Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    22061 Woodward Ave Ferndale, MI 48220
    Back to Search
    Property profile & analytics

    22061 Woodward Ave, Ferndale, MI 48220

    View on Map
    • Retail properties & Spaces
    • 7,000 SF
    • 0.12 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 22061 Woodward Ave

    Year built
    1980
    Lot size
    0.12 lot acres
    Property type
    Retail properties & Spaces

    Description

    This exceptional retail property, located at 22061 Woodward Avenue in Ferndale, Michigan, presents a unique investment opportunity. The single-story building, constructed in 1980, boasts 7,000 square feet of space spread across the main and lower levels, ideal for a restaurant, bar, or other suitable commercial use. Situated on a 0.12-acre lot, the property benefits from a prime location on Woodward Avenue, a high-traffic area with excellent visibility. Ample parking is provided with 65 on-site spaces, complemented by convenient access to public transportation. The property is zoned BI and features a total of one building. The asking price is $1,100,000, translating to $157.14 per square foot. The property's APN is 25-34-251-010 & 015. This location offers significant potential for a variety of businesses seeking high visibility and convenient access in a thriving commercial district. The property's size, parking availability, and prominent location on Woodward Avenue make it an attractive investment prospect. Don't miss this chance to acquire a well-positioned retail space in the vibrant city of Ferndale.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Ferndale
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1316
    Latitude
    42.4552

    Comparable in this City

    • Value Estimation by Request
      701 SF

      1011 Livernois St

      NURSERY, GREENHOUSE, FLORIST
      1011 Livernois St, Ferndale, MI 48220-1814
      View Details
    • Value Estimation
      $650,000
      9,249 SF

      345 9th Mile Rd

      RESTAURANT
      345 9th Mile Rd, Ferndale, MI 48220-1719
      View Details
    • Value Estimation by Request
      3,390 SF

      22935 Woodward Ave

      Individual retail properties
      22935 Woodward Ave, Ferndale, MI 48220
      View Details
    • Value Estimation by Request
      1,196 SF

      21241 Westview Ave

      ROADSIDE MARKET
      21241 Westview Ave, Ferndale, MI 48220-2299
      View Details
    • Value Estimation by Request
      123,221 SF

      430 9 Mile Rd

      Restaurants
      430 9 Mile Rd, Ferndale, MI 48220
      View Details
    • Value Estimation by Request
      22,729 SF

      9 Mile Rd

      Retail properties & Spaces
      0 9 Mile Rd, Ferndale, MI 48220
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,932 SF

      Developing Livernois Corridor Investment Opportunity

      Former gas station with redevelopment potential in the Livernois Corridor.
      940 Livernois St, Ferndale, MI 48220
      View Details
    • $775,000
      3,986 SF

      Mixed-Use Property in Ferndale, MI

      Multi-unit property with residential and commercial opportunity in Ferndale.
      695 Livernois St, Ferndale, MI 48220
      View Details
    • $950,000

      Ferndale Retail Space For Sale

      Retail space in Ferndale with high visibility.
      545 W Nine Mile Rd, Ferndale, MI 48220
      View Details
    • $775,000
      Pending

      Mixed-Use Investment Opportunity

      Live, work, and play in spirited Ferndale, Michigan.
      695 Livernois St, Ferndale, MI 48220
      View Details
    • $450,000
      2,644 SF

      Freestanding Retail Building with Parking

      Freestanding retail building on a 0.19-acre lot with ample parking and MXD-2 zoning.
      1805 E Nine Mile Rd, Ferndale, MI 48220
      View Details
    • $775,000
      Pending

      Mixed-Use Property in Ferndale, MI

      Mixed-use property offering residential and commercial opportunities in Ferndale.
      695 Livernois St, Ferndale, MI 48220
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail/Restaurant Space For Lease

      Retail or restaurant space available for lease.
      23131 Woodward Ave, Ferndale, MI 48220
      View Details
    • Contact for pricing

      Commercial Space For Lease

      Commercial space available for lease in Ferndale, Michigan.
      22742 Woodward Ave, Ferndale, MI 48220
      View Details
    • $2,600 /Mo
      800 SF

      Charming Retail/Office Storefront in Ferndale

      800 sq ft retail/office on 9 Mile in Ferndale.
      263 W 9 Mile Rd, Ferndale, MI 48220
      View Details
    • $5,000 /Mo

      Ferndale Warehouse with Renovated Office

      Light industrial building for lease with renovated office space.
      1521 E 8 Mile Rd, Hazel Park, MI 48220
      View Details
    • $5,000 /Mo
      7,020 SF

      Fenton Light Industrial Building

      Renovated warehouse with office, high ceilings, and ample parking.
      1521 E Eight Mile Rd, Fenton, MI 48220
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    22061 Woodward Ave
    Ferndale, MI 48220
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    22061 Woodward Ave, Ferndale, MI, 48220
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!