Building Details

Year Built 1926

Tenancy Multi

Listing Agency: The Jonna Group at Colliers International

Listed By: Simon Jonna · License #MI 6501357188 Show Phone

Source: Crexi

Added: Feb 6 Changed: Oct 9 Last Checked: Oct 16 at 6:12AM

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 The Jonna Group at Colliers International

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 3,574-square-foot flex property is arranged across two addresses, 517 and 523 W 9 Mile Rd, supporting separate occupancy or a multi-tenant layout. The building includes one 10-foot by 10-foot overhead door and eight surface parking spaces.

Located in a walkable downtown setting, the property is near dining, entertainment, and established neighborhoods. CBD zoning supports a broad range of potential uses. The property is offered for sale and may also accommodate repositioning or market-rate leasing strategies.

Key Highlights

• 3,574 SF flex property at 517‑523 W 9 Mile Rd
• Two addresses support separate occupancy or multi‑tenant configuration
• One 10’ x 10’ overhead door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,458

Cap Rate

7.12%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$769,160 $769.2K

Cap Rate 7%

$549,400 $549.4K

Cap Rate 9%

$427,311 $427.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,574 SF

Gross rent

$60.0K $16.80/SF

− Vacancy

−$5.1K −$1.43/SF

EGI

$54.9K $15.37/SF

− OpEx

−$16.5K −$4.61/SF

NOI

$38.5K $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%

$769,160

Cap Rate 7%

$549,400

Cap Rate 9%

$427,311

Alternative Uses

Best Use

Retail

$549.4K

$480.7K – $641.0K (±1% cap)

NOI $38,458 @ 7.0% cap · market cap 7.12%

Second Best

Flex RnD

$528.1K

$462.1K – $616.1K (±1% cap)

NOI $36,965 @ 7.0% cap · market cap 6.85%

Theoretical Best

Specialty Retail

$770.9K

$674.5K – $899.4K (±1% cap)

NOI $53,962 @ 7.0% cap · market cap 9.99%

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

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Law Firm Daycare Center Food Market (Bike/Boat/Book/etc) Store Computer & Electronic Repair Home Appliance Store

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

1,475

Businesses Nearby

Under-served

Demand for This Use

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 Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Similar For Sale Nearby

See more

Mixed-Use Multi-Unit Asset with Retail

23529 Woodward Ave, Ferndale, MI 48220

$1,099,000

4,100 SF

View details

Single-Tenant Net Leased Retail Property

22740 Woodward Ave, Ferndale, MI 48220

$1,500,000

3,100 SF

View details

Flex Building with Garage Doors

810 Livernois, Ferndale, MI 48220

Contact for pricing

4,177 SF

View details

Woodward Avenue Salon Storefront

23365 Woodward Ave, Ferndale, MI 48220

Contact for pricing

4,340 SF

View details

Industrial Building with 2-Ton Cranes

610 Livernois St, Ferndale, MI 48220

$1,299,000

9,046 SF

View details

Industrial Flex Space For Sale

836 Livernois St |, Ferndale, MI 48220

$1,299,000

9,326 SF

View details

Modern Flex Building

930 E. Lewiston Avenue, Ferndale, MI 48220

$1,250,000

View details

Occupied Retail Building

22134 Woodward Ave, Ferndale, MI 48220

Contact for pricing

2,200 SF

View details

Corner Retail Storefront with Rooftop Billboard

22757 Woodward Ave, Ferndale, MI 48220

$69,000

9,532 SF

View details

Renovated Storefront Property

1930 Hilton Rd, Ferndale, MI 48220

$1,200,000

View details

3-Unit Multifamily Building

3327 McDowell, Ferndale, MI 48220

$875,000

3,386 SF

View details

Triplex with Private Garages

3315 McDowell, Ferndale, MI 48220

$875,000

View details

Similar Off Market Nearby

• Quarton Catering — 22020 Woodward Ave, Ferndale, MI 48220
• Got Pho — 172 W Nine Mile Rd, Ferndale, MI 48220
• Hero or Villain Deli: HQ — 22965 Woodward Ave, Ferndale, MI 48220
• Cappuccino Man — W Cambourne St, Ferndale, MI 48220

Frequently Asked Questions

What type of property is this?

Flex space - CBD-zoned flex property with dual-address configuration and on-site parking.

Where is this flex space located?

The property is located at 517-523 W Nine Mile Road Ferndale, MI.

What is the asking price?

The asking price for this property is $540,000.

What are key features of this property?

This property features: 3,574 SF flex property at 517‑523 W 9 Mile Rd; Two addresses support separate occupancy or multi‑tenant configuration; One 10’ x 10’ overhead door