Retail Lease and Vacant Office
27364 Woodward Ave Royal Oak, MI 48067
27364 Woodward Ave, Royal Oak, MI, 48067
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For Sale
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Site includes a small leased rental and a vacant office building with dedicated parking areas for flexible occupancy.
Property Size5,279 SF
Price / SF$378.86
Days on Market72
Property Features for 27364 Woodward Ave
General Information
- Standard status
- Active
- Size
- 5,279 SF
- Property subtype
- Office, Retail
Building Details
- Year Built
- 1958
Listing agency
Marcus & Millichap - Detroit
Listed by
Richard O'Connor · License #MI 6501206542
Source
Crexi
Added: May 11 Updated: Jul 21 at 8:09AM Checked: Jul 21 at 8:09AM
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 Marcus & Millichap - Detroit
Investment Insights
Based on property information with market context.
This mixed-use site features a 679-square-foot building leased to Avis/Budget Rent-A-Car and a vacant 4,600-square-foot office building. The property sits on 0.47 acres and includes a 30-car parking area supporting the leased building, along with a dedicated 15-car parking lot for the vacant office.
Located on Woodward Avenue, the site is described as having over 90,000 cars per day and is noted to be less than 1.5 miles from Downtown Royal Oak and Oakland Community College, with approximately 14,000-plus students. The public remarks also cite over 350,000 people within five miles.
For a replacement tenant or owner-user, the vacant office building provides an opportunity to reposition the space, supported by on-site parking and high-visibility frontage along Woodward Avenue.
Located on Woodward Avenue, the site is described as having over 90,000 cars per day and is noted to be less than 1.5 miles from Downtown Royal Oak and Oakland Community College, with approximately 14,000-plus students. The public remarks also cite over 350,000 people within five miles.
For a replacement tenant or owner-user, the vacant office building provides an opportunity to reposition the space, supported by on-site parking and high-visibility frontage along Woodward Avenue.
Key Highlights
- 0.47‑acre site with a 679‑SF building leased to Avis/Budget Rent‑A‑Car
- 30‑car parking area included with the leased 679‑SF building
- Vacant 4,600‑SF office building with dedicated 15‑car parking lot
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 | $88.7k | $16.80 |
| − Vacancy | −$7.5k | −$1.43 |
| EGI | $81.1k | $15.37 |
| − OpEx | −$24.3k | −$4.61 |
| NOI | $56.8k | $10.76 |
5,279 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$811.5K
$710.1K – $946.7K
NOI $56,804 @ 7.0% cap · market cap 2.84%
Second Best
Office B
$259.6K
$227.2K – $302.9K
NOI $18,173 @ 7.0% cap · market cap 0.91%
Theoretical Best
Specialty Retail
$1.14M
$996.3K – $1.33M
NOI $79,704 @ 7.0% cap · market cap 3.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Avis Car Rental
Car Rental Facility
Budget Car Rental
Car Rental Facility
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Site includes a small leased rental and a vacant office building with dedicated parking areas for flexible occupancy.
Where is this office building located?
The property is located at 27364 Woodward Ave Royal Oak, MI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 0.47‑acre site with a 679‑SF building leased to Avis/Budget Rent‑A‑Car; 30‑car parking area included with the leased 679‑SF building; Vacant 4,600‑SF office building with dedicated 15‑car parking lot
