Mixed-Use Multi-Unit Asset with
For Sale
$1,099,000
23529 Woodward Ave, Ferndale, MI 48220
Four leased 1-bedroom apartments sit above two vacant retail storefront units totaling 2,000 sq. ft.
Property Size4,100 SF
Price / SF$268.05
Days on Market151
Property Features for 23529 Woodward Ave
General Information
Standard status
Active
Size
4,100 SF
Property subtype
Retail, Multifamily
Zoning
C-3
Building Details
Building Size
4,100 SF
Listing Agency:
Landmark Commercial Real Estate Services
Listed By:
Louis Ciotti · License #6501335264
(248) 488-2620
Source:
Cpix.resimplifi
Added: Apr 8
Changed: Sep 4
Last Checked: Sep 4 at 2:03AM
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 Landmark Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This mixed-use building offers four fully leased 1-bedroom apartments on the second floor and retail space on the lower level. The second floor provides income through four separate apartment units, each with its own lease expiration dates listed in the offering materials. The lower level includes 2,000 sq. ft. of vacant retail space configured as two separate 1,000 sq. ft. units.
The property is located at 23529 Woodward Ave in Ferndale, Michigan. The building’s current structure supports both residential rental income and a value-add component tied to leasing the two vacant storefront spaces.
Financial information included in the remarks lists projected gross income and year-to-year expenses, along with individual apartment monthly rents and lease expiration dates.
The property is located at 23529 Woodward Ave in Ferndale, Michigan. The building’s current structure supports both residential rental income and a value-add component tied to leasing the two vacant storefront spaces.
Financial information included in the remarks lists projected gross income and year-to-year expenses, along with individual apartment monthly rents and lease expiration dates.
Key Highlights
- Mixed‑use building at 23527–23529 Woodward Ave in Ferndale, MI
- Second‑floor has four fully leased 1‑bedroom apartments
- Lower level includes 2,000 sq. ft. of vacant retail space split into two 1,000 sq. ft. units
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
$54,269
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
4.94%
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%
$1,085,380
$1.1M
Cap Rate 7%
$775,271
$775.3K
Cap Rate 9%
$602,989
$603.0K
Market Conditions
NOI Build-Up for 4,100 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
$81.2K $19.80/SF
− Vacancy
−$3.7K −$0.89/SF
EGI
$77.5K $18.91/SF
− OpEx
−$23.3K −$5.67/SF
NOI
$54.3K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$1,085,380
Cap Rate 7%
$775,271
Cap Rate 9%
$602,989
Alternative Uses
Best Use
Multifamily LT 5
$775.3K
$678.4K – $904.5K
NOI $54,269 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$718.5K
$628.7K – $838.2K
NOI $50,292 @ 7.0% cap · market cap 4.58%
Theoretical Best
Specialty Retail
$884.3K
$773.8K – $1.03M
NOI $61,903 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,384
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four leased 1-bedroom apartments sit above two vacant retail storefront units totaling 2,000 sq. ft.
Where is this quadplex located?
The property is located at 23529 Woodward Ave Ferndale, MI.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Mixed‑use building at 23527–23529 Woodward Ave in Ferndale, MI; Second‑floor has four fully leased 1‑bedroom apartments; Lower level includes 2,000 sq. ft. of vacant retail space split into two 1,000 sq. ft. units
