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    FOR LEASE
    Super regional malls

    22304 Woodward Ave, Ferndale, MI 48220

    26,129 SF 0.76 ac lot Built 1926
    Entity Owned 10-yr Hold Absentee Owner ~ Est. High Equity
    Property ID
    US43-0113646
    22304 Woodward Ave, Ferndale, MI 48220 For Lease
    $14 SF/Yr 10,945 SF available
    22304 Woodward Ave, Ferndale, MI 48220
    View Listing →
    Property summary
    AI-generated overview

    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.

    Property profile
    Verified
    Property type Super regional malls
    Use group REGIONAL SHOPPING CENTER, MALL
    Year built 1926
    Total area 26,129 SF
    Lot 0.76 ac (33,106 SF)
    Zoning code BI
    APN 24-25-34-205-048
    UPID US43-0113646
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    $2.38M
    Blend (final) Blend
    $1.99M
    Owner & transaction history
    Ek Onkar Properties LLC · 10 yrs held
    Ek Onkar Properties LLC
    since 2015
    7 recorded transactions
    2020
    2015
    2005
    $2.2M
    2005
    1969
    1969
    1969
    Zoning & alternative use
    BI · Ferndale, MI
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
    Top alternative use upside
    Commercial (general) $2.4M +20.5%
    Restaurant $2.4M +20.4%
    Try Rey
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    “Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
    More about this property
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