Land for Development on
For Sale
$600,000
19700 WOODWARD Ave, Detroit, MI 48203
Land suitable for development, currently a car lot.
Property Size5,000 SF
Lot Size0.13 Acres
Days on Market165
Property Features for 19700 WOODWARD Ave
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.13 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,226
Building Details
Building Size
5,000 SF
Year Built
1958
Listing Agency:
(586) 436-3295
Listed By:
Dominic Prezzato
(586) 436-3295
Source:
Elliman
Added: Mar 10
Changed: Aug 11
Last Checked: Aug 11 at 11:11AM
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 Dominic Prezzato
Investment Insights
Based on property information with market context.
This property, which includes 19700-19680 Woodward, is currently used as a car lot and repair facility. The value is primarily in the land, making it suitable for development. It is located close to the State Fair Development. The property is ideal for a fast food location.
Key Highlights
- Land value for development.
- Location close to State Fair Development.
- Ideal for a fast food location.
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
$24,319
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
4.05%
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%
$486,380
$486.4K
Cap Rate 7%
$347,414
$347.4K
Cap Rate 9%
$270,211
$270.2K
Market Conditions
NOI Build-Up for 5,000 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
$36.6K $7.32/SF
− Vacancy
−$1.9K −$0.37/SF
EGI
$34.7K $6.95/SF
− OpEx
−$10.4K −$2.08/SF
NOI
$24.3K $4.86/SF
Area
Detroit, MI
Vacancy
5.08%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
30.00%
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%
$486,380
Cap Rate 7%
$347,414
Cap Rate 9%
$270,211
Alternative Uses
Best Use
Retail
$879.8K
$769.8K – $1.03M
NOI $61,585 @ 7.0% cap · market cap 10.26%
Second Best
Industrial
$347.4K
$304.0K – $405.3K
NOI $24,319 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$1.10M
$965.1K – $1.29M
NOI $77,211 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
188k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 55%
Shops & Services 28%
Apparel 18%
Meijer
Groceries
102,458 visits/mo
0.5 miles
Five Below
Shops & Services
30,822 visits/mo
0.5 miles
Marshalls
Apparel
30,146 visits/mo
0.5 miles
BP
Shops & Services
8,974 visits/mo
0.5 miles
Sunoco
Shops & Services
6,909 visits/mo
0.1 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 Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Land suitable for development, currently a car lot.
Where is this commercial land located?
The property is located at 19700 WOODWARD Ave Detroit, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Land value for development.; Location close to State Fair Development.; Ideal for a fast food location.
