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    Wayne Commercial Property on Michigan Avenue Title is generated by Realmo AI

    34233 MICHIGAN Avenue, Wayne, MI 48184

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    For Sale
    $500,000

    Real Estate Only - Wayne, MI

    Property size:
    4,128 SF
    Lot size:
    0.82 Acres
    Price / SF:
    $121/SF
    Added:
    Apr 17, 2025
    Days on Market:
    395
    Last Refresh:
    May 16 at 2:06 pm

    Property Features for 34233 MICHIGAN Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Light Industrial
    Exterior features
    Garage
    Standard status
    Active
    APN
    55017010623000
    Size
    4,128 SF
    Lot size
    0.82 Acres

    Taxes and HOA fees

    Tax Annual Amount
    6089

    Building Details

    Building materials
    Brick, Metal Siding, Other
    Roof type
    Asphalt, Metal
    Architectural style
    Other
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    Hassan T Bazzi

    Listing agent Hassan T Bazzi

    Listing office Keller Williams Advantage 39500 Orchard Hill Place Ste 100, Novi, MI

    Listing date Apr 17, 2025

    MLS# 20250026904 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime one‑acre commercial real estate in Wayne's downtown DDA district on Michigan Avenue (US‑12).
    • Includes a two‑story brick Craftsman‑style building and a 40' X 60' steel warehouse.
    • Zoned Commercial - Business Industrial, suitable for various business concepts (construction, landscaping, auto, storage, franchise, etc.).
    • Updated with three water catch basins for storm‑water runoff management.
    • Warehouse contains two drains and an oil sump drain.
    • Close proximity to Detroit Metro Airport (DTW), I‑275, I‑94, Ford Motor Wayne Assembly Plant, and downtown Wayne amenities.

    Overview

    This property offers a unique opportunity to own nearly one acre of prime real estate in the City of Wayne's downtown area. Situated on Michigan Avenue (US-12), just east of Wayne Road, it falls within the City of Wayne Downtown Development Authority (DDA) district boundary. The property features a two-story brick Craftsman-style building at the front, previously utilized as a business office. Additionally, there is a 40' x 60' steel warehouse in the center, used for storage and inventory housing, along with a storage canopy and salt shed bin at the back. The warehouse includes two drains and an oil sump drain. The property has been updated with three strategically located water catch basins to manage storm-water runoff. The property, zoned Commercial - Business Industrial, presents opportunities for expansion, additional structures, or a reimagined business concept. It is suitable for construction, landscaping, auto, storage, franchise, or other business ventures. The location is near Detroit Metro Airport (DTW), freeways I-275 & I-94, downtown Wayne, Ford Motor Wayne Assembly Plant, Wayne Police Dept., Wayne City Hall, Goudy Park, shopping, dining, entertainment, and recreation. The property size is 4128 square feet and the lot size is 0.82 acres.

    Financial Insights

    Value Estimation Calculated for Warehouse

    Conservative
    $288.3K
    NOI $25,951 @ 9.00% cap · cautious / downside scenario
    Moderate
    $370.7K
    NOI $25,951 @ 7.00% cap · market / base-case scenario
    Aggressive
    $519.0K
    NOI $25,951 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Warehouse

    Component $ $/SF
    Gross rent $31.7k $7.68
    − Vacancy −$1.2k −$0.28
    EGI $30.5k $7.40
    − OpEx −$4.6k −$1.11
    NOI $26.0k $6.29
    4,128 SF · lease $7.68/SF/yr · vacancy 3.70% · expense 15.00%

    Alternative Use Scenarios

    Best Use
    Warehouse
    $370.7K
    $324.4K – $432.5K (±1% cap)
    NOI $25,951 @ 7.0% cap · market cap 5.19%
    Second Best
    Industrial
    $305.3K
    $267.1K – $356.2K (±1% cap)
    NOI $21,371 @ 7.0% cap · market cap 4.27%
    Theoretical Best
    Specialty Retail
    $764.3K
    $668.7K – $891.7K (±1% cap)
    NOI $53,499 @ 7.0% cap · market cap 10.70%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Storage Sense - Wayne — 34333 Michigan Ave, Wayne, MI 48184

    Location Insight

    • Map
    • Local Demand
    City
    Wayne
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3754562
    Latitude
    42.2806416

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    FAQs

    What type of property is this?
    Warehouse - Prime commercial real estate in Wayne's DDA district for sale.
    Where is this warehouse located?
    The property is located at 34233 MICHIGAN Avenue Wayne, MI.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Prime one‑acre commercial real estate in Wayne's downtown DDA district on Michigan Avenue (US‑12).; Includes a two‑story brick Craftsman‑style building and a 40' X 60' steel warehouse.; Zoned Commercial - Business Industrial, suitable for various business concepts (construction, landscaping, auto, storage, franchise, etc.).
    (248) 672-2185
    We can help!
    Listing Contact
    Hassan T Bazzi
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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