Property profile

3663 Woodward Ave Detroit, MI 48201

FOR LEASE
Office buildings
Property ID
US43-1707001
169,013 SF 1.25 ac lot Built 1997
Entity Owned 9-yr Hold Free & Clear
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Property summary

AI-generated overview

This Class A, 158,787 square foot retail building, situated on 1.25 acres in Detroit's Midtown, offers a unique investment opportunity. Built in 1996 and meticulously maintained, including a 2019 lobby renovation, the five-story building boasts modern, efficient floor plates, allowing for maximum leasing or redevelopment flexibility. The property features high-end finishes and an inspired appearance, with excellent proximity to amenities, including the Q-Line light rail, freeways, and bus routes. The location offers access to education, entertainment, medical services, theater, arts, and dining, further enhanced by its proximity to the Detroit Symphony Orchestra, Little Caesars Arena, and a Whole Foods Market. Currently nearly vacant, this "blank-slate" opportunity allows for creative uses, including office, medical office leasing, or conversion to residential or multi-story retail. The building includes two separate DTE electrical feeds for power redundancy and 540 connected, covered parking spaces (3.3 spaces per 1000 square feet). A tenant on the fifth floor may consider early lease termination to accommodate future users or redevelopment. The second, third, and fourth floors are available for lease in their entirety, while the ground floor offers a mix of office and retail leasing opportunities. Located at 3663 Woodward Avenue, Wayne County, MI 48201, this unpriced asset presents a distinctive investment in a thriving district.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1997
Total area 169,013 SF
Lot 1.25 ac (54,450 SF)
Zoning code PD
APN 02001810.
UPID US43-1707001

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
  • Physician
  • College
  • Physician
  • General Contractor
  • Physician

Location

3663 Woodward Ave Detroit, MI 48201
Detroit metro Census 520300 DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$17.19M
Blend (final) Blend
$17.19M

Owner & transaction history

since 2017
3 recorded transactions
2020
Price N/A
2017
Price N/A
1969
Price N/A

Zoning & alternative use

PD · Detroit, MI
Zoning description

District. (5) M5 Special Industrial District. (Code 1984, § 61-7-4; Ord. No. 11-05, § 1(61-7-4), eff. 5-28-2005) Sec. 50-7-5. - Special districts. Special districts and overlay areas within the City are as follows: (1) P…

General category PLANNED_DEVELOPMENT
Top alternative use upside
Commercial (general) $15.4M +48.1%
Restaurant $15.4M +48.0%
Neighborhood: shopping center $12.8M +22.9%

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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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