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Property profile & analytics
OFF-MARKET
Estimated value
$285,000
Turn key restaurants
23140 Woodward Ave Ferndale, MI 48220-1341
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US43-1160878
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1950
Total area
4,656 SF
Lot
0.17 ac (7,405 SF)
Zoning code
BI
APN
24-25-27-379-003
UPID
US43-1160878
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
$687k
Blend (final)
Blend
$285k
Owner & transaction history
Toast Real Estate LLC · 3 yrs held
Toast Real Estate LLC
since 2023
5 recorded transactions
Zoning & alternative use
BI · Ferndale, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Print Preview
Top alternative use upside
Retail stores
$820,000
+93.4%
Commercial (general)
$425,000
+0.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ferndale submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ferndale submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$425,000
Current use
RETAIL STORES
$820,000
Change: +93% · Conversion: Easy
COMMERCIAL (GENERAL)
$425,000
Change: +0% · Conversion: Easy
Blend value · Realmo final
$285k
Range $257k – $314k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$61 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$17,243
Tax year 2023
Assessed value
$347,170
Assessed 2024
Previous assessed
$322,630
+7.6% YoY
Effective rate
4.97%
On assessed value
Total market value
$694,340
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1950
Heating
YES
Buildings
4
Stories
1
Units
1
Total area
4,656 SF
Lot
0.17 ac (7,405 SF)
Zoning code
BI
APN
24-25-27-379-003
UPID
US43-1160878
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
BI · Ferndale, MIZoning BI · permitted uses
BI · Ferndale, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Print Preview
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$425,000
RETAIL STORES
Est. value
$820,000
COMMERCIAL (GENERAL)
Est. value
$425,000
RESTAURANT Current
RETAIL STORES
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1950
Heating
YES
Stories
1
Buildings
4
Units
1
Lot
0.17 ac
Current owner
From public records · entity-resolved
Toast Real Estate LLC
Entity
Mailing address
23150 WOODWARD AVE, FERNDALE, MI 48220-1341
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 26, 2023
—
Toast Real Estate LLC
Toast Properties LLC
Deed
$640,000 · Key Bank NA
Oct 5, 2022
—
Toast Properties LLC
—
Deed
related
$640,000 · The Farmers & Merchants State Bank
Mar 27, 2012
$250,000
Toast Properties LLC
Trinity Property Management Ll
Warranty Deed
$2,520,000 · Scott Myrick
Mar 25, 2004
—
Trinity Property Management Ll
Kourtesis,alexander
Quit Claim Deed
related
—
—
—
Toast Properties LLC
—
Deed Of Trust
related
$250,000 · Bank Of Birmingham
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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