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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    32552 Woodward Ave Royal Oak, MI 48073

    • Retail properties
    • 7,101 SF
    For Lease
    View listing
    $26 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Motor City Scuba - Rec Diving / Vocational School / Training Center
    • Rec Diving Travel / Travel Agency / Tour Operator

    Property Details for 32552 Woodward Ave

    Property size
    7,101 SF
    Property type
    Retail properties
    Property subtype
    Restaurants

    Description

    This exceptional commercial property, located at 32552 Woodward Avenue in Royal Oak, Michigan, offers a unique opportunity for businesses seeking versatile office space. The building boasts a total of 7,101 square feet, currently featuring a mix of retail, office, and restaurant uses. The property is available for lease with 2,812 square feet of vacant space immediately ready for occupancy. This presents a significant opportunity for a single tenant to occupy a substantial portion of the building or for multiple tenants to lease smaller, individual suites. The building's classification includes both Traditional and Executive Office subtypes, catering to a variety of business needs and sizes. The property is conveniently located in Oakland County, Michigan, with a zip code of 48073, providing easy access to major transportation routes and amenities. Ample parking is available with 27 spaces provided for tenants and their clients. The property's diverse zoning allows for a range of potential uses, making it an ideal location for businesses seeking a prominent presence in the vibrant Royal Oak community. Interested parties are encouraged to inquire about lease terms and available suite sizes. This is a rare opportunity to secure prime commercial real estate in a highly desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Royal Oak
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1964
    Latitude
    42.5292

    Comparable in this City

    • Value Estimation by Request

      3208 Crooks Rd

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      $710,000
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      31205 Woodward Ave

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      31205 Woodward Ave, Royal Oak, MI 48073-0928
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      2,037 SF

      3315 Campbell Rd

      OFFICE (GENERAL) • 2,037 SF
      3315 Campbell Rd, Royal Oak, MI 48073-2803
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      1,098 SF

      2538 Crooks Rd

      OFFICE (GENERAL) • 1,098 SF
      2538 Crooks Rd, Royal Oak, MI 48073-3310
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      2,346 SF

      2011 Crooks Rd

      OFFICE (GENERAL) • 2,346 SF
      2011 Crooks Rd, Royal Oak, MI 48073-4049
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    • Value Estimation by Request
      881 SF

      3321 Rochester Rd

      OFFICE (GENERAL) • 881 SF
      3321 Rochester Rd, Royal Oak, MI 48073-2850
      View Details

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    Similar Nearby for Lease

    • $26 SF/Yr
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      Royal Oak Office Space For Lease

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      Royal Oak Retail Space - 4,000 SF

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      45,000 SF

      Royal Oak Medical/Office Space

      Class B medical office space with visibility on Woodward Avenue.
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      Move-in Ready Office Space

      Highly visible corner building, perfect for small business.
      32000 Woodward Ave, Royal Oak, MI 48073
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    32552 Woodward Ave
    Royal Oak, MI 48073
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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