Royal Oak, MI Apartment Buildings for Sale

 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.

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702 716 Genesee Drive

Royal Oak, MI 48073


$540,0004,800 SF

A wonderful 8-unit ranch style apartment complex in prestigious Royal Oak. Rents are $720-$740 a month.New Windows and a new boiler.

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325 E 6th Street

Royal Oak, MI 48067


$1,070,00011,950 SF

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.

Royal Oak, MI Apartment Buildings for Sale

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