MI > Oakland > Pleasant Ridge > 23900 Woodward Ave

$1,950,000

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  • 9 Units
  • 8,214 SqFt
  • MLS# 2210069422
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PORTFOLIO SALE: Woodward Place & Ferndale 3. See documents for details on each. Woodward Place is a mixed use commercial property consisting of 6 units. The property underwent a renovation and repositioning in 2018 with over $200,000 invested in capital improvements and renovations. The property provides $92,387 per year cash flow immediately upon purchase. Current average rental rate of the property is $1,590 that generates $9,500 of effective rental income per month. The property also offers the opportunity to add value and increase rents over time with exterior upgrades or complete development of the property. This area is highly sought after by developers looking to capitalize on the Woodward corridor's dense market and hyper growth. Market rents show with the addition of future upgrades and maintenance the property can see an annual increase of 5% rental rates, a rent increase of $480 per month and $5,760 annually.

Property Information

Status
Active 
Address
23900 Woodward Ave 
City
Pleasant Ridge 
Zip
48069 
Year Built
1937 
Style
Other 
Possession
At Close 
Architecture
2 Story 
Listing Date
08/20/2021 
Subdivision
Sylvan Gardens Sub - Pleasant Ridge 
County
Oakland 
Above Grade SqFt
8,214 
Total No of Units

School Information

School District
Ferndale 

Taxes

Summer Taxes
$13,731 
Winter Taxes
$399 

Rooms and Land

Lot Dimensions
50x153x116x113 
Total Acres
0.24 

Features

Style
Other 
Basement
Unfinished 
Cooling
Central Air 
Heating
Forced Air, Natural Gas 

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Market Statistics
Property History
MLS Number New Status Previous Status Activity Date New List Price Previous List Price Sold Price DOM
2210069422 Active Aug 20 2021 4:12PM $1,950,000 27
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Learn More About This Listing

Contact Customer Care

Mon-Fri 9am-9pm Sat/Sun 9am-7pm

248-304-6700

Contact Customer Care

Mon-Fri 9am-9pm Sat/Sun 9am-7pm

248-208-3883

By proceeding, you consent to receive calls and texts at the number you provided, including marketing by voice, and email, from us and others about your inquiry and other home-related matters, but not as a condition of any purchase. You also agree to our Privacy Policy regarding the information relating to you. Msg/data rates may apply.

Listing Broker

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Listing Courtesy of Signature Sotheby'S International Realty Bham
Office Address 415 S Old Woodward

Real Estate One Family of Companies

23900 Woodward Ave Pleasant Ridge
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$1,950,000
For Sale • No. of Units: 9