Mixed-Use Multi-Unit Asset with
23529 Woodward Ave Ferndale, MI 48220
23529 Woodward Ave, Ferndale, MI, 48220
$1,099,000
For Sale
$1,099,000
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 Market105
Property Features for 23529 Woodward Ave
General Information
- Standard status
- Active
- Size
- 4,100 SF
- Property subtype
- Retail, Multifamily
Listing agency
Landmark Commercial Real Estate Services
(248) 488-2620
Listed by
Louis Ciotti · License #6501335264
(248) 488-2620
Source
Cpix.resimplifi
Added: Apr 8 Updated: Jul 21 at 2:59PM Checked: Jul 21 at 2:59PM
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
Local Financial Insights For Multifamily LT 5
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 | $81.2k | $19.80 |
| − Vacancy | −$3.7k | −$0.89 |
| EGI | $77.5k | $18.91 |
| − OpEx | −$23.3k | −$5.67 |
| NOI | $54.3k | $13.24 |
4,100 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
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
