Sandstone Apartments

Investment Highlights

• The property is 93.5% occupied (43 of 46 units), with current rents of $48,009 a month, or about $576,000 a year.
• Rents are below renovated comparables. The Subject's one-bedrooms average $1,021 and two-bedrooms $1,215, versus about $1,200 and $1,300 at renovated properties nearby.
• Approximately $128,000 in annual rent upside from bringing units to market as leases turn and leasing the three vacant units.

Location Summary

• Sandstone is located on W. Nine Mile Rd in Oak Park, an established inner-ring suburb in southeast Oakland County bordering Southfield, Ferndale, Royal Oak and Detroit.
• Minutes from Downtown Ferndale (9 min) and Downtown Royal Oak (11 min), two of metro Detroit's most popular dining and entertainment districts.
• Quick access to I-696, the M-10 Lodge Freeway and the Southfield Freeway, with Downtown Detroit about 23 minutes away.
• Close to major employers including Corewell Health William Beaumont University Hospital and the Southfield office corridor.
• Adjacent to Northland City Center, the large-scale redevelopment of the former Northland Mall, bringing new retail, dining, entertainment and residential to the immediate area.
• Nearby parks and amenities include Shepherd Park and the Oak Park Community Center.