Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Single-Tenant Net Leased Retail Property Title is generated by Realmo AI

    22740 Woodward Avenue, Ferndale, MI 48220

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Net-leased retail building with direct Woodward Avenue frontage for a hands-off ownership profile under NNN terms.

    Type:Retail
    Property size:
    3,100 SF
    Price / SF:
    $483/SF
    Added:
    May 27, 2026
    Days on Market:
    11
    Last Refresh:
    Jun 6 at 5:04 am

    Property Features for 22740 Woodward Avenue

    General Information

    Standard status
    Active
    Size
    3,100 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Doug Passon
    Doug Passon

    Listing agent Doug Passon License #MI 6502361821

    Listing office Fortis Net Lease

    Listing date May 27, 2026

    Source Crexi

    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 Fortis Net Lease

    HighLights

    • Single‑tenant net leased Barrel House property at 22740 Woodward Avenue in Ferndale
    • Approximately 3,100 SF retail building leased on a NNN basis
    • Direct frontage along Woodward Avenue, a major Metro Detroit commercial corridor
    • Lease includes two 5‑year renewal options
    • Asking price: $1,500,000

    Overview

    Fortis Net Lease presents a single-tenant net leased “Barrel House” retail property available for purchase. The building is approximately 3,100 square feet and is leased on an NNN basis, which is intended to minimize landlord responsibilities. The lease also includes two separate five-year renewal options, offering additional timeline flexibility for both tenant and ownership.

    The property is positioned along the Woodward Avenue corridor in Ferndale, with direct frontage on this major regional connector. The surrounding area is described as a dense mix of national retailers, local businesses, restaurants, and residential neighborhoods. The offering notes proximity to downtown Detroit, with the property presented as just minutes from the city.

    This is a practical fit for investors and other ownership groups seeking a single-tenant retail asset structured as NNN. With the lease carrying renewal options, ownership can better align future planning with the tenant’s extended occupancy path. For operators evaluating a retail location tied to Woodward Avenue’s established retail and dining environment, the tenancy structure and renewal terms are key considerations.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ferndale
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1337584
    Latitude
    42.4602877

    Nearby Similar for Sale

    • $749,900
      3,186 SF

      Tri-Unit Live-Work Property

      Tri-unit building zoned for commercial and multifamily use, offering a blended residential and income-oriented layout.
      695 Livernois Street, Ferndale, MI 48220
      View Details
    • $775,000
      9,101 SF

      Industrial Flex Building with Office

      M1-zoned industrial building with office space, 15-foot clear height, and a drive-in door for owner-users and contractors.
      836 Woodward Hts, Ferndale, MI 48220
      View Details
    • $775,000
      3,986 SF

      Mixed-Use Property in Ferndale, MI

      Multi-unit property with residential and commercial opportunity in Ferndale.
      695 Livernois, Ferndale, MI 48220
      View Details
    • $450,000
      2,644 SF

      Freestanding Retail Building with Parking

      Freestanding retail building on a 0.19-acre lot with ample parking and MXD-2 zoning.
      1805 E 9 Mile Road, Ferndale, MI 48220
      View Details
    • $950,000
      4,501 SF

      Ferndale Restaurant Investment Opportunity

      Restaurant property with income, parking, and signage in Ferndale.
      545 W Nine Mile Rd, Ferndale, MI 48220
      View Details
    • $1,100,000
      11,200 SF

      Ferndale Industrial Building with Cranes

      11,200 SF industrial building with cranes and outside storage.
      930 East Drayton Street, Ferndale, MI 48220
      View Details
    • $950,000

      Ferndale Retail Space For Sale

      Retail space in Ferndale with high visibility.
      545 W 9 Mile Rd, Ferndale, MI 48220
      View Details
    • $319,900

      Updated Duplex with Income Potential

      Well-maintained duplex generating $2,800/month rental income in Ferndale, MI.
      1529 Silman St, Ferndale, MI 48220
      View Details
    • $299,000
      1,235 SF

      Ferndale Office Space For Sale

      Office space in Ferndale's Cultural Arts District, walkable location.
      150 Livernois St, Ferndale, MI 48220
      View Details
    • $325,000

      Updated Duplex Near Downtown Ferndale

      Updated top/bottom duplex in desirable Ferndale location, delivered vacant.
      393 Wordsworth St, Ferndale, MI 48220
      View Details
    • $775,000

      Mixed-Use Property in Ferndale, MI

      Mixed-use property offering residential and commercial opportunities in Ferndale.
      695 Livernois St, Ferndale, MI 48220
      View Details
    • $1,099,000

      Retail Space Ready For Occupancy

      Retail space in nice condition, ready for immediate occupancy.
      836 Livernois St, Ferndale, MI 48220
      View Details

    FAQs

    What type of property is this?
    NNN property - Net-leased retail building with direct Woodward Avenue frontage for a hands-off ownership profile under NNN terms.
    Where is this nnn property located?
    The property is located at 22740 Woodward Avenue Ferndale, MI.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Single‑tenant net leased Barrel House property at 22740 Woodward Avenue in Ferndale; Approximately 3,100 SF retail building leased on a NNN basis; Direct frontage along Woodward Avenue, a major Metro Detroit commercial corridor
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Doug Passon
    Doug Passon
    Real Estate License ID: MI 6502361821
    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
    22740 Woodward Avenue, Ferndale, MI 48220
    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!