Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    501 S Washington Ave Royal Oak, MI

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Highly visible corner building in Royal Oak available for rent.

    Type:RETAIL
    Property size:
    3,465 SF
    Lot size:
    0.08 Acres
    Added:
    Apr 21, 2025
    Days on Market:
    376
    Last Refresh:
    Apr 5 at 10:32 pm

    Property Features for 501 S Washington Ave

    General Information

    Standard status
    Active
    Size
    3,465 SF
    Lot size
    0.08 Acres
    Property subtype
    RETAIL

    Properties For Sale

    at 501 S Washington Ave Contact us

    We can help!

    Listing Contact
    Anthony Vitale

    Listing agent Anthony Vitale

    Listing office Landmark Commercial Real Estate Services

    Listing date Apr 21, 2025

    Source Moodyscre

    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 Landmark Commercial Real Estate Services

    Overview

    Royal Oak Corner Retail Space

    This highly visible corner building, with 3,465 square feet of retail space, is currently designed for use as a full-service hair salon. The layout includes manicure and pedicure chairs, and a massage room. The property features floor-to-ceiling glass windows and a contemporary interior design. Signage opportunities are available on both Washington Avenue and 5th Street. Street and structure parking are available. The property is located in close proximity to numerous dining, retail, and entertainment establishments.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store 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
    -83.1463
    Latitude
    42.4862

    Nearby Similar for Sale

    • $839,500
      4,000 SF

      Royal Oak Commercial Property on Woodward

      Versatile property on Woodward Avenue suitable for various commercial uses.
      32044 WOODWARD Avenue, Royal Oak, MI 48073
      View Details
    • $425,000
      1,220 SF

      Royal Oak Office For Sale

      Classy 1220 SF office in downtown Royal Oak.
      417 E. FOURTH Street, Royal Oak, MI 48067
      View Details
    • $525,000

      Royal Oak Duplex Investment

      Tenant-occupied duplex near downtown Royal Oak with updated features.
      907 E Fifth Street, Royal Oak, MI 48067
      View Details
    • $825,000
      2,818 SF

      Royal Oak Retail Opportunity

      Retail building in a great location in Royal Oak, MI.
      1018 E 11 Mile Road, Royal Oak, MI 48067
      View Details
    • $425,000
      1,220 SF

      Classy Office in Downtown Royal

      Updated 1220 SF office with parking in Royal Oak.
      417 E. FOURTH St, Royal Oak, MI 48067
      View Details
    • $839,500

      Versatile Property on Woodward Avenue

      Prime location suitable for automotive, retail, restaurant, or medical uses.
      32044 WOODWARD Ave, Royal Oak, MI 48073
      View Details
    • $290,000

      Commercial Property on Woodward Avenue

      Two-level commercial building on Woodward Avenue, suitable for retail/office.
      32756 Woodward Ave, Royal Oak, MI 48073
      View Details
    • Contact for pricing
      5,889 SF

      High-End Retail/Office Building on Woodward

      Turn-key, remodeled retail/office building with parking near Birmingham.
      32500 Woodward Avenue, Royal Oak, MI, 48073
      View Details
    • $515,000

      Royal Oak Mixed-Use Opportunity

      Two buildings in prime location near downtown Royal Oak.
      520 E 11 Mile Rd, Royal Oak, MI 48067
      View Details
    • $315,000

      Royal Oak Multifamily Investment Opportunity

      Two-unit multifamily property near downtown Royal Oak's amenities.
      406 W 12 Mile, Royal Oak, MI 48073
      View Details
    • $450,000

      Updated Duplex in Royal Oak

      Turn-key duplex with income potential in the heart of Royal Oak.
      1226 E 6th St, Royal Oak, MI 48067
      View Details
    • $375,000

      Royal Oak Brick Duplex Investment

      Charming, fully leased duplex in Royal Oak with immediate cashflow.
      1109 Catalpa Dr, Royal Oak, MI 48067
      View Details

    FAQs

    What type of property is this?
    Retail space - Highly visible corner building in Royal Oak available for rent.
    Where is this retail space located?
    The property is located at 501 S Washington Ave Royal Oak, MI.
    What are key features of this property?
    This property features: Highly visible corner building with signage available on Washington Ave and 5th St.; Currently designed for a full‑service hair salon with manicure/pedicure chairs and a massage room.; **Floor‑to‑ceiling glass windows with contemporary interior design.**
    (248) 488-2620 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Anthony Vitale
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry

    501 S Washington Ave, Royal Oak, MI

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!