Fully Renovated Retail
23365 Woodward Avenue Ferndale, MI 48220
23365 Woodward Avenue, Ferndale, MI, 48220
$912,000
For Sale
$912,000
Renovated 4,340 SF storefront building on Woodward Avenue with ample parking and strong visibility for retail use.
Property Size4,340 SF
Price / SF$210.14
Days on Market154
Property Features for 23365 Woodward Avenue
General Information
- Standard status
- Active
- Size
- 4,340 SF
- Property subtype
- Free Standing Building
Building Details
- Year Built
- 1954
Properties For Sale
at 23365 Woodward Avenue Contact us
Listing agency
The Jonna Group
(248) 226-1610
Listed by
Simon Jonna · License #6501357188
(248) 226-1610
Source
Thebrokerlist
Added: Feb 18 Updated: Jul 22 at 11:32AM Checked: Jul 22 at 11:32AM
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 The Jonna Group
Investment Insights
Based on property information with market context.
23365 Woodward Avenue offers a 4,340 SF retail building originally constructed in 1954 and fully renovated in 2022. The property is presented as a modern, flexible space designed to support storefront or free-standing retail use.
Located on Woodward Avenue in Ferndale, MI, the building is positioned for visibility with strong traffic and ample parking. Ferndale is described as having a vibrant local business environment, and the remarks note proximity to the Detroit Zoo, downtown Detroit, and Royal Oak.
For sale, this renovated retail building provides an updated option along Woodward Avenue for tenants or buyers seeking a storefront-ready footprint in Ferndale.
Located on Woodward Avenue in Ferndale, MI, the building is positioned for visibility with strong traffic and ample parking. Ferndale is described as having a vibrant local business environment, and the remarks note proximity to the Detroit Zoo, downtown Detroit, and Royal Oak.
For sale, this renovated retail building provides an updated option along Woodward Avenue for tenants or buyers seeking a storefront-ready footprint in Ferndale.
Key Highlights
- 4,340 SF storefront building available for lease on Woodward Avenue in Ferndale
- Built in 1954 and fully renovated in 2022
- Renovated retail space designed for retail or free‑standing users
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 | $72.9k | $16.80 |
| − Vacancy | −$6.2k | −$1.43 |
| EGI | $66.7k | $15.37 |
| − OpEx | −$20.0k | −$4.61 |
| NOI | $46.7k | $10.76 |
4,340 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$667.1K
$583.8K – $778.3K
NOI $46,700 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$936.1K
$819.1K – $1.09M
NOI $65,527 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
Similar Off Market Nearby
- Olive's Bloombox — 262 W Nine Mile Rd, Ferndale, MI 48220
- 1-800-Flowers — ferndale, mi 48220
FAQs
What type of property is this?
Storefront property - Renovated 4,340 SF storefront building on Woodward Avenue with ample parking and strong visibility for retail use.
Where is this storefront property located?
The property is located at 23365 Woodward Avenue Ferndale, MI.
What is the asking price?
The asking price for this property is $912,000.
What are key features of this property?
This property features: 4,340 SF storefront building available for lease on Woodward Avenue in Ferndale; Built in 1954 and fully renovated in 2022; Renovated retail space designed for retail or free‑standing users
