513 9 Mile RdFerndale, MI 48220

Property Details for 513 9 Mile Rd

Year built

1924

Lot size

0.07 AC

Property size (Sq ft)

3,114 SF

Zone code

BI

Property type

Individual retail properties

APN

24-25-34-102-051

APU

242534102051

Description

This exceptional 1,800 square foot retail space is available for lease in the vibrant heart of downtown Ferndale, Michigan. Situated on the south side of West Nine Mile Road, just west of Woodward Avenue, this single-tenant property offers unparalleled visibility and accessibility. Previously occupied by a hair salon, the space is located within a two-story building in the Central Business District (CBD), benefiting from the high foot traffic and bustling atmosphere of Ferndale's thriving commercial core. The property features convenient street parking, a significant advantage for both customers and employees. Building signage is available, providing excellent opportunities for branding and visibility. The location is surrounded by a diverse range of restaurants and retailers, creating a synergistic environment that fosters strong customer engagement and foot traffic. This prime retail space presents a unique opportunity for businesses seeking a high-profile location in a dynamic and desirable area. The space is ready for immediate occupancy and offers a blank canvas for a variety of retail concepts. Its central location and ample street parking make it an ideal choice for businesses seeking maximum exposure and convenience. The property's zoning designation as CBD ensures compatibility with a wide range of retail uses.

• CAP approach

  CAP return

  Valuation

  6%

  $721,547

  6.5%

  $666,044

  7%

  $618,469

• Comparable approach

  Method

  Valuation

  Relative Method

  $302,935

  Geo Method

  $302,935

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,277,170

  Mixed-Use / Specialty

  $672,429

  Hospitality / Lodging

  $504,745

  Office

  $677,559

  Institutional / Educational

  $702,186

  Residential Income

  $821,558

  Multifamily

  $936,768

  Automotive / Energy

  $601,874

  Parking / Income-Based Land

  $199,045

  Restaurant / Food Service

  $368,431

  Healthcare / Senior Housing

  $680,580

Location Insight

City

Ferndale

County

Oakland

State

Michigan

Latitude

42.4602

Longitude

-83.1414

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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