$4,075,000
SOLD DEC 20, 2024

3415 Fairmont Rd Royal Oak, MI 48073

30 Beds
28 Baths
19,039 Sq Ft
1.05 Acres

Recently Sold

$214 Per Sq Ft

9% Below List Price

62 Days on Market

Highlights

  • 1.05 Acre Lot
  • Baseboard Heating
  • Dogs and Cats Allowed
  • Traditional Architecture
  • Laundry Facilities
  • 3-minute walk to Dickinson Park

About This Home

As of December 2024

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.

Last Agent to Sell the Property

Brady Williams

Greater Development LLC License #6501413257 Listed on: 08/27/2024

Last Buyer's Agent

Brady Williams

Greater Development LLC License #6501413257 Listed on: 08/27/2024

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

Year Built

  • Built in 1961

Lot Details

  • 1.05 Acre Lot
  • Lot Dimensions are 120.00 x 382.82

Parking

  • 28 Parking Spaces

Home Design

  • Traditional Architecture
  • Block Foundation
  • Masonry

Interior Spaces

  • 28 Full Bathrooms
  • 19,039 Sq Ft Home
  • 2-Story Property
  • Partially Finished Basement

Utilities

  • Baseboard Heating
  • Heating System Uses Natural Gas

Listing and Financial Details

  • Assessor Parcel Number 2506353016

Community Details

Overview

  • 28 Units
  • Oakfield Gardens Replat Subdivision

Amenities

  • Laundry Facilities

Pet Policy

  • Dogs and Cats Allowed

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$35,794

Year Built

Built in 1961

Lot Details

0

Listing Details

  • Property Type: Multifamily
  • Architecture Style: Traditional
  • Architecture Level: 2 Story
  • Assessment: 15.00
  • Year Built: 1961
  • State Equalized Value: 641390.0000
  • Pets Allowed: Cats OK, Dogs OK
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 2

Interior Features

  • Interior Amenities: Laundry Facility
  • Total Bathrooms: 28.00
  • Full Bathrooms: 28
  • Basement: Yes
  • Basement Type: Partially Finished
  • Sq Ft Combined: 19039
  • Total Sq Ft: 19039
  • Sq Ft Total Bsmt: 1000

Exterior Features

  • Foundation Details: Basement
  • Construction Materials: Block/Concrete/Masonry
  • Foundation Materials: Block
  • Frontage Feet: 120
  • Road Frontage Type: Paved

Garage/Parking

  • Total Parking Spaces: 28

Utilities

  • Heating Fuel: Natural Gas
  • Heating: Baseboard
  • Sewer: Public Sewer (Sewer-Sanitary)
  • Water Source: Public (Municipal)
  • Laundry Facilities: Yes

Fee Information

  • Operating Expense: 119400.00

Schools

  • School District: Royal Oak

Lot Info

  • Lot Size Area: 1.05
  • Lot Dimensions: 120.00 x 382.82
  • Parcel Number: 2506353016
  • Zoning: Multi-Family

Rental Info

  • Monthly Rental Income: 34166

Tax Info

  • Tax Amount Summer: 30173.0000
  • Tax Amount Winter: 5621.0000
  • Total Tax: 35794.0000
  • Taxable Value: 641390.0000

Multi Family

  • Gross Scheduled Income: 410000.00
  • Number Of Units Total: 28
  • Number of One Bedroom Units: 26
  • Number of Two Bedroom Units: 2
  • Number Of Units Leased: 26

MLS Schools

  • School District: Royal Oak

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/14/2025 05/14/25 Price Changed $995 -0.5% $2 / Sq Ft
04/25/2025 04/25/25 Price Changed $1,000 -28.6% $2 / Sq Ft
04/16/2025 04/16/25 For Rent $1,400 0.0% --
02/04/2025 02/04/25 Off Market $1,400 -- --
12/20/2024 12/20/24 Sold $4,075,000 +290971.4% $214 / Sq Ft
10/28/2024 10/28/24 Pending -- -- --
09/06/2024 09/06/24 Price Changed $1,400 +16.7% $3 / Sq Ft
09/04/2024 09/04/24 Price Changed $1,200 0.0% $2 / Sq Ft
08/27/2024 08/27/24 For Sale $4,500,000 0.0% $236 / Sq Ft
08/26/2024 08/26/24 Price Changed $1,750 +45.8% $3 / Sq Ft
08/16/2024 08/16/24 Price Changed $1,200 -31.4% $2 / Sq Ft
08/16/2024 08/16/24 Price Changed $1,750 +66.7% $3 / Sq Ft
07/26/2024 07/26/24 Price Changed $1,050 -4.5% $2 / Sq Ft
05/03/2024 05/03/24 Price Changed $1,100 -15.4% $2 / Sq Ft
01/19/2024 01/19/24 Price Changed $1,300 +36.8% $2 / Sq Ft
10/20/2023 10/20/23 Price Changed $950 -5.0% $2 / Sq Ft
10/06/2023 10/06/23 Price Changed $1,000 -23.1% $2 / Sq Ft
09/19/2023 09/19/23 Price Changed $1,300 +6.1% $2 / Sq Ft
08/15/2023 08/15/23 Price Changed $1,225 +2.1% $2 / Sq Ft
08/08/2023 08/08/23 For Rent $1,200 0.0% --
06/23/2023 06/23/23 Price Changed $1,200 +26.3% $2 / Sq Ft
06/21/2023 06/21/23 Price Changed $950 0.0% $2 / Sq Ft
06/21/2023 06/21/23 For Rent $950 -9.5% --
06/14/2023 06/14/23 For Rent $1,050 0.0% --
05/11/2023 05/11/23 Price Changed $1,050 -16.0% $2 / Sq Ft
03/09/2023 03/09/23 Price Changed $1,250 -10.7% $2 / Sq Ft
02/18/2023 02/18/23 Price Changed $1,400 -9.7% $3 / Sq Ft
01/26/2023 01/26/23 Price Changed $1,550 +77.1% $3 / Sq Ft
01/14/2023 01/14/23 Price Changed $875 -7.9% $2 / Sq Ft
12/10/2022 12/10/22 Price Changed $950 -40.6% $2 / Sq Ft
12/08/2022 12/08/22 Price Changed $1,600 +23.1% $3 / Sq Ft
11/08/2022 11/08/22 Price Changed $1,300 +13.0% $2 / Sq Ft
10/06/2022 10/06/22 Price Changed $1,150 -2.1% $2 / Sq Ft
09/28/2022 09/28/22 Price Changed $1,175 -6.0% $2 / Sq Ft
09/13/2022 09/13/22 Price Changed $1,250 -5.7% $2 / Sq Ft
07/15/2022 07/15/22 For Rent $1,325 -- --
Source: Realcomp

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Brady Williams

    Seller's Agent in 2024

    Brady Williams

    Greater Development LLC

    (360) 989-5395

    4 in this area

    8 Total Sales

    Brady Williams
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Map

Source: Realcomp

MLS Number: 20240063798

Realcomp

APN: 72-25-06-353-016

Michigan Oakland County Royal Oak 48073

3415 Fairmont Rd, Royal Oak, MI

This home is located at 3415 Fairmont Rd, Royal Oak, MI 48073 and is currently priced at $4,075,000, approximately $214 per square foot. This property was built in 1961. 3415 Fairmont Rd is a home located in Oakland County with nearby schools including Alfred E. Upton Elementary School, Royal Oak Middle School, and Royal Oak High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Realcomp IDX provided courtesy of Realcomp II Ltd. via Ten-X and MLS
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IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393

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