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23900 Woodward Avenue

Pleasant Ridge, MI 48069
  • $1,849,000
  • STATUS: Active
  • ON SITE: 98 Days
  • ID#: 2210069422
UPDATED: 68 min ago
$1,849,000
  • 0
    BEDS
  • 0.24
    ACRES
  • 9
    BATHS
  • 0
    1/2 BATHS
  • 8,214
    SQFT
  • $225
    $/SQFT
Type:
Multi-Family
Built:
1937
County:
Zoning:
Multiple
Lot Size Dimensions:
50X153x116x113

School Ratings & Info

School District:

Description

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.

Monthly Payment Calculator



© 2021 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than The BK Agency are marked with the Realcomp-approved IDX logo and are provided through IDX through Realcomp II Ltd. IDX information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Data last updated: 2021-11-27T13:56:07.467.
www.thebkagency.com/homes/120685282
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23900 Woodward Avenue Pleasant Ridge, MI 48069

  • Price: $1,849,000
  • Status: Active
  • On Site: 98 Days
  • Updated: 68 min ago
  • ID#: 2210069422
0
Beds
9
Baths
0
½ Baths
0.24
Acres
8,214
SQFT
$225
$/SQFT
1937
Built
Neighborhood:
SYLVAN GARDENS SUB - PLEASANT RIDGE
County:
Oakland
Area:
Pleasant Ridge
School District:
FERNDALE
Property Description
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.
Exterior Features

Architecture Level 2 Story Architecture Style Other Construction Materials Brick Foundation Details Basement Foundation Materials Block Lot Size Dimensions 50X153x116x113 Multifamily Parking Paved Pool YN No Road Frontage Feet 50 Road Frontage Type Paved Roof Material Rubber Waterfront YN No

Interior Features

Basement Type Unfinished Basement YN Yes Baths Total 9.00 Cooling Central Air Heating Forced Air Heating Fuel Natural Gas Living Area Source Public Records Room Count 0 Sq Ft Combined 8214 Sq Ft Total Basement 1000 Unit Efficiency Number Of 7 Unit Four Bed Number Of 0 Unit One Bed Number Of 0 Unit Three Bed Number Of 0 Unit Two Bed Number Of 2 Water Heater Fuel Natural Gas

Property Features

Assessment 0 Down Payment Resource YN No Encroachment YN No Exclusions YN No Existing Lease YN Yes Gross Scheduled Income 167100.00 Income Projection Actual Inventory List YN No Land Contract YN No Legal Rental Certified YN Yes Listing Financing CashConventional Monthly Rental Income 13925 Net Operating Income 128039.00 Number Of Units Leased 9 Ownership Status Private OwnedShort Sale - No Percent Homestead Exempt YN No Pets Allowed Yes Postal City Pleasant Ridge Protection Period 180 Days Restrictions YN No Settlement City Sewer Sewer-Sanitary Short Sale No Tax Amount Summer 13731.0000 Tax Amount Winter 399.0000 Title Private - Owned Total Tax 14130.0000 Transaction Type Sale Unit Loft Number Of 0 Unparsed Address 23900 WOODWARD AVE Water Source Municipal Water Year Remodeled 2019 Zone Conform YN Yes Zoning Multiple

IDX provided courtesy of Realcomp II Ltd., via Signature Sotheby's International Realty Bham and Realcomp, ©2021 Realcomp II Ltd. Shareholders.


© 2021 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than The BK Agency are marked with the Realcomp-approved IDX logo and are provided through IDX through Realcomp II Ltd. IDX information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Data last updated: 2021-11-27T13:56:07.467.
 
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The BK Agency
18421 James Couzens
Detroit MI, 48235