Renovated Mixed-Use Venue with Redevelopment
For Sale
$3,999,000
11745 Woodward Avenue, Highland Park, MI 48203
Five-story renovated building with mixed-use venue and redevelopment potential.
Property Size30,000 SF
Price / SF$133.30
Days on Market157
Property Features for 11745 Woodward Avenue
General Information
Standard status
Active
Size
30,000 SF
Property subtype
Commercial
Zoning
Commercial, Office, Recreation, Resident
Lease Term
Cash, Conventional
Taxes and HOA fees
Annual Taxes
$5,738
Building Details
Building Size
30,000 SF
Year Built
1917
Stories
3
Listing Agency:
Clyde Realty LLC
(313) 401-6270
Listed By:
Nicollett Warczak
(313) 401-6270
Source:
Sabudarealty
Added: Mar 20
Changed: Aug 23
Last Checked: Aug 22 at 10:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Clyde Realty LLC
Investment Insights
Based on property information with market context.
This five-story industrial building presents a rare investment opportunity, offering scale, character, and redevelopment potential in a high-exposure location. The current owner comprehensively renovated the property with a multi-million dollar overhaul. The 6,000 square foot operational main level features a mixed-use venue with a fully built-out 45-foot custom bar, 15-foot ceilings, a TOAST system, a commercial Earthstone brick oven, and a lofted VIP/stage/office area. The additional four floors present adaptive reuse potential for residential, commercial, office, retail, rooftop, or venue expansion. The property includes a secure entrance with a large lobby and ticket window off of a paved parking lot. The building features a new facade, windows, baths, gutter system, HVAC systems with three furnaces and A/C units, and 1600 AMP service. A Class C liquor license is included. A full-height freight elevator shaft is ready for installation. The property is sold AS-IS.
Key Highlights
- Comprehensively renovated 5‑story industrial building with multi‑million dollar overhaul.
- 6,000 SQFT operational main level mixed‑use venue featuring a custom bar and commercial brick oven**, plus VIP/stage/office.
- Adaptive reuse potential for residential, commercial, office, retail, or venue expansion on 4 additional floors.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$356,400
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,128,000
$7.1M
Cap Rate 7%
$5,091,429
$5.1M
Cap Rate 9%
$3,960,000
$4.0M
Market Conditions
NOI Build-Up for 30,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$648.0K $21.60/SF
− Vacancy
−$77.8K −$2.59/SF
EGI
$570.2K $19.01/SF
− OpEx
−$213.8K −$7.13/SF
NOI
$356.4K $11.88/SF
Area
Wayne County, MI
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,128,000
Cap Rate 7%
$5,091,429
Cap Rate 9%
$3,960,000
Alternative Uses
Best Use
Specialty Retail
$5.55M
$4.86M – $6.48M
NOI $388,800 @ 7.0% cap · market cap 9.72%
Second Best
Mixed Use
$5.09M
$4.46M – $5.94M
NOI $356,400 @ 7.0% cap · market cap 8.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Electronics 18%
Comerica Bank
Shops & Services
2,195 visits/mo
0.4 miles
Citgo
Shops & Services
2,052 visits/mo
0.4 miles
Marathon Petroleum
Shops & Services
1,382 visits/mo
0.4 miles
Metro by T-Mobile
Electronics
1,238 visits/mo
0.4 miles
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five-story renovated building with mixed-use venue and redevelopment potential.
Where is this mixed-use property located?
The property is located at 11745 Woodward Avenue Highland Park, MI.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: Comprehensively renovated 5‑story industrial building with multi‑million dollar overhaul.; 6,000 SQFT operational main level mixed‑use venue featuring a custom bar and commercial brick oven**, plus VIP/stage/office.; Adaptive reuse potential for residential, commercial, office, retail, or venue expansion on 4 additional floors.
