22720 Woodward AveFerndale, MI 48220

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 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.

• 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

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

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