|
Location! Location! Location! Income Property Organization is pleased to announce that we have been retained as the exclusive marketing representative for Patio De Las Fuente Apartments in Royal Oak, MI . Patio De Las Fuente contains a total of 10 gigantic apartments of which 6 units are two bedrooms and 4 are one bedroom. A couple of the amenities this property has to offer is landlord owned laundry facilities, as well as a pool. Currently this property is operating at 98.5% occupancy with rents below market, leaving room to raise them by nearly 1/3 for any potential buyer. Lastly, the projected Net Operating Income (NOI) for Patio De Las Fuente is $78,400 with a potential capitalization rate of 7.32%. If rents are increased by only half of their potential then the cap rate explodes to over 10%. A new purchaser will be required to assume the existing Wells Fargo financing of $605,693 which is due in April of 2017. The current interest rate is 6.14% on a 30 year amortization. Although the initial capital outlay is large the opportunity to refinance out the initial down payment after rental increases have been implemented is almost certain.