Remodeled Retail
For Sale
Contact for pricing
27827 Woodward Ave, Berkley, MI 48072
Recently updated commercial space with dedicated and municipal parking.
Property Size1,550 SF
Price / SF$283.87
Days on Market556
Property Features for 27827 Woodward Ave
General Information
Standard status
Active
Size
1,550 SF
Total Parking Spaces
12
Property subtype
RETAIL
Listing Agency:
Stokas Bieri Real Estate
(313) 962-2800
Listed By:
Josh Zeid · License #6501407412
Source:
Moodyscre
Added: Feb 21, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:00PM
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 Stokas Bieri Real Estate
Investment Insights
Based on property information with market context.
This 1,550-square-foot retail property features recently renovated interior and exterior finishes, fresh paint throughout, and new HVAC equipment. The building includes 7 dedicated parking spaces, supplemented by 5 municipal spaces.
The property is located on Woodward Ave in Berkley, Michigan, within an area surrounded by high-traffic retail activity. Its updated condition and established commercial setting provide a straightforward format for retail occupancy.
The property is located on Woodward Ave in Berkley, Michigan, within an area surrounded by high-traffic retail activity. Its updated condition and established commercial setting provide a straightforward format for retail occupancy.
Key Highlights
- 1,550‑square‑foot retail property on Woodward Ave
- Interior and exterior recently remodeled
- New HVAC system and fresh paint throughout
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
$16,679
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
3.79%
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%
$333,580
$333.6K
Cap Rate 7%
$238,271
$238.3K
Cap Rate 9%
$185,322
$185.3K
Market Conditions
NOI Build-Up for 1,550 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
$26.0K $16.80/SF
− Vacancy
−$2.2K −$1.43/SF
EGI
$23.8K $15.37/SF
− OpEx
−$7.1K −$4.61/SF
NOI
$16.7K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$333,580
Cap Rate 7%
$238,271
Cap Rate 9%
$185,322
Alternative Uses
Best Use
Retail
$238.3K
$208.5K – $278.0K
NOI $16,679 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$334.3K
$292.5K – $390.1K
NOI $23,403 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
124k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 44%
Shops & Services 42%
Dining 7%
Home Improvements & Furnishings 3%
Trader Joe's
Groceries
54,811 visits/mo
0.0 miles
O'Reilly Auto Parts
Shops & Services
16,074 visits/mo
0.0 miles
BP
Shops & Services
11,288 visits/mo
0.4 miles
PetSmart
Shops & Services
9,019 visits/mo
0.1 miles
Bank of America
Shops & Services
5,940 visits/mo
0.5 miles
Demographics for 48072, MI
15,194
Population
7,068
Households
2.1
Avg Household Size
38
Median Age
58%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
6,331
Density / Sq Mi
$113,103
Median Household Income
$68,818
Median Earnings
$1,436
Median Rent
$289,200
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?
Retail space - Recently updated commercial space with dedicated and municipal parking.
Where is this retail space located?
The property is located at 27827 Woodward Ave Berkley, MI.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 1,550‑square‑foot retail property on Woodward Ave; Interior and exterior recently remodeled; New HVAC system and fresh paint throughout
