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.
|DAYS ON MARKET||60||LAST UPDATED||8/23/2021|
|TRACT||SYLVAN GARDENS SUB - PLEASANT RIDGE||YEAR BUILT||1937|
|COMMUNITY||Pleasant Ridge (63256)||COUNTY||Oakland|
|AREA||Pleasant Ridge (63256)|
|INTERIOR||Office, Retail, Service|
|LOT||10454 sq ft|
|SUBDIVISION||SYLVAN GARDENS SUB - PLEASANT RIDGE|
TOTAL MONTHLY PAYMENT
Source MLS: MiRealSource
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