Retail Business for Sale in Royal Oak, MI

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Royal Oak, MI 48067

Description

An excellent covered land play, this site is .47 acres and has a 679-square-foot building leased to Avis/Budget Rent-A-Car with a 30-car parking area, and a vacant 4,600 -square-foot office building with a dedicated 15 car parking lot. Market rent for office rent is between $18 - $22 per square foot and triple-net). Upside for a replacement tenant at market rent or an owner/user opportunity for the 4,600-square-foot office building. Long term redevelopment opportunity on 0.47 acres. on Woodward Avenue with over 90,000 cars per day. Over 350,000 people within five miles of the subject property. Less than 1.5 miles from Downtown Royal Oak and Oakland Community College, with approximately 14,000-plus students. Woodward Avenue and Royal is the home to the "Dream Cruise", "Arts Beats and Eats" and numerous other community events. Investment Highlights: • Avis/Budget Rent A Car & Vacant 4,600-Square-Foot Office are Available for Sale. Great Opportunity for an Owner/User or Investor Looking to Take Advantage of this Covered Land Play • Long Term Occupancy since 2008 with Annual Rent Increases Including Each Year of the One-Five-Year Option Period. Vacant 4,600-SF Office Building has Dedicated 15 Car Parking Lot on Site revenue • Just Under a Half-Acre with Over 90' of Woodward Frontage this Property Represents a Covered Land Play with Existing Income and Built in Upside for a Re-Development or Leasing of the Vacant Office

Market Context

This retail in Royal Oak, MI is listed for sale. It is offered at an approximate 8.3% capitalization rate, a key benchmark for income-producing retail assets. It has been on the market for 68 days. Compare it against other retail listings for sale in Royal Oak, MI — <a href="/search/sale/retail/michigan/royal-oak">view the full market</a>.

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