Two-Unit Mixed-Use
For Sale
$189,900
1030 N Wayne Road, Westland, MI 48185
Commercial Sale, Westland, MI
Property Size1,755 SF
Lot Size0.10 Acres
Price / SF$108.21
Days on Market28
Property Features for 1030 N Wayne Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
CB-1
Bathrooms
4
Full bathrooms
3
Rooms
Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3
Parking
7
Interior features
Broadband
Elementary school
Thomas Edison Elementary School
Middle school
Stevenson Middle School
High school
John Glenn High School
Elementary school district
Wayne-Westland
Middle school district
Wayne-Westland
High school district
Wayne-Westland
Directions
From Ford Road go south on Wayne Road, property is on east side of N. Wayne just south of Marquette, Look for BRE Sign. Park along north side of building or directly behind.
Standard status
Active
APN
MULTIPLE
Size
1,755 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
16C58 LOT 58 ALSO W 1/2 ADJ VAC ALLEY WAYNE MARQUETTE SUB T2S R9E L53 P15 WCR ***and***16C59 LOT 59 ALSO W 1/2 ADJ VAC A
Tax Annual Amount
2700
Legal Description
16C58 LOT 58 ALSO W 1/2 ADJ VAC ALLEY WAYNE MARQUETTE SUB T2S R9E L53 P15 WCR ***and***16C59 LOT 59 ALSO W 1/2 ADJ VAC A
Utilities
Utilities
Cable Available
Heating system
Hot Water(Heating), Baseboard, Radiant
Cooling system
Wall Unit(s), Window Unit(s)
Amenities
private entrance
deck with pergola
Building Details
Year built
1962
Number of units
2
Building materials
Aluminum Siding, Wood Siding, Stone
Listing Agency:
Brandt Real Estate
(248) 756-2844
Listed By:
Keith Brandt · License #6502406949
(248) 756-2844
Added: Aug 6
Changed: Aug 23
Last Checked: Sep 2 at 4:06AM
MLS# 26041081
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,755-square-foot mixed-use property contains two units on a 0.1-acre double lot. The main level is zoned for commercial use and can accommodate professional offices or personal service businesses. Above, the apartment has been renovated with new cabinetry, countertops, appliances, plumbing fixtures, lighting, ceiling fans, carpet, paint, closet organizers, and an updated bathroom. Pella windows with built-in screens, a private entrance, and a low-maintenance deck with pergola add practical features to the residential space.
The property includes two parcels: one with the building and parking, and a second parcel providing additional parking capacity. Built in 1962, the building has aluminum siding, wood siding, and stone, along with hot-water, baseboard, and radiant heating systems. Cooling is provided by wall and window units. Its N. Wayne Road address places the property in Westland, Michigan, just south of Marquette.
The property includes two parcels: one with the building and parking, and a second parcel providing additional parking capacity. Built in 1962, the building has aluminum siding, wood siding, and stone, along with hot-water, baseboard, and radiant heating systems. Cooling is provided by wall and window units. Its N. Wayne Road address places the property in Westland, Michigan, just south of Marquette.
Key Highlights
- Two‑unit mixed‑use building with commercial main level and upper apartment
- 1,755 square feet on a 0.1‑acre double lot
- Two parcels: building and parking on one, additional parking on the other
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$6,042
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$120,840
$120.8K
Cap Rate 7%
$86,314
$86.3K
Cap Rate 9%
$67,133
$67.1K
Market Conditions
NOI Build-Up for 1,755 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$10.5K $6.00/SF
− Vacancy
−$2.5K −$1.41/SF
EGI
$8.1K $4.59/SF
− OpEx
−$2.0K −$1.15/SF
NOI
$6.0K $3.44/SF
Area
Wayne County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$120,840
Cap Rate 7%
$86,314
Cap Rate 9%
$67,133
Alternative Uses
Best Use
Mixed Use
$297.8K
$260.6K – $347.5K
NOI $20,849 @ 7.0% cap · market cap 10.98%
Second Best
Office B
$86.3K
$75.5K – $100.7K
NOI $6,042 @ 7.0% cap · market cap 3.18%
Theoretical Best
Specialty Retail
$324.9K
$284.3K – $379.1K
NOI $22,745 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
404
Businesses Nearby
Explore this area
Business Placement
Demographics for 48185, MI
49,730
Population
23,554
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
91%
High-School Grad
12.2 sq mi
ZIP Area
4,076
Density / Sq Mi
$59,085
Median Household Income
$40,435
Median Earnings
$1,123
Median Rent
$183,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial lower level paired with a renovated upper apartment, private entry, deck, pergola, and expanded parking across two parcels.
Where is this mixed-use property located?
The property is located at 1030 N Wayne Road Westland, MI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑unit mixed‑use building with commercial main level and upper apartment; 1,755 square feet on a 0.1‑acre double lot; Two parcels: building and parking on one, additional parking on the other
