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Sale
Value-Add Freestanding Apartments/ Retail Building
23527-23529 Woodward Ave
Ferndale, Michigan
Ferndale, Michigan
eCode:989
Property Type
Freestanding
Date Available
Immediately
Sales Price
$1,399,000.00
Property Taxes
$14,529.00
Building Size
4,100 SF
Building Dimensions
Approx. 30’ X 68’
Lot Size
0.09 AC
Zoning
MXD-2 (Corridor Mixed Use)
Traffic Count
Woodward Ave (39,554 CPD)
9 Mile (10,615 CPD)
Highlights
- Value Add Multi-Unit Asset located at 23527–23529 Woodward Ave, Ferndale, MI.
- Mixed-use building with four (4) fully leased 1-bedroom apartments on the second floor.
- 2,000 sq. ft. of Retail space on the lower level is vacant. (2 separate 1,000 sq. ft. units.)
- Financial breakdown
- Apartment 1 – $1,100/MTH – Expires 10/2026
- Apartment 2 – $1,100/ MTH – Expires 06/2026
- Apartment 3 – $1,300/ MTH – Expires 09/2026
- Apartment 4 – $1,300/ MTH – Expires 10/2026
- Total Gross Income $57,600/YR
- Taxes – $14,529/YR
- Utilities – $8,000/YR
- Insurance – $6,200/YR
- Total Net Income $28,871/YR
- 2 Value- add vacant storefronts offer upside rental income.
| Radius | 1 Mile | 3 Mile | 5 Mile |
| Population Density | 17,952 | 146,958 | 392,326 |
| Household Income | $135,835 | $111,068 | $93,255 |
| Daytime Pop | 6,748 | 49,005 | 148,673 |
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