Listed by Landmark Commercial Real Estate Services
$1,099,000
23527-23529 Woodward Ave
Details
Property Type Retail, Multifamily
Sub Type Apartment Building, Freestanding
Square Footage 4,100
Units 4
Occupancy 50%
Tenancy Multi
Acreage 0.090
Zoning MXD-2 (Corridor Mixed Use)
Investment Type Value Add
Mixed Use Multi-Family/Retail Building with Woodward Frontage
Investment 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.
Listing Contacts
Listed by Landmark Commercial Real Estate Services
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