Location
EXECUTIVE SUMMARY:
Sandstone Apartments, located in Oak Park, MI, is a complex built in 1964, consisting of 1 building located just west of Scotia Road along Nine Mile Road. It offers a unit mix of 22 one-bedroom units with approximately 700 ft.2 of living space, and 24 two-bedroom units with 846 ft.2 of living space. Notable for investors is the occupancy, which is currently at 93.5% and has maintained levels between 90-95% recently. Due to the exceptional location, Sandstone provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. Sandstone has been well-maintained and this offering represents a turn-key investment for a multifamily investor. The property is outfitted with landlord paid heat & water and tenant-paid electric.
Oak Park is a city of 29,842 residents and enjoys an excellent location in southern Oakland County (5th wealthiest County in the U.S.), surrounded by highly affluent communities such as Huntington Woods, Royal Oak and Birmingham, with hip Ferndale to the east and business-oriented Southfield to the west. This is an affordable, middle-class community that has long been an excellent rental market as there are limited apartment developments and units within the 5.1 square mile area that encompasses Oak Park and the majority of the city is neighborhoods of single-family housing. The Median Household Income is $49,444. Oak Park has outstanding access to area travel routes as it sits along the I-696 corridor, which links the west suburbs to the east suburbs, with I-75, M-10 (the Lodge), and M-1 (Woodward Avenue) all within a short distance, providing convenient commutes for residents. There are Amtrak stations in neighboring Royal Oak and Birmingham and Detroit Metro Airport is a 20-minute drive from Oak Park. Entertainment is a short drive away as Royal Oak and Ferndale are less than a 10-minute drive and resurgent Detroit is only a 12-minute drive away.
Local recreational attractions including David Shepherd Park (outdoor pool and ice rink), the Detroit Zoo and Rackham Golf Course. Diversity has long been celebrated in Oak Park and that fine tradition continues today. The property itself is proximate to many of the retail options in Oak Park, with Walgreens, PNC Bank, Oak Park Shopping Center, a supermarket and many restaurants located in the vicinity, as well as Oak Park High School (1/2 Mile). Higher education opportunities are ample, with Lawrence Tech (6 miles), Wayne State University (10 miles), Henry Ford Community College (11 miles), Macomb Community College (11 miles), all being just a short drive away. Oak Park itself is home to the Michigan Jewish Institute and Yeshiva Gedolah of Greater Detroit. A major employer in Oak Park is FedEx, which is currently developing a new 300,000 sq ft ground distribution facility, slated to open in August 2016.
