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    555 Old Woodward Ave Birmingham, MI 48009-6658
    Property profile & analytics

    555 Old Woodward Ave Birmingham, MI 48009-6658

    View on Map
    • Retail space
    • 245,740 SF
    • 1.06 lot acres
    Off-Market
    Property ID
    US43-0804584
    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
    $23,530,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 555 Old Woodward Ave

    Year built
    1978
    Lot size
    1.06 lot acres
    Property size
    245,740 SF
    Zone code
    BI
    Property type
    Retail space
    APN
    08-19-36-210-001
    APU
    81936210001

    Description

    This exceptional commercial property at 555 S. Old Woodward Avenue in Birmingham, Michigan, offers a diverse range of office spaces ideal for various business needs. Located in the desirable Birmingham Area of Oakland County, this 70,783 square foot building provides a multitude of options for tenants. The property is classified as Retail and Office, with available space ranging from a minimum of 1,800 square feet to a maximum contiguous space of 10,270 square feet. Currently, 10,270 square feet is immediately available for lease. The building's versatile design accommodates a variety of office styles, including Traditional Office, Executive Office, Medical Office, and Creative Office spaces. Multiple tenancies are available, making it suitable for businesses of all sizes. The property's address is 555 S Old Woodward Ave, Birmingham, MI 48009. Its prime location within the Birmingham Area offers excellent visibility and accessibility, making it an attractive option for businesses seeking a prestigious address in a thriving community. The building's size and layout provide flexibility for businesses seeking to expand or downsize their operations. Interested parties are encouraged to inquire about lease terms and availability.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $25,969,000
      Market price range: $19.3M - $64.6M
      AI Estimate
      $21,092,000
      Market price range: $15.3M - $53.3M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $38,795,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Birmingham
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2102
    Latitude
    42.5431
    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
    $172,169
    $0.00
    $0.00
    $8,719,170
    -
    $0.00
    $0.00
    $17,438,340

    Comparable in this City

    • Value Estimation
      $1,220,000
      5,092 SF

      142 Maple Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,092 SF
      142 Maple Rd, Birmingham, MI 48009-3322
      View Details
    • Value Estimation
      $4,700,000
      19,592 SF

      444 Old Woodward Ave

      RETAIL STORES (PERSONAL SERVICES) • 19,592 SF
      444 Old Woodward Ave, Birmingham, MI 48009-6610
      View Details
    • Value Estimation
      $9,935,000
      41,412 SF

      111 Old Woodward Ave

      RETAIL STORES (PERSONAL SERVICES) • 41,412 SF
      111 Old Woodward Ave, Birmingham, MI 48009-6117
      View Details
    • Value Estimation
      $1,640,000
      6,839 SF

      670 Old Woodward Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,839 SF
      670 Old Woodward Ave, Birmingham, MI 48009-6631
      View Details
    • Value Estimation
      $13,740,000
      57,291 SF

      200 Old Woodward Ave

      RETAIL STORES (PERSONAL SERVICES) • 57,291 SF
      200 Old Woodward Ave, Birmingham, MI 48009-6163
      View Details
    • Value Estimation
      $1,930,000
      8,049 SF

      102 Pierce St

      RETAIL STORES (PERSONAL SERVICES) • 8,049 SF
      102 Pierce St, Birmingham, MI 48009-6030
      View Details

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    • Contact for pricing
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      Retail Space on Woodward Avenue

      Retail space available for sale, totaling 2,388 square feet.
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      Turnkey Bakery Franchise Opportunity

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      Eight-Unit Apartment Building in Birmingham

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    Similar Nearby for Lease

    • $28 SF/Yr
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      Retail Space on Woodward Avenue

      Retail space for lease with easy access and great exposure.
      33273-33277 Woodward Ave, Birmingham, MI 48009
      View Details
    • Contact for pricing

      Retail Space on Old Woodward

      Retail space available for lease on Old Woodward Avenue.
      401-411 S Old Woodward Ave, Birmingham, MI 48009
      View Details
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      Office/Therapy Space on Woodward Avenue

      Office/therapy space with prominent signage and ample parking.
      33535 Woodward Ave, Birmingham, MI 48009
      View Details
    • Contact for pricing

      Retail End Unit on Woodward

      Retail space on Birmingham’s busiest road with high visibility.
      33788 Woodward Ave, Birmingham, MI 48009
      View Details
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    Birmingham, MI 48009-6658
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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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