Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2962 Woodward Ave Detroit, MI 48201-3035

    • Office buildings
    • 9,255 SF
    • 0.27 lot acres
    OFF-MARKET
    Value Estimations
    $940,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4789346
    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

    • Office buildings

    Property Details for 2962 Woodward Ave

    Year built
    1922
    Lot size
    0.27 lot acres
    Property size
    9,255 SF
    Zone code
    PD
    Property type
    Office buildings
    APN
    01004177.
    APU
    1004177

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $941,000
      Market price range: $235k - $941k
      AI Estimate
      $941,000
      Market price range: $242k - $941k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $570,000
      Current use
      COMMERCIAL (GENERAL)
      $845,000
      Change: +48% Conversion: Easy
      RESTAURANT
      $845,000
      Change: +48% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $700,000
      Change: +23% Conversion: Difficult
      RETAIL STORES
      $640,000
      Change: +12% Conversion: Moderate
      MEDICAL BUILDING
      $585,000
      Change: +2% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0556
    Latitude
    42.3448
    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
    2020
    $19,052
    $0.00
    $0.00
    $635,600
    -
    $0.00
    $0.00
    $1,271,200

    Comparable in this City

    • Value Estimation
      $3,235,000
      31,800 SF

      3408 Woodward Ave

      OFFICE BUILDING • 31,800 SF
      3408 Woodward Ave, Detroit, MI 48201-2726
      View Details
    • Value Estimation
      $1,545,000
      15,188 SF

      450 Eliot St

      OFFICE BUILDING • 15,188 SF
      450 Eliot St, Detroit, MI 48201-2130
      View Details
    • Value Estimation
      $790,000
      12,834 SF

      557 Benton St

      OFFICE BUILDING • 12,834 SF
      557 Benton St, Detroit, MI 48201-2321
      View Details
    • Value Estimation
      $2,840,000
      71,225 SF

      2310 Cass Ave

      OFFICE BUILDING • 71,225 SF
      2310 Cass Ave, Detroit, MI 48201-3306
      View Details
    • Value Estimation
      $680,000
      11,020 SF

      138 Stimson St

      OFFICE BUILDING • 11,020 SF
      138 Stimson St, Detroit, MI 48201-2410
      View Details
    • Value Estimation
      $1,820,000
      17,891 SF

      4747 Woodward Ave

      OFFICE BUILDING • 17,891 SF
      4747 Woodward Ave, Detroit, MI 48201-1307
      View Details

    Similar Nearby for Sale

    • $9,750,000
      247,869 SF

      Midtown Detroit Office Building

      Five-story office building in Midtown Detroit with redevelopment potential.
      2727 2Nd Ave, Detroit, MI 48201
      View Details
    • $1,100,000
      3,435 SF

      Detroit Mixed-Use Redevelopment Opportunity

      3,435 SF property on 0.44 acres in evolving Detroit neighborhood.
      666 Peterboro St, Detroit, MI 48201
      View Details
    • $2,500,000

      Redevelopment Opportunity in Midtown Neighborhood

      Redevelopment opportunity near District Detroit Development and DMC Hospital.
      453 Martin Luther King Jr Blvd, Detroit, MI 48201
      View Details
    • $350,000

      Renovated Office Space in Midtown

      3,453 SF fully renovated, furnished office space for sale/lease.
      111 W Willis St, Detroit, MI 48201
      View Details
    • Contact for pricing
      33,480 SF

      Historic Iodent Loft Building Investment

      Mixed-use building with residential, office, and retail spaces in Detroit.
      2233 Park Ave, Detroit, MI 48201
      View Details
    • $755,000

      Detroit Specialty Property for Sale

      Specialty property available for sale in Detroit, Michigan.
      648 Prentis St, Detroit, MI 48201
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Detroit Office Space Available

      Office space available for rent at 3663 Woodward Avenue.
      3663 Woodward Ave, Detroit, MI 48201
      View Details
    • Contact for pricing
      11,118 SF

      Midtown Detroit Medical Office Space

      Prime Woodward Ave location, 11,118 SF, 62 parking spaces.
      4612 Woodward Ave, Detroit, MI 48201
      View Details
    • $12,500 /Mo

      Former Medical Center for Rent

      10,000 SF former medical center with many exam rooms.
      60 E Warren Ave, Detroit, MI 48201
      View Details
    • Contact for pricing
      12,456 SF

      Freestanding Retail/Office Building in Detroit

      12,456 SF retail/office building in Central Business District.
      478 W Columbia St, Detroit, MI 48201
      View Details
    • $28 SF/Yr
      155,000 SF

      Studio One Retail Space Available

      Detroit Office/Retail Space, 2,121-4,243 SF
      4501 Woodward Ave, Detroit, MI 48201
      View Details
    • $25 SF/Yr
      11,810 SF

      Furnished Office Space Available Now

      High-end, fully furnished office space ready for immediate occupancy.
      52 Henry St, Detroit, MI 48201
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2962 Woodward Ave
    Detroit, MI 48201-3035
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.