Corner Retail Storefront with Rooftop
For Sale
$3,100,000
22757 Woodward Ave, Ferndale, MI 48220
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 Market473
Property Features for 22757 Woodward Ave
General Information
Standard status
Active
Size
12,433 SF
Class
B
Property subtype
Retail
Zoning
CBD
Building Details
Building Size
12,433 SF
Year Built
1926
Buildings
1
Stories
2
Listing Agency:
Pilot Property Group
Listed By:
James Diehl · License #6501368863
(586) 337-5241
Source:
Cpix.resimplifi
Added: May 21, 2025
Changed: Sep 5
Last Checked: Sep 5 at 3:41AM
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
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
$133,784
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
4.32%
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%
$2,675,680
$2.7M
Cap Rate 7%
$1,911,200
$1.9M
Cap Rate 9%
$1,486,489
$1.5M
Market Conditions
NOI Build-Up for 12,433 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
$208.9K $16.80/SF
− Vacancy
−$17.8K −$1.43/SF
EGI
$191.1K $15.37/SF
− OpEx
−$57.3K −$4.61/SF
NOI
$133.8K $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%
$2,675,680
Cap Rate 7%
$1,911,200
Cap Rate 9%
$1,486,489
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
160k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 72%
Shops & Services 19%
Electronics 4%
Beauty & Spa 4%
McDonald's
Dining
22,302 visits/mo
0.1 miles
Wendy's
Dining
20,467 visits/mo
0.1 miles
Pizza Hut
Dining
13,458 visits/mo
0.3 miles
Taco Bell
Dining
10,104 visits/mo
0.5 miles
Mobil
Shops & Services
9,934 visits/mo
0.1 miles
Demographics for 48220, MI
21,564
Population
12,003
Households
1.8
Avg Household Size
37
Median Age
53%
College-Educated
96%
High-School Grad
4.4 sq mi
ZIP Area
4,901
Density / Sq Mi
$86,095
Median Household Income
$54,557
Median Earnings
$1,191
Median Rent
$229,700
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?
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
