Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    32232 Michigan Ave Wayne, MI 48184

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1,200 /Mo

    High-visibility retail space in a growing community.

    Lot size:
    0.23 Acres

    Property Features for 32232 Michigan Ave

    General Information

    Lot size
    0.23 Acres

    Building Details

    Year built
    1954

    We can help!

    Listing Contact
    Chad Rider
    Source: Elliman

    Listing Agent: Chad Rider

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Retail Space on Michigan Avenue

    This commercial space for lease is located at 32232 Michigan Avenue in Wayne, MI. The property offers 1,620 square feet of versatile space. The layout includes a 64' x 20' main retail area and a 17' x 12' back office. A 44' wide rear door facilitates deliveries. The space features a modern storefront with new black aluminum windows and a door. Upgrades include new concrete, exterior lighting, and glass block windows. The property includes a private restroom and dedicated employee parking in the rear. The location on Michigan Avenue benefits from high traffic, with over 20,000 vehicles per day. The property is positioned in a growing community surrounded by local enterprises, offering visibility and convenience.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Wayne
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3566819
    Latitude
    42.2846897

    Nearby Similar for Lease

    • $12 SF/Yr
      23,264 SF

      Prime Wayne County Office Space

      Executive Suites, High Visibility, I-275 Corridor
      35100-35350 Michigan Ave, Wayne, MI 48184
      View Details
    • $15 SF/Yr
      2,413 SF

      Retail Space on Michigan Avenue

      High-traffic retail corridor with flexible suite sizes available for rent.
      35300-35354 E Michigan Ave, Wayne, MI 48184
      View Details
    • $1,200 /Mo

      Downtown Wayne Office Space Available

      1200 sq ft office space for lease in Wayne.
      32508 Michigan Ave, Wayne, MI 48184
      View Details
    • $399 /Mo

      Freestanding Office Building For Lease

      Office building with high visibility and ample parking available for lease.
      34841 Veterans Plz, Wayne, MI 48184
      View Details
    • $1,000 /Mo

      Free-Standing Building in Business District

      Versatile retail space in Wayne's business district, Michigan Avenue.
      35816 W Michigan Ave, Wayne, MI 48184
      View Details
    • $2,500 /Mo

      Free-Standing Building on Michigan Avenue

      Versatile space in Wayne's business district, formerly an auto hand wash.
      35812 W Michigan Ave, Wayne, MI 48184
      View Details
    • Contact for pricing
      8,294 SF

      Medical Office Space For Lease

      Medical office space for lease near Corewell Health Wayne Hospital.
      4811 Venoy Rd, Wayne, MI 48184
      View Details
    • $3,500 /Mo

      Retail Space in Thriving District

      Two adjacent buildings for rent in Wayne's business district.
      35812-35816 W Michigan Ave, Wayne, MI 48184
      View Details
    • $14 SF/Yr
      6,000 SF

      Clean Flex Space For Lease

      Flex space with frontage and parking available for lease.
      4000-4050 2Nd St, Wayne, MI 48184
      View Details
    • $12 SF/Yr
      5,924 SF

      Downtown Wayne Office Space Available

      Well-maintained office complex with Michigan Avenue frontage in Downtown Wayne.
      35100 E Michigan Ave, Wayne, MI 48184
      View Details
    • $1,300 /Mo

      Retail Space in Newer Center

      Approximately 1500 sq ft retail space for lease.
      33950 Van Born Rd, Wayne, MI 48184
      View Details
    • $2,995 /Mo

      Warehouse with Michigan Avenue Frontage

      Open warehouse space with two large overhead doors.
      32304 W Michigan Ave, Wayne, MI 48184
      View Details

    FAQs

    What type of property is this?
    Retail space - High-visibility retail space in a growing community.
    Where is this retail space located?
    The property is located at 32232 Michigan Ave Wayne, MI.
    What are key features of this property?
    This property features: - High-traffic location on Michigan Avenue with 20,000+ vehicles per day for maximum exposure.; - 1,620 sq ft of versatile, white-box space ready for customization.; - Only available unit in the plaza, a rare opportunity.
    (734) 444-2869
    Request Owner's contact information
    32232 Michigan Ave Wayne, MI 48184
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    32232 Michigan Ave
    Wayne, MI 48184
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    32232 Michigan Ave Wayne, MI 48184
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Chad Rider
    (734) 444-2869
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.