Corner Retail Storefront with Rooftop
22757 Woodward Ave Ferndale, MI 48220
22757 Woodward Ave, Ferndale, MI, 48220
$3,100,000
For Sale
$3,100,000
Retail storefront on a prominent corner with a rooftop billboard generating income and an existing vacancy.
Property Size12,433 SF
Price / SF$249.34
Days on Market427
Property Features for 22757 Woodward Ave
General Information
- Standard status
- Active
- Size
- 12,433 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1926
Listing agency
Pilot Property Group
(586) 337-5241
Listed by
James Diehl · License #6502425251
(586) 337-5241
Source
Cpix.resimplifi
Added: May 21, 2025 Updated: Jul 20 at 8:15PM Checked: Jul 21 at 3:01AM
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 Pilot Property Group
Investment Insights
Based on property information with market context.
This corner retail storefront at 22757 Woodward Ave, Ferndale, MI 48220 is available for sale with an existing vacancy. The property is described as pristinely maintained, including facade improvements and restoration recognized by the Woodward Avenue Action Association. In addition to the retail space, the building includes an income-generating rooftop billboard.
The asset is positioned on a prominent corner at 9 Mile and Woodward. The current vacancy is associated with a previous nightclub operation.
The remarks indicate a Class C Liquor License with extended hours, dance/entertainment, and Sunday sales endorsements can be purchased separately from the real estate transaction, along with personal property and the business name “Grasshopper Underground.”
The asset is positioned on a prominent corner at 9 Mile and Woodward. The current vacancy is associated with a previous nightclub operation.
The remarks indicate a Class C Liquor License with extended hours, dance/entertainment, and Sunday sales endorsements can be purchased separately from the real estate transaction, along with personal property and the business name “Grasshopper Underground.”
Key Highlights
- Rooftop billboard generates income on the property
- Vacant retail property with a previous nightclub operation
- Class C Liquor License with extended hours, dance/entertainment, and Sunday sales endorsements available for separate purchase
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $208.9k | $16.80 |
| − Vacancy | −$17.8k | −$1.43 |
| EGI | $191.1k | $15.37 |
| − OpEx | −$57.3k | −$4.61 |
| NOI | $133.8k | $10.76 |
12,433 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.91M
$1.67M – $2.23M
NOI $133,784 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.68M
$2.35M – $3.13M
NOI $187,718 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Storefront property - Retail storefront on a prominent corner with a rooftop billboard generating income and an existing vacancy.
Where is this storefront property located?
The property is located at 22757 Woodward Ave Ferndale, MI.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Rooftop billboard generates income on the property; Vacant retail property with a previous nightclub operation; Class C Liquor License with extended hours, dance/entertainment, and Sunday sales endorsements available for separate purchase
