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

    22304 Woodward Ave Ferndale, MI 48220

    • Super regional malls
    • 26,129 SF
    • 0.76 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0113646
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Super regional malls

    Property Details for 22304 Woodward Ave

    Year built
    1926
    Lot size
    0.76 lot acres
    Property size
    26,129 SF
    Zone code
    BI
    Property type
    Super regional malls
    APN
    24-25-34-205-048
    APU
    242534205048

    Description

    Ferndale Center offers exceptional retail opportunities in a vibrant Detroit location. This multi-tenant property boasts a total of 26,645 square feet, with two immediately available spaces totaling 15,245 square feet. One space comprises 10,945 square feet, previously occupied by a Rite Aid, presenting a significant opportunity for a large-scale retailer or adaptable tenant. A second, 4,300-square-foot space is available on the second floor, ideal for a variety of uses. The property's strategic location offers unparalleled access to a thriving customer base, situated minutes from the new 350,000-square-foot Meijer-anchored Gateway Marketplace retail development. Further enhancing its appeal are nearby popular destinations such as the Woodward Avenue Brewery, The Rust Belt Market, and The Emory. This prime location ensures high visibility and foot traffic. A significant advantage is the inclusion of four dedicated parking areas for tenants—a rare and highly desirable feature along the Woodward Corridor. The property also features two billboards, providing excellent opportunities for advertising and brand visibility. This is a unique opportunity to establish a presence in a dynamic and rapidly growing area of Detroit. Contact us today to learn more about leasing options and explore the potential of this exceptional retail property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ferndale
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1316
    Latitude
    42.4572
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $72,289
    $0.00
    $0.00
    $1,525,620
    -
    $0.00
    $0.00
    $3,051,240

    Comparable in this City

    • Value Estimation by Request
      17,320 SF

      23123 Woodward Ave

      REGIONAL SHOPPING CENTER, MALL • 17,320 SF
      23123 Woodward Ave, Ferndale, MI 48220-1360
      View Details
    • Value Estimation by Request
      15,501 SF

      700 9th Mile Rd

      REGIONAL SHOPPING CENTER, MALL • 15,501 SF
      700 9th Mile Rd, Ferndale, MI 48220-1218
      View Details
    • Value Estimation by Request
      5,480 SF

      3366 Hilton Rd

      REGIONAL SHOPPING CENTER, MALL • 5,480 SF
      3366 Hilton Rd, Ferndale, MI 48220-1048
      View Details
    • Value Estimation by Request
      45,338 SF

      8890 8th Mile Rd

      REGIONAL SHOPPING CENTER, MALL • 45,338 SF
      8890 8th Mile Rd, Ferndale, MI 48220-4202
      View Details
    • Value Estimation by Request
      4,376 SF

      20725 Wyoming St

      REGIONAL SHOPPING CENTER, MALL • 4,376 SF
      20725 Wyoming St, Ferndale, MI 48220-2141
      View Details
    • Value Estimation by Request
      5,346 SF

      3136 Hilton Rd

      REGIONAL SHOPPING CENTER, MALL • 5,346 SF
      3136 Hilton Rd, Ferndale, MI 48220-1039
      View Details

    Similar Nearby for Sale

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      Mixed-Use Property in Ferndale, MI

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    Similar Nearby for Lease

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    • $14 SF/Yr
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      Ferndale Center Retail Space Available

      Prime Ferndale retail space, multiple units.
      22304 Woodward Ave, Ferndale, MI 48220
      View Details
    • $28 SF/Yr
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      Downtown Ferndale Bar/Restaurant Space

      Bar/restaurant space with a liquor license in downtown Ferndale.
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    • $28 SF/Yr
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      Turnkey Bakery Space on Woodward

      Bakery space for sublease with equipment included and ample parking.
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      View Details
    • Contact for pricing

      Ferndale Commercial Property For Rent

      Commercial property available for rent in Ferndale, Michigan.
      368-374 Hilton Rd, Ferndale, MI 48220
      View Details
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    Ferndale, MI 48220
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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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