3663 Woodward AveDetroit, MI 48201

Property Details for 3663 Woodward Ave

Year built

1997

Lot size

1.25 AC

Property size (Sq ft)

169,013 SF

Zone code

PD

Property type

Office buildings

APN

02001810.

APU

2001810

Description

This Class A, 158,787 square foot retail building, situated on 1.25 acres in Detroit's Midtown, offers a unique investment opportunity. Built in 1996 and meticulously maintained, including a 2019 lobby renovation, the five-story building boasts modern, efficient floor plates, allowing for maximum leasing or redevelopment flexibility. The property features high-end finishes and an inspired appearance, with excellent proximity to amenities, including the Q-Line light rail, freeways, and bus routes. The location offers access to education, entertainment, medical services, theater, arts, and dining, further enhanced by its proximity to the Detroit Symphony Orchestra, Little Caesars Arena, and a Whole Foods Market. Currently nearly vacant, this "blank-slate" opportunity allows for creative uses, including office, medical office leasing, or conversion to residential or multi-story retail. The building includes two separate DTE electrical feeds for power redundancy and 540 connected, covered parking spaces (3.3 spaces per 1000 square feet). A tenant on the fifth floor may consider early lease termination to accommodate future users or redevelopment. The second, third, and fourth floors are available for lease in their entirety, while the ground floor offers a mix of office and retail leasing opportunities. Located at 3663 Woodward Avenue, Wayne County, MI 48201, this unpriced asset presents a distinctive investment in a thriving district.

• CAP approach

  CAP return

  Valuation

  6%

  $35,152,236

  6.5%

  $32,448,218

  7%

  $30,130,488

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,809,476

  Geo Method

  $15,809,476

• Alternative Use

  Use

  Valuation

  Residential

  $40,235,792

  Hospitality

  $36,855,768

  Educational

  $30,663,566

  Medical

  $31,718,134

  Retail

  $47,698,880

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3478

Longitude

-83.0587

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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