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 Market196
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: Oct 6
Last Checked: Oct 20 at 5:07PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$54,269
Cap Rate
4.94%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
