This Office Property is Off-Market.

One Woodward Avenue
Detroit, MI 48226 ·

332,432 SF · Office For Sale

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One Woodward Office Building

Price N/A Cap Rate 10%
Building Size 332,432 SF Occupancy 61%
Property Type Office Building Class B
Property Sub-type Office Building Tenancy Multiple
Property Use Type Investment
Listing ID: 17687466 Date Created: 06/01/2012 Last Updated: 07/25/2012

Description

Value Add CBD Office in Detroit, MI. Existing current NOI of $1,059,960 +/- (61% +/- occupancy) with tremendous upside. Stablilized NOI of $2,592,876 +/- (85% occupancy). With a potential tax appeal reducing the market value of the building to $10M, the current NOI would be $1,440,945 +/-. Could be purchased below replacement cost. Diversified rent roll.

One of the taller buildings in the Detroit CBD/27 floors with beautiful interior and exterior architecture (designed by Minoru Yamaski). Spectacular floor to ceiling window views of the City, the Detroit River and Windsor, Canada. 92 on-site parking spaces and abundant parking exists in neighboring garages and lots. Many businesses are moving downtown such as: B;lue Cross Blue Shield, Quicken Loans, Chrysler, University of Phoenix.

Research

One Woodward Avenue, Detroit, MI 48226 (Wayne County)

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