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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
STATUS Active PROPERTY TYPE(S) Commercial


ADDITIONAL DETAILS
AREA Pleasant Ridge (63256)
BASEMENT Basement, Yes
CONSTRUCTION Brick
EXTERIOR Frontage: 50
HEAT Forced Air
INTERIOR Office, Retail, Service
LOT 10454 sq ft
LOT DIMENSIONS 50x153x116x113
SEWER Public Sanitary
SUBDIVISION SYLVAN GARDENS SUB - PLEASANT RIDGE
WATER Public Water
ZONING Commercial
MORTGAGE CALCULATOR
   

TOTAL MONTHLY PAYMENT

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Listing with MLS: , Signature Sotheby's International Realty Bham

Source MLS: MiRealSource

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CONTACT SAVERIO
Saverio Montalto
Max Broock Birmingham Birmingham, MI 48009 Phone: 248.952.8774




MORTGAGE CALCULATOR