Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    28978 Woodward Ave Royal Oak, MI 48067

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,200 /Mo ($5 SF/Yr)

    Office suites for lease in Royal Oak, 1,300 square feet.

    Property size:
    4,719 SF
    Lot size:
    0.15 Acres

    Property Features for 28978 Woodward Ave

    General Information

    Size
    4,719 SF
    Lot size
    0.15 Acres

    We can help!

    Listing Contact
    Rick Ax
    Rick Ax
    Source: Moodyscre

    Listing Agent: Rick Ax

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Royal Oak Office Space Available

    This commercial property offers office space for rent south of 12 Mile in Royal Oak. The available space includes two office suites equipped with sinks. The property features one ADA-compliant bathroom. The total area of the available space is 1,300 square feet. The zoning is General Business. The lease rate is $2,200 per month, with utilities to be paid separately.
    Location Intelligence

    Current Use by Public Records

    Selfish Salon Suites Hair Salon Selfish Hair Salon

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Royal Oak
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1713667
    Latitude
    42.5032776

    Nearby Similar for Lease

    • $9,277 /Mo
      4,123 SF

      Royal Oak Commercial Space Available

      Prime commercial space in Royal Oak's Social District.
      423 S Washington Ave, Royal Oak, MI 48067
      View Details
    • $5,282 /Mo
      4,244 SF

      Royal Oak Commercial Sublease Opportunity

      Prime commercial space in downtown Royal Oak, suitable for various businesses.
      404 E 4Th St, Royal Oak, MI 48067
      View Details
    • $2,500 /Mo
      3,598 SF

      Downtown Royal Oak Retail Space

      High-visibility retail space in downtown Royal Oak near Centennial Commons.
      601 N Main St, Royal Oak, MI 48067
      View Details
    • $2,800 /Mo
      1,220 SF

      Downtown Royal Oak Office Space

      Classy 1220 SF office in the heart of Royal Oak.
      417 E 4Th St, Royal Oak, MI 48067
      View Details
    • $32,356
      55,463 SF

      Royal Oak Industrial Warehouse Space

      55,467 SF industrial warehouse with multiple bays and docks.
      2020 Bellaire Ave, Royal Oak, MI 48067
      View Details
    • $1,250 /Mo

      Downtown Royal Oak Office Space

      Move-in ready office space with parking in Royal Oak.
      916 S Main St, Royal Oak, MI 48067
      View Details
    • $26 SF/Yr
      5,264 SF

      Woodward Avenue Retail Opportunity

      Retail spaces available on Woodward Avenue with high traffic volume.
      32302 Woodward Ave, Royal Oak, MI 48073
      View Details
    • Contact for pricing
      400 SF

      Royal Oak Retail Space: Prime Location

      400 SF Retail Space, High Foot Traffic
      1196 Washington Ave, Royal Oak, MI 48067
      View Details
    • $26 SF/Yr
      7,101 SF

      Royal Oak Office Space For Lease

      Prime Royal Oak location, multiple suites available.
      32552 Woodward Ave, Royal Oak, MI 48073
      View Details
    • $6,500 /Mo

      Downtown Royal Oak Office Space

      Modern office space in downtown Royal Oak with on-site parking.
      907 S Main St, Royal Oak, MI 48067
      View Details
    • Contact for pricing
      5,150 SF

      The Griffin: Royal Oak Retail Space

      Modern Royal Oak retail, 2 spaces available.
      25090 Woodward Ave, Royal Oak, MI 48067
      View Details
    • $38 SF/Yr
      4,750 SF

      Royal Oak Retail Space For Lease

      Prime Woodward Ave. Shopping Center
      30178 Woodward Ave, Royal Oak, MI 48073
      View Details

    FAQs

    What type of property is this?
    Office space - Office suites for lease in Royal Oak, 1,300 square feet.
    Where is this office space located?
    The property is located at 28978 Woodward Ave Royal Oak, MI.
    What is the lease rate?
    The lease rate is $5 SF/Yr.
    What are key features of this property?
    This property features: - Prime Location: South of 12 Mile in Royal Oak on Woodward; - Two Office Suites with Sinks; - 1,300 Square Feet of Office Space
    (248) 852-0314
    Request Owner's contact information
    28978 Woodward Ave Royal Oak, MI 48067
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    28978 Woodward Ave
    Royal Oak, MI 48067
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    28978 Woodward Ave Royal Oak, MI 48067
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Rick Ax
    Rick Ax
    (248) 852-0314
    Learn more
    Google sign-in failed. Please try again or use another login method.