Property profile

28992 Woodward Ave Royal Oak, MI 48067

OFF-MARKET
Grocery and convenience stores
Property ID
US43-4990834
1,034 SF 0.48 ac lot Built 1991
Entity Owned 5-yr Hold Absentee Owner Free & Clear
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Property summary

AI-generated overview

This exceptional 0.6-acre residential land parcel presents a unique opportunity for development in the desirable city of Royal Oak, Michigan. Located at 28992 Woodward Avenue, this single-tenant lot is zoned B-1, offering flexibility for residential construction. The property boasts a generous lot size, providing ample space for a new home. Its prime location in Oakland County offers easy access to local amenities, including shopping, dining, and entertainment. The address is conveniently situated on Woodward Avenue, providing excellent visibility and accessibility. This is an ideal site for those seeking to build a custom home in a thriving community. The property's single-tenant designation ensures a straightforward development process. With its significant size and favorable zoning, this land parcel represents a rare chance to create a personalized residence in a highly sought-after area. The 48067 zip code further underscores the desirability of this location. Serious inquiries are encouraged to explore the potential of this exceptional building site. The property is ready for immediate development, allowing for a quick turnaround on construction. This is a truly remarkable opportunity to build your dream home in a vibrant and convenient location. The 0.6-acre lot provides ample space for landscaping and outdoor living.

Property profile

Verified
Property type Grocery and convenience stores
Use group GROCERY, SUPERMARKET
Year built 1991
Total area 1,034 SF
Lot 0.48 ac (20,691 SF)
Zoning code GEN BUS
APN 72-25-17-206-001
UPID US43-4990834

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Atm
  • Gas Station
  • Gas Station
  • Atm

Location

28992 Woodward Ave Royal Oak, MI 48067-0942
Royal Oak metro Census 184000 DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
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Comparable Approach Comparable
by Request
Blend (final) Blend
$325k

Owner & transaction history

since 2021
6 recorded transactions
2022
Price N/A
2021
Price N/A
2008
$800,000
2006
$475,000
2004
Price N/A
1969
Price N/A

Zoning & alternative use

GEN BUS · Royal Oak, MI

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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