Listing Agency: Stokas Bieri Real Estate Show Phone

Listed By: Josh Zeid · License #6501407412 Show Phone

Source: Moodyscre

Added: Feb 21, 2025 Changed: Oct 6 Last Checked: Oct 15 at 1:17AM

Report an Issue

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 Stokas Bieri Real Estate

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 1,550-square-foot retail property features recently renovated interior and exterior finishes, fresh paint throughout, and new HVAC equipment. The building includes 7 dedicated parking spaces, supplemented by 5 municipal spaces.

The property is located on Woodward Ave in Berkley, Michigan, within an area surrounded by high-traffic retail activity. Its updated condition and established commercial setting provide a straightforward format for retail occupancy.

Key Highlights

• 1,550‑square‑foot retail property on Woodward Ave
• Interior and exterior recently remodeled
• New HVAC system and fresh paint throughout

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,679

Cap Rate

3.79%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$333,580 $333.6K

Cap Rate 7%

$238,271 $238.3K

Cap Rate 9%

$185,322 $185.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,550 SF

Gross rent

$26.0K $16.80/SF

− Vacancy

−$2.2K −$1.43/SF

EGI

$23.8K $15.37/SF

− OpEx

−$7.1K −$4.61/SF

NOI

$16.7K $10.76/SF

Area

Oakland County, MI

Vacancy

8.50%

Lease Rate

$16.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$333,580

Cap Rate 7%

$238,271

Cap Rate 9%

$185,322

Alternative Uses

Best Use

Retail

$238.3K

$208.5K – $278.0K (±1% cap)

NOI $16,679 @ 7.0% cap · market cap 3.79%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$334.3K

$292.5K – $390.1K (±1% cap)

NOI $23,403 @ 7.0% cap · market cap 5.32%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Restaurant Real Estate Agency Big Box & Wholesale Store Pharmacy Auto Repair Shop Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

860

Businesses Nearby

124k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Groceries 44% Shops & Services 42% Dining 7% Home Improvements & Furnishings 3%

Trader Joe's Groceries

54,811 visits/mo 0.0 miles

O'Reilly Auto Parts Shops & Services

16,074 visits/mo 0.0 miles

BP Shops & Services

11,288 visits/mo 0.4 miles

PetSmart Shops & Services

9,019 visits/mo 0.1 miles

Bank of America Shops & Services

5,940 visits/mo 0.5 miles

Demographics for 48072, MI

15,194

Population

7,068

Households

2.1

Avg Household Size

38

Median Age

58%

College-Educated

99%

High-School Grad

2.4 sq mi

ZIP Area

6,331

Density / Sq Mi

$113,103

Median Household Income

$68,818

Median Earnings

$1,436

Median Rent

$289,200

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar For Sale Nearby

See more

Small Office/Retail Workspace

3406 12 Mile Rd, Berkley, MI 48072

$400,000

1,900 SF

View details

Freestanding Restaurant Building

2971 Coolidge Hwy, Berkley, MI 48072

$575,000

View details

Flex Space with Heated Warehouse

3728 W Eleven Mile Rd, Berkley, MI 48072

$525,000

18,500 SF

View details

Office Building with Rear Loading

3800 12 Mile Rd, Berkley, MI 48072

$895,000

6,814 SF

View details

Free-Standing Retail Building with Overhead Door

4195 12 Mile Rd, Berkley, MI 48072

Contact for pricing

8,816 SF

View details

Retail Property in Downtown Berkley

2860, 2870, 2880 Coolidge Highway |, Berkley, MI 48072

$825,000

View details

Indian Restaurant with Dine-In Seating

3354 Twelve Mile Rd, Berkley, MI 48072

$160,000

1,643 SF

View details

Updated Ranch Duplex

2035 Princeton Road, Berkley, MI 48072

$179,000

1,204 SF

View details

Bar and Gaming Headquarters

3961-3995 W. 12 Mile Rd, Berkley, MI 48072

$800,000

7,365 SF

View details

Remodeled Café Restaurant with Kitchen

2959 12 Mile Rd, Berkley, MI 48072

Contact for pricing

3,360 SF

View details

Office Site with Parking Garage

3490 12 Mile Rd, Berkley, MI 48072

Contact for pricing

69,878 SF

View details

Frequently Asked Questions

What type of property is this?

Retail space - Recently updated commercial space with dedicated and municipal parking.

Where is this retail space located?

The property is located at 27827 Woodward Ave Berkley, MI.

What is the asking price?

The asking price for this property is $440,000.

What are key features of this property?

This property features: 1,550‑square‑foot retail property on Woodward Ave; Interior and exterior recently remodeled; New HVAC system and fresh paint throughout