Woodward Avenue Retail
For Sale
$2,125,000
32128 Woodward Ave, Royal Oak, MI 48073
8,528 SF commercial building with frontage on Woodward Avenue.
Property Size8,528 SF
Price / SF$249.18
Days on Market157
Property Features for 32128 Woodward Ave
General Information
Standard status
Active
Size
8,528 SF
Property subtype
Retail
Building Details
Building Size
8,528 SF
Year Built
1962
Listing Agency:
L. Mason Capitani, Inc.
(586) 212-5270
Listed By:
Jason Capitani, SIOR, CCIM · License #6502137804
(586) 212-5270
Source:
Corfac
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 2:47PM
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 L. Mason Capitani, Inc.
Investment Insights
Based on property information with market context.
This split-level retail building offers frontage on Woodward Avenue, situated minutes north of I-696. Located on the east side of Woodward, north of Normandy Rd, the property comprises 8,528 square feet. The well-maintained facility features a flexible floorplan and is zoned for general business. Its location provides close proximity to I-696.
Key Highlights
- High‑visibility Woodward Avenue Frontage
- Close Proximity to I‑696 for Easy Access
- 8,528 SF Commercial Building
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
$91,765
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
4.32%
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%
$1,835,300
$1.8M
Cap Rate 7%
$1,310,929
$1.3M
Cap Rate 9%
$1,019,611
$1.0M
Market Conditions
NOI Build-Up for 8,528 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
$143.3K $16.80/SF
− Vacancy
−$12.2K −$1.43/SF
EGI
$131.1K $15.37/SF
− OpEx
−$39.3K −$4.61/SF
NOI
$91.8K $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 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%
$1,835,300
Cap Rate 7%
$1,310,929
Cap Rate 9%
$1,019,611
Alternative Uses
Best Use
Retail
$1.31M
$1.15M – $1.53M
NOI $91,765 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.84M
$1.61M – $2.15M
NOI $128,759 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
61k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Shops & Services 31%
Electronics 9%
Apparel 6%
Shell
Shops & Services
9,533 visits/mo
0.3 miles
Oberweis Dairy
Dining
7,308 visits/mo
0.3 miles
Potbelly Sandwich Shop
Dining
7,290 visits/mo
0.2 miles
Starbucks
Dining
7,238 visits/mo
0.2 miles
FedEx Office Print & Ship Center
Shops & Services
7,026 visits/mo
0.5 miles
Demographics for 48073, MI
33,658
Population
17,551
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
97%
High-School Grad
7.4 sq mi
ZIP Area
4,548
Density / Sq Mi
$86,426
Median Household Income
$58,525
Median Earnings
$1,245
Median Rent
$302,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - 8,528 SF commercial building with frontage on Woodward Avenue.
Where is this storefront property located?
The property is located at 32128 Woodward Ave Royal Oak, MI.
What is the asking price?
The asking price for this property is $2,125,000.
What are key features of this property?
This property features: High‑visibility Woodward Avenue Frontage; Close Proximity to I‑696 for Easy Access; 8,528 SF Commercial Building
