Westland Office Building on
For Sale
Contact for pricing
Pending
1214 S WAYNE RD, Westland, MI 48185
Well-maintained office building suitable for various professional uses.
Property Size1,470 SF
Days on Market87
Property Features for 1214 S WAYNE RD
General Information
Standard status
Pending
Size
1,470 SF
Property subtype
Retail, Office
Occupancy
100%
Building Details
Year Built
1959
Stories
1
Units
1
Tenancy
Single
Listing Agency:
S&P Realty
(734) 333-7219
Listed By:
Shane Parker · License #MI 397534
Source:
Crexi
Added: May 22
Changed: Aug 8
Last Checked: Jul 29 at 1:31PM
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 S&P Realty
Investment Insights
Based on property information with market context.
This established brick office property on Wayne Road in Westland offers flexibility for professional, medical, wellness, and service-based uses. The property is currently configured with 4 patient/treatment rooms, 2 private office spaces, an x-ray room, a massage/treatment room, a kitchen/break area, a large reception desk, and a spacious waiting area with seating for 13+ clients or patients. The functional layout allows for an easy transition for medical or professional users while also offering flexibility for alternative office configurations. Potential uses include chiropractic, medical, dental, physical therapy, wellness, counseling, insurance, accounting, legal, real estate, shared office/co-working space, salon/suite concepts, and many other professional operations. Recent capital improvements include a newer rubber roof (approximately 2 years old), a newer HVAC system (approximately 3 years old), and a newer tankless hot water heater. Positioned on a large parcel with approximately 91 feet of frontage on highly traveled Wayne Road, the property benefits from excellent visibility, signage exposure, and strong traffic counts in a well-established commercial corridor surrounded by residential density and supporting retail businesses. The property size is 1470 square feet.
Key Highlights
- High‑visibility location on busy Wayne Road with 91 feet of frontage and excellent signage opportunities.
- Newer roof and HVAC system reducing immediate capital expenditure needs.
- Versatile layout suitable for a wide range of professional, medical, wellness, and service‑based uses.
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
$15,480
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
6.19%
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%
$309,600
$309.6K
Cap Rate 7%
$221,143
$221.1K
Cap Rate 9%
$172,000
$172.0K
Market Conditions
NOI Build-Up for 1,470 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
$29.5K $20.04/SF
− Vacancy
−$3.7K −$2.49/SF
EGI
$25.8K $17.55/SF
− OpEx
−$10.3K −$7.02/SF
NOI
$15.5K $10.53/SF
Area
Wayne County, MI
Vacancy
12.42%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
40.00%
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%
$309,600
Cap Rate 7%
$221,143
Cap Rate 9%
$172,000
Alternative Uses
Best Use
Healthcare Medical
$221.1K
$193.5K – $258.0K
NOI $15,480 @ 7.0% cap · market cap 6.19%
Second Best
Office B
$72.3K
$63.3K – $84.3K
NOI $5,060 @ 7.0% cap · market cap 2.02%
Theoretical Best
Specialty Retail
$272.2K
$238.1K – $317.5K
NOI $19,051 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Westland Veterinary — 36391 Ford Rd, Westland, MI 48185
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- Wayne Mercy Animal Hospital — 35345 Cherry Hill Rd, Westland, MI 48186
Frequently Asked Questions
What type of property is this?
Medical Office Space - Well-maintained office building suitable for various professional uses.
Where is this medical office space located?
The property is located at 1214 S WAYNE RD Westland, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: High‑visibility location on busy Wayne Road with 91 feet of frontage and excellent signage opportunities.; Newer roof and HVAC system reducing immediate capital expenditure needs.; Versatile layout suitable for a wide range of professional, medical, wellness, and service‑based uses.
