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    1120 Nine Mile Rd Ferndale, MI 48220

    Sponsored
    For Sale
    $729,000

    19-Unit Apartment Site, Retail Space

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 0.36-acre parcel in Ferndale, Michigan, presents a lucrative investment opportunity. Located at 1120 E 9 Mile Rd, in Oakland County, zip code 48220 (42.4607238, -83.119648), this property is zoned for multi-family use and boasts a pre-approved site plan for a 19-unit apartment building incorporating first-floor retail space. The strategic location offers unparalleled convenience, situated less than one mile from Ferndale's vibrant downtown core. This prime location ensures high occupancy rates and strong rental income potential. The asking price is $729,000, and the seller is open to considering land contract terms, making this an accessible entry point for investors. The property is privately owned and is classified as both commercial and residential land. This is a rare chance to acquire a fully permitted development site in a thriving Michigan community, poised for significant returns. The property's approved site plan streamlines the development process, minimizing delays and maximizing efficiency. Don't miss this opportunity to capitalize on the growing demand for rental housing in this desirable area. This is a turnkey project ready for immediate development.

    Property Features for 1120 Nine Mile Rd

    General Information

    Property type
    Land
    Lot Size
    15,682 SF

    HighLights

    • 0.36‑acre multi‑family development site in Ferndale, MI.
    • Located at 1120 E 9 Mile Rd, Ferndale, MI 48220.
    • Zoned for multi‑family use with a pre‑approved 19‑unit apartment building plan including first‑floor retail.
    • Less than one mile from Ferndale's downtown.
    • Asking price: $729,000; seller open to land contract.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ferndale
    County
    Oakland
    State
    Michigan
    Longitude
    -83.119648
    Latitude
    42.4607238

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    FAQs

    What type of property is this?
    Land - 19-Unit Apartment Site, Retail Space
    Where is this land located?
    The property is located at 1120 Nine Mile Rd Ferndale, MI.
    What is the asking price?
    The asking price for this property is $729,000.
    What are key features of this property?
    This property features: 0.36-acre multi-family development site in Ferndale, MI.; Located at 1120 E 9 Mile Rd, Ferndale, MI 48220.; Zoned for multi-family use with a pre-approved 19-unit apartment building plan including first-floor retail.
    (586) 615-0101
    Request Owner's contact information
    1120 Nine Mile Rd Ferndale, MI 48220
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    Ferndale, MI 48220
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1120 Nine Mile Rd Ferndale, MI 48220
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