11-Unit Brick Apartment
New
For Sale
$1,300,000
2328 Crooks Rd, Royal Oak, MI 48073
Two low-rise buildings offer a one- and two-bedroom unit mix, shared laundry, and on-site parking.
Property Size7,430 SF
Price / SF$174.97
Days on Market6
Property Features for 2328 Crooks Rd
General Information
Standard status
Active
Size
7,430 SF
Property subtype
Multi-Family
Units
Unit Mix
10 x 1BR, 1 x 2BR
Multifamily Units
11
Additional Details
Average Monthly Rent
$891
Amenities
shared laundry
Building Details
Year Built
1957
Buildings
2
Stories
1
Construction
brick
Listing Agency:
OakPointe Real Estate Advisors
Listed By:
Michael McClafferty
(248) 972-7040
Source:
Premiermichiganhomesearch
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 4 at 12:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of OakPointe Real Estate Advisors
Investment Insights
Based on property information with market context.
This 11-unit apartment property comprises two single-story brick buildings totaling 7,430 square feet. The mix includes ten one-bedroom apartments and one two-bedroom apartment, with shared laundry and on-site parking. Built in 1957, the property received new boilers in 2025.
Located at 2328 Crooks Rd in Royal Oak, Michigan, the apartments are positioned along Crooks Road.
Located at 2328 Crooks Rd in Royal Oak, Michigan, the apartments are positioned along Crooks Road.
Key Highlights
- 11 apartments across two single‑story brick buildings
- Seven thousand four hundred thirty square feet; built in 1957
- Unit mix includes ten one‑bedroom apartments and one two‑bedroom apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,138
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,822,760
$1.8M
Cap Rate 7%
$1,301,971
$1.3M
Cap Rate 9%
$1,012,644
$1.0M
Market Conditions
NOI Build-Up for 7,430 SF
Gross rent
$173.0K $23.28/SF
− Vacancy
−$7.3K −$0.98/SF
EGI
$165.7K $22.30/SF
− OpEx
−$74.6K −$10.04/SF
NOI
$91.1K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,822,760
Cap Rate 7%
$1,301,971
Cap Rate 9%
$1,012,644
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,138 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.60M
$1.40M – $1.87M
NOI $112,181 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Explore this area
Business Placement
Demographics for 48073, MI
33,658
Population
17,551
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
97%
High-School Grad
7.4 sq mi
ZIP Area
4,548
Density / Sq Mi
$86,426
Median Household Income
$58,525
Median Earnings
$1,245
Median Rent
$302,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two low-rise buildings offer a one- and two-bedroom unit mix, shared laundry, and on-site parking.
Where is this apartment building located?
The property is located at 2328 Crooks Rd Royal Oak, MI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 11 apartments across two single‑story brick buildings; Seven thousand four hundred thirty square feet; built in 1957; Unit mix includes ten one‑bedroom apartments and one two‑bedroom apartment
