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Former Chase Bank | Major Retail Thoroughfare 11606 Woodward Ave 3,781 SF Vacant Retail Building Online Auction Sale Detroit, MI 48202
Investment Highlights
- Exceptional repositioning opportunity of this vacant former Chase Bank ideally positioned in central Detroit just north of downtown.
- Highly visible location surrounded by a wealth of retailers including Subway, Woodward Ave Bar & Grille, Little Caesars Pizza, and more.
- Area demographics bode well for investors with a population on the rise and average consumer spending exceeding $3.3 billion within 5 miles.
- Benefiting from a key location along Woodward Avenue which is a highly trafficked corridor seeing over 13,000 vehicles per day.
- Zoning allows for a wide array of potential users perfect for investors seeking a cash-flowing space or owner/users.
Executive Summary
Investors and owner/users will delight in the chance to acquire this former Chase Bank location just 6.2 miles north of Downtown Detroit.
11606 Woodward Avenue offers a turnkey, blank canvas investment opportunity in Michigan. The 3,781-square-foot property is situated on a 0.61-acre lot and features classic bank building architecture, including a brick façade, extensive window coverage, and a covered entrance. Built in 1955, the building has served as a community landmark and was previously occupied by Chase Bank. With its single-story layout, the property provides an efficiently designed floor plan. Currently fully vacant, purchasers may initiate their buildout promptly upon acquisition. The site has B4 zoning, which ensures considerable flexibility for future uses. Detroit's B4 General Business District encompasses approximately 79% of the city's commercial corridors and supports intensive, thoroughfare-oriented commercial, office, and mixed-use development, with possible residential integration. Notable corridors, such as Woodward and Michigan Avenue, are predominantly zoned B4. Permitted uses include retail, office, service businesses, hotels, and, under certain conditions, residential units within mixed-use developments. Buyers may utilize the property for their own operations or alternatively lease it at market rates. The location presents significant potential for a range of business opportunities.
This Detroit location presents a significant opportunity for businesses and investors. Woodward Avenue serves as a primary thoroughfare, connecting Downtown Detroit with the surrounding suburbs. The property is situated near a variety of local and national businesses, including Family Dollar, AutoZone Auto Parts, and Woodward Bistro. It offers convenient access to major roadways such as Interstate 75 and Routes 8 and 10. Within a 1-mile radius, the area is experiencing substantial growth, with a rapidly increasing population and a robust workforce in place.
Detroit serves as an excellent hub for businesses and investors seeking new opportunities. Known as the Motor City, Detroit is expanding beyond the automotive sector into a variety of industries. As a major economic and cultural center in the Midwest, it offers numerous advantages. The city hosts many prominent companies across diverse fields, making it a prime spot for investment. General Motors, Ford Motor Company, and Stellantis (formerly Fiat Chrysler Automobiles) all have their headquarters here. Additionally, finance and insurance are well represented with firms like Quicken Loans (Rocket Companies), Comerica Bank, and Blue Cross Blue Shield of Michigan.
Property tours are available by appointment only. Please contact the listing broker to schedule.
11606 Woodward Avenue offers a turnkey, blank canvas investment opportunity in Michigan. The 3,781-square-foot property is situated on a 0.61-acre lot and features classic bank building architecture, including a brick façade, extensive window coverage, and a covered entrance. Built in 1955, the building has served as a community landmark and was previously occupied by Chase Bank. With its single-story layout, the property provides an efficiently designed floor plan. Currently fully vacant, purchasers may initiate their buildout promptly upon acquisition. The site has B4 zoning, which ensures considerable flexibility for future uses. Detroit's B4 General Business District encompasses approximately 79% of the city's commercial corridors and supports intensive, thoroughfare-oriented commercial, office, and mixed-use development, with possible residential integration. Notable corridors, such as Woodward and Michigan Avenue, are predominantly zoned B4. Permitted uses include retail, office, service businesses, hotels, and, under certain conditions, residential units within mixed-use developments. Buyers may utilize the property for their own operations or alternatively lease it at market rates. The location presents significant potential for a range of business opportunities.
This Detroit location presents a significant opportunity for businesses and investors. Woodward Avenue serves as a primary thoroughfare, connecting Downtown Detroit with the surrounding suburbs. The property is situated near a variety of local and national businesses, including Family Dollar, AutoZone Auto Parts, and Woodward Bistro. It offers convenient access to major roadways such as Interstate 75 and Routes 8 and 10. Within a 1-mile radius, the area is experiencing substantial growth, with a rapidly increasing population and a robust workforce in place.
Detroit serves as an excellent hub for businesses and investors seeking new opportunities. Known as the Motor City, Detroit is expanding beyond the automotive sector into a variety of industries. As a major economic and cultural center in the Midwest, it offers numerous advantages. The city hosts many prominent companies across diverse fields, making it a prime spot for investment. General Motors, Ford Motor Company, and Stellantis (formerly Fiat Chrysler Automobiles) all have their headquarters here. Additionally, finance and insurance are well represented with firms like Quicken Loans (Rocket Companies), Comerica Bank, and Blue Cross Blue Shield of Michigan.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Bank
Building Size
3,781 SF
Building Class
C
Year Built
1955
Tenancy
Single
Building Height
1 Story
Building FAR
0.14
Lot Size
0.61 AC
Parcel Number
01-0043789
Zoning
B4 - General Business District
Parking
28 Spaces (7.41 Spaces per 1,000 SF Leased)
Frontage
94’ on Woodward Ave
Walk Score®
Very Walkable (81)
About Detroit East of Woodward
This area is a highly liquid investment market with rising transaction volumes. In addition, steady investor and tenant interest are boosting both property values and market rents.
The Detroit east area offers a varied mix of urban geography ranging from island parks to the most densely populated city in Michigan. Belle Isle, the 987-acre island park in the Detroit River, has the Anna Scripps Whitcomb Conservatory, Belle Isle Aquarium, and Dossin Great Lakes Museum, and it hosts the IndyCar Series Detroit Grand Prix each year. The city of Hamtramck is the most densely populated municipality in Michigan and is quite ethnically and culturally diverse. Hamtramck’s unofficial motto of “The World in Two Miles” is evident with over 30 languages spoken in the 2.1-square-mile area. The iconic General Motors Detroit/Hamtramck Assembly Plant, also known as “Factory Zero,” has evolved from producing Buicks, Oldsmobiles, and Cadillacs to electric vehicles including the GMC Hummer EV.
Interstates 94 and 75 connect the area with surrounding communities and beyond. In addition, Gratiot Avenue and Van Dyke bisect the neighborhood along a north-south axis, connecting the Eastern Market and Riverfront Warehouse District with the industrial epicenter of southeastern Detroit in Warren. Being located between resurgent downtown commercial and entertainment districts and affluent areas in Grosse Pointe and St Clair Shores has guaranteed steady consumer cross traffic and growing interest by local businesses as a potential area for expansion.
Demographics
Demographics
1 mile
3 mile
5 mile
2024 Population
13,807
152,362
394,340
2020 Population
11,492
132,928
357,159
2029 Population
13,994
153,243
394,359
2024-2029 Projected Population Growth
1.4%
0.6%
0.0%
Daytime Employees
2,843
68,615
202,012
Total Businesses
573
7,509
20,006
Average Household Income
$57,991
$48,133
$52,992
Median Household Income
$34,140
$32,558
$36,149
Total Consumer Spending
$118.5M
$1.2B
$3.3B
Median Age
39.0
34.8
36.2
2024 Households
5,743
60,557
160,752
Percent College Degree or Above
13%
11%
11%
Average Home Value
$197,499
$149,834
$153,036
Sale Advisors
Sale Advisors
John Van Noord, Director
John began his career with Signature in 2018 as a summer intern working with our Property Management Division, which provided a great foundation for his career in brokerage. Mentored by Dave Miller, John assists in managing the leasing needs of two premier office projects, Columbia Center and Oakland Towne Square. John graduated in 2018 from Calvin College with a bachelor’s degree in Organizational Communications, which focuses on sales as it relates to business. Since growing up in a real estate family, and coupled with being a successful high-level golfer, John has established a hard-working, competitive mentality that drives him to continually go above and beyond for his clients.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 6505431586
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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Former Chase Bank | Major Retail Thoroughfare | 11606 Woodward Ave
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