401 Main StRoyal Oak, MI 48067

Property Details for 401 Main St

Year built

2008

Lot size

0.13 AC

Property size (Sq ft)

5,654 SF

Zone code

NBHD BUS

Property type

Office properties

Property subtype

Other office properties

APN

72-25-16-483-028

APU

722516483028

Description

This exceptional Class A office building, located at 401 N Main St in Royal Oak, Michigan, presents a unique investment opportunity. Boasting 6,428 square feet across three stories, this 2008-constructed building offers a compelling blend of modern amenities and high visibility. The property features 13 individual offices, two reception areas, two kitchenettes, and two full conference rooms, providing ample space for a variety of uses. Flexible layouts include open space and flex areas, catering to diverse business needs. A second-floor open-air balcony adds a unique touch. The third floor, currently used for storage and roof access, offers significant potential for future expansion, with the possibility of residential, commercial, or skydeck development on its steel frame. Ten on-site parking spaces are included, supplemented by convenient street parking and a nearby public lot. The building benefits from elevator access to all floors and is situated across from the newly constructed Hyatt Hotel, ensuring high foot traffic and prominent exposure. The property sits on a 0.13-acre lot and has 51 feet of frontage on N Main St, making it highly recognizable within Royal Oak and Oakland County. The asking price is $1,950,000, translating to $303.36 per square foot. Currently, the building enjoys 70% occupancy under a gross lease agreement with multiple tenants. The APN is 2516483028. This is a turnkey opportunity for investors seeking a prime commercial property in a thriving downtown location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,175,950

  6.5%

  $1,085,492

  7%

  $1,007,957

• Comparable approach

  Method

  Valuation

  Relative Method

  $528,875

  Geo Method

  $528,875

• Alternative Use

  Use

  Valuation

  Residential

  $1,346,010

  Hospitality

  $1,232,938

  Educational

  $1,025,790

  Medical

  $1,061,068

  Retail

  $1,595,673

Location Insight

City

Royal Oak

County

Oakland

State

Michigan

Latitude

42.4921

Longitude

-83.1448

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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