Building Details

Building Size 7,500 SF

Year Built 1990

Buildings 1

Stories 1

Tenancy Multi

Listing Agency: Thomas A. Duke Company

Listed By: Frank Rakipi Show Phone

Source: Cpix.resimplifi

Added: Jul 31, 2024 Changed: Oct 1 Last Checked: Oct 19 at 3:23AM

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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 Thomas A. Duke Company

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Investment Insights

Based on property information with market context.

Built in 1990, this 7,500-square-foot strip mall contains seven units and is classified under CB-3 zoning. The property is configured as a multi-tenant retail center and is offered for sale.

The center sits on the south side of Warren Road, near the Warren Road and Wayne Road intersection in Westland. The surrounding retail corridor includes national, regional, and local retailers, providing an established commercial setting for the property.

Key Highlights

• Seven‑unit strip mall comprising 7,500 square feet
• CB‑3 zoning designation
• Constructed in 1990

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$71,064

Cap Rate

7.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,421,280 $1.4M

Cap Rate 7%

$1,015,200 $1.0M

Cap Rate 9%

$789,600 $789.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,500 SF

Gross rent

$108.0K $14.40/SF

− Vacancy

−$6.5K −$0.86/SF

EGI

$101.5K $13.54/SF

− OpEx

−$30.5K −$4.06/SF

NOI

$71.1K $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 Rate 5%

$1,421,280

Cap Rate 7%

$1,015,200

Cap Rate 9%

$789,600

Alternative Uses

Best Use

Retail

$1.02M

$888.3K – $1.18M (±1% cap)

NOI $71,064 @ 7.0% cap · market cap 7.29%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$1.39M

$1.22M – $1.62M (±1% cap)

NOI $97,200 @ 7.0% cap · market cap 9.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Strip malls

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Big Box & Wholesale Store Auto Parts Store Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

814

Businesses Nearby

518k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Apparel 30% Dining 26% Shops & Services 17% Superstores 16%

Target Superstores

83,123 visits/mo 0.3 miles

Kohl's Apparel

72,058 visits/mo 0.1 miles

Five Below Shops & Services

42,311 visits/mo 0.5 miles

Burlington Apparel

37,662 visits/mo 0.4 miles

Best Buy Electronics

33,105 visits/mo 0.4 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

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Strip mall - CB-3-zoned retail property positioned along a major Westland shopping corridor near Warren Road and Wayne Road.

Where is this strip mall located?

The property is located at 35113 Warren Rd Westland, MI.

What is the asking price?

The asking price for this property is $975,000.

What are key features of this property?

This property features: Seven‑unit strip mall comprising 7,500 square feet; CB‑3 zoning designation; Constructed in 1990