22304 Woodward AveFerndale, MI 48220

Property Details for 22304 Woodward Ave

Year built

1926

Lot size

0.76 AC

Property size (Sq ft)

26,129 SF

Zone code

BI

Property type

Super regional malls

APN

24-25-34-205-048

APU

242534205048

Description

Ferndale Center offers exceptional retail opportunities in a vibrant Detroit location. This multi-tenant property boasts a total of 26,645 square feet, with two immediately available spaces totaling 15,245 square feet. One space comprises 10,945 square feet, previously occupied by a Rite Aid, presenting a significant opportunity for a large-scale retailer or adaptable tenant. A second, 4,300-square-foot space is available on the second floor, ideal for a variety of uses. The property's strategic location offers unparalleled access to a thriving customer base, situated minutes from the new 350,000-square-foot Meijer-anchored Gateway Marketplace retail development. Further enhancing its appeal are nearby popular destinations such as the Woodward Avenue Brewery, The Rust Belt Market, and The Emory. This prime location ensures high visibility and foot traffic. A significant advantage is the inclusion of four dedicated parking areas for tenants—a rare and highly desirable feature along the Woodward Corridor. The property also features two billboards, providing excellent opportunities for advertising and brand visibility. This is a unique opportunity to establish a presence in a dynamic and rapidly growing area of Detroit. Contact us today to learn more about leasing options and explore the potential of this exceptional retail property.

• CAP approach

  CAP return

  Valuation

  6%

  $6,054,370

  6.5%

  $5,588,650

  7%

  $5,189,460

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,541,870

  Geo Method

  $2,541,870

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $10,716,500

  Mixed-Use / Specialty

  $5,642,230

  Hospitality / Lodging

  $4,235,220

  Office

  $5,685,270

  Institutional / Educational

  $5,891,920

  Residential Income

  $6,893,540

  Multifamily

  $7,860,250

  Automotive / Energy

  $5,050,210

  Parking / Income-Based Land

  $1,670,150

  Restaurant / Food Service

  $3,091,440

  Healthcare / Senior Housing

  $5,710,620

Location Insight

City

Ferndale

County

Oakland

State

Michigan

Latitude

42.4572

Longitude

-83.1316

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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