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    22742 Woodward Ave Ferndale, MI 48220
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    Property profile & analytics

    22742 Woodward Ave Ferndale, MI 48220

    View on Map
    • Retail space
    • 21,915 SF
    • 0.26 lot acres
    For Lease
    $3,365,000
    View Listing →
    Commercial Space For Lease For Lease
    $3,365,000

    Commercial Space For Lease

    Commercial space available for lease in Ferndale, Michigan.

    22742 Woodward Ave, Ferndale, MI 48220
    View Listing
    Property ID
    US43-1504790
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 22742 Woodward Ave

    Year built
    1929
    Lot size
    0.26 lot acres
    Property size
    21,915 SF
    Zone code
    BI
    Property type
    Retail space
    APN
    24-25-34-127-001
    APU
    242534127001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,366,000
      Market price range: $2.25M - $5.18M
      AI Estimate
      $3,366,000
      Market price range: $2.25M - $5.18M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,865,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $5,005,000
      Change: +29% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Ferndale
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1338
    Latitude
    42.4604
    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
    $33,308
    $0.00
    $0.00
    $1,251,250
    -
    $0.00
    $0.00
    $2,502,500

    Comparable in this City

    • Value Estimation by Request
      1,645 SF

      472 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,645 SF
      472 8th Mile Rd, Ferndale, MI 48220-3221
      View Details
    • Value Estimation by Request
      3,035 SF

      801 9th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,035 SF
      801 9th Mile Rd, Ferndale, MI 48220-1267
      View Details
    • Value Estimation
      $1,725,000
      15,200 SF

      200 9th Mile Rd, Unit 204

      RETAIL STORES (PERSONAL SERVICES) • 15,200 SF
      200 9th Mile Rd, Ferndale, MI 48220-1794
      View Details
    • Value Estimation
      $1,730,000
      16,862 SF

      2040 Livernois St

      RETAIL STORES (PERSONAL SERVICES) • 16,862 SF
      2040 Livernois St, Detroit, MI 48220-1758
      View Details
    • Value Estimation by Request
      1,497 SF

      3335 Hilton Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,497 SF
      3335 Hilton Rd, Ferndale, MI 48220-3607
      View Details
    • Value Estimation
      $740,000
      4,050 SF

      3023 Hilton Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,050 SF
      3023 Hilton Rd, Ferndale, MI 48220-1070
      View Details

    Similar Nearby for Sale

    • $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
    • Contact for pricing
      12,198 SF

      Retail Space For Sale

      Retail space available for purchase.
      22031 Woodward Ave, Ferndale, MI 48220
      View Details
    • $1,099,000

      Retail Space Ready For Occupancy

      Retail space in nice condition, ready for immediate occupancy.
      836 Livernois St, Ferndale, MI 48220
      View Details
    • 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
      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

    • $30 SF/Yr
      1,000 SF

      Retail Space on Nine Mile

      Retail space available for lease on West Nine Mile Road.
      501 West Nine Mile Rd, Ferndale, MI 48220
      View Details
    • Contact for pricing
      1,354 SF

      Turnkey Bakery Space on Woodward

      Bakery space for sublease with equipment included and ample parking.
      23123-23141 Woodward Ave, Ferndale, MI 48220
      View Details
    • Contact for pricing

      Ferndale Warehouse with Renovated Office

      Light industrial building with renovated office space for lease.
      1521 8 Mile Rd W, Ferndale, MI 48220
      View Details
    • Contact for pricing

      Prime Corner Retail/Office Space

      Prominent corner location in Ferndale with flexible space options.
      22757 Woodward Ave, Ferndale, MI 48220
      View Details
    View Listing
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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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