Active
3415 FAIRMONT Road
Royal Oak MI, 48073
$4,500,000
$236.36 per sqft
Active
30 Beds
28 Baths
19,039 sqft
Multi-family
Built in 1961
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.
20240063798
MLSⓇ ID
August 27, 2024
Listed
October 2, 2024
Updated
Map
3415 FAIRMONT Road
Royal Oak MI, 48073
Interior Features
Bedrooms
30
Total Bathrooms
28
Full Bathrooms
28
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Baseboard
Exterior/Building Features
Lot Size
1.05 Acres
Architectual Style
Traditional
School Information
School District
Royal Oak
Other Property Details
Area Name
Royal Oak
Taxes
$35,794
Tax Frequency
Annually
Garage
No
Parking Total
28
View
No
County
Oakland
Pool
No
Zoning
Multi-Family
Courtesy of Greater Development LLC
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Data last updated 4:38 AM UTC, 10/2/2024