31668 Woodward AveRoyal Oak, MI 48073

Property Details for 31668 Woodward Ave

Year built

1950

Lot size

0.15 AC

Property size (Sq ft)

4,998 SF

Zone code

GEN BUS

Property type

Commercial real estate

APN

72-25-06-430-001

APU

722506430001

Description

This exceptional 4,930 square foot retail property is located at 31668 Woodward Avenue in Royal Oak, Michigan, Oakland County (zip code 48073). The entire space is currently vacant, presenting a unique opportunity for a single tenant. Boasting prominent Woodward Avenue signage and situated on a 0.16-acre lot with 82 feet of frontage, this location benefits from high visibility and significant daily traffic exceeding 60,000 vehicles. The property includes ample parking with both street parking and a private 40-car lot. Its strategic location serves the retail trade areas of Royal Oak, Birmingham, and Beverly Hills. The property is zoned B1, offering flexibility for various uses, including retail or medical office space. The landlord is open to considering land leases or build-to-suit options for qualified tenants. This prime location presents an exciting redevelopment opportunity at the intersection of Woodward Avenue and Normandy Road. The property's size and location make it an ideal investment for businesses seeking high visibility and accessibility in a thriving commercial area.

• CAP approach

  CAP return

  Valuation

  6%

  $1,134,830

  6.5%

  $1,047,530

  7%

  $972,708

• Comparable approach

  Method

  Valuation

  Relative Method

  $467,513

  Geo Method

  $467,513

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,986,110

  Retail / Commercial

  $1,033,390

  Mixed-Use / Specialty

  $1,041,470

  Hospitality / Lodging

  $779,406

  Office

  $1,047,530

  Institutional / Educational

  $1,086,910

  Residential Income

  $1,271,690

  Multifamily

  $1,459,990

  Automotive / Energy

  $931,638

  Parking / Income-Based Land

  $309,876

  Restaurant / Food Service

  $566,778

  Healthcare / Senior Housing

  $1,055,940

Location Insight

City

Royal Oak

County

Oakland

State

Michigan

Latitude

42.5228

Longitude

-83.1903

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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