Crooks Apartments

Significant Rent Upside

• In-place rents average $891 per month, compared with projected market rents of $1,209. That represents approximately 36% rent upside and could add $42,000 in annual gross rental income as units turn.

Priced Well Below Recent Royal Oak Sales

• At $118,182 per unit, the offering is about 20% below the $148,515 average of five recent comparable sales. That gives the buyer a low entry basis in a submarket where comparable assets have traded as high as $180,000 per unit.

Pro Forma Cap Rate on a Fully Loaded Basis

• The pro forma reaches a 7.45% return after 5% vacancy, professional management, and reassessed property taxes following the sale. The upside is supported by conservative underwriting rather than best-case assumptions.

Utility Bill-Back Opportunity

• The owner currently pays water, trash, and gas heat for all units. A RUBS program would give a new owner an immediate lever to recover operating costs and grow NOI beyond the pro forma.

Durable, Low-Maintenance Construction

• The property is two single-story brick buildings on 0.523 acres with pitched shingle roofs and 100% occupancy. It offers simple operations, no common stairwells or elevators, and strong tenant appeal.

Royal Oak Submarket

• Crooks Apartments is on Crooks Road in north Royal Oak, one of Oakland County's most established and desirable inner-ring suburbs. The property sits in a mature residential neighborhood between 12 Mile and 13 Mile Roads. Tenants get a quiet, tree-lined setting with quick access to the area's main roads, jobs, and amenities. Royal Oak is known as one of metro Detroit's most walkable, amenity-rich communities. Downtown Royal Oak, a few minutes south, has a dense mix of restaurants, bars, entertainment venues, and retail that draws residents from across the region. Nearby Birmingham, Clawson, Berkley, and Troy add more shopping, dining, and employment within a short drive, including the Somerset Collection and the Big Beaver Road office corridor. The property is close to Corewell Health William Beaumont University Hospital, one of the largest hospitals in Michigan and a major regional employer. The hospital creates steady rental demand from healthcare workers, residents, and staff who w