22720 Woodward AveFerndale, MI 48220

  • Office properties
  • 16,111 SF
For Lease

Property Details for 22720 Woodward Ave

Year built
1954
Lot size
0.19 AC
Property size (Sq ft)
16,111 SF
Zone code
BI
Property type
Office properties
Property subtype
Office buildings
APN
24-25-34-127-009
APU
242534127009

Description

This exceptional mixed-use property at 22720 Woodward Avenue in Ferndale, Michigan offers 7,985 square feet of retail and office space, ideally situated in the Royal Oak Vicinity submarket within Oakland County. The building features five individual suites, perfect for businesses seeking flexible space options. Currently, 3,040 square feet are available for lease, with individual suites ranging from a minimum of 520 square feet to a maximum contiguous space of 960 square feet. The property is zoned CBD, providing excellent access to amenities and high visibility. Tenancy is multiple, allowing for a diverse range of businesses to coexist. While on-site parking is not provided, ample city parking is readily available. The building includes elevators for convenient access to all floors. This location offers a unique opportunity for businesses seeking a vibrant and accessible location in the heart of Ferndale, with easy access to Woodward Avenue and its bustling commercial activity. The property's mixed-use zoning allows for a variety of business types, making it an ideal location for a range of commercial enterprises. Inquire today to learn more about leasing opportunities within this dynamic and well-located building. The zip code is 48220.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,350,853
    6.5%
    $3,093,095
    7%
    $2,872,160
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,507,023
    Geo Method
    $1,507,023
  • Alternative Use

    Use
    Valuation
    Residential
    $3,835,438
    Hospitality
    $3,513,240
    Educational
    $2,922,975
    Medical
    $3,023,500
    Retail
    $4,546,850
22720 Woodward Ave, Ferndale, Michigan

Location Insight

City
Ferndale
County
Oakland
State
Michigan
Latitude
42.4601
Longitude
-83.1335
CBSA code
19820
CBSA name
DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$20,094
-
-
$727,460
-
-
-
$1,454,920

FAQs

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