Storefront
For Sale
$189,900
1030 N Wayne Rd, Westland, MI 48185
Established in 1962, this retail-oriented storefront offers a compact commercial format.
Property Size1,755 SF
Price / SF$108.21
Days on Market48
Property Features for 1030 N Wayne Rd
General Information
Standard status
Active
Size
1,755 SF
Building Details
Year Built
1962
Listing Agency:
Brandt Real Estate
Listed By:
Keith Brandt · License #6502406949
(248) 756-2844
Source:
Katie-k
Added: Aug 8
Changed: Sep 12
Last Checked: Sep 22 at 9:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Brandt Real Estate
Investment Insights
Based on property information with market context.
This storefront property contains 1,755 square feet and was constructed in 1962. The asset is identified as a retail space suitable for commercial occupancy.
The property is located at 1030 N Wayne Road in Westland, Michigan 48185.
The property is located at 1030 N Wayne Road in Westland, Michigan 48185.
Key Highlights
- 1,755‑square‑foot storefront property
- Constructed in 1962
- Located at 1030 N Wayne Road, Westland, MI 48185
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
$16,629
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
8.76%
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%
$332,580
$332.6K
Cap Rate 7%
$237,557
$237.6K
Cap Rate 9%
$184,767
$184.8K
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
$25.3K $14.40/SF
− Vacancy
−$1.5K −$0.86/SF
EGI
$23.8K $13.54/SF
− OpEx
−$7.1K −$4.06/SF
NOI
$16.6K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$332,580
Cap Rate 7%
$237,557
Cap Rate 9%
$184,767
Alternative Uses
Best Use
Retail
$237.6K
$207.9K – $277.2K
NOI $16,629 @ 7.0% cap · market cap 8.76%
Second Best
—
—
no second resolved use
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
404
Businesses Nearby
66k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Superstores 27%
Dining 24%
Beauty & Spa 2%
Big Lots
Superstores
18,168 visits/mo
0.4 miles
Burger King
Dining
14,745 visits/mo
0.4 miles
Shell
Shops & Services
10,724 visits/mo
0.5 miles
Bank of America
Shops & Services
8,208 visits/mo
0.5 miles
BP
Shops & Services
3,914 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Caesars Flowers — 238 N Wayne Rd, Westland, MI 48185
- Thrifty Florist — 35363 Ford Rd, Westland, MI 48185
- Kroger Floral — 36430 Ford Rd, Westland, MI 48185
Frequently Asked Questions
What type of property is this?
Storefront property - Established in 1962, this retail-oriented storefront offers a compact commercial format.
Where is this storefront property located?
The property is located at 1030 N Wayne Rd 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: 1,755‑square‑foot storefront property; Constructed in 1962; Located at 1030 N Wayne Road, Westland, MI 48185
