7-Unit Strip
For Sale
$975,000
35113 Warren Rd, Westland, MI 48185
CB-3-zoned retail property positioned along a major Westland shopping corridor near Warren Road and Wayne Road.
Property Size7,500 SF
Price / SF$130
Days on Market767
Property Features for 35113 Warren Rd
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Retail
Zoning
CB-3
Additional Details
Road Access
Yes
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
(313) 478-5400
Source:
Cpix.resimplifi
Added: Jul 31, 2024
Changed: Aug 30
Last Checked: Aug 30 at 10:30AM
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
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.
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 = 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
$71,064
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
7.29%
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%
$1,421,280
$1.4M
Cap Rate 7%
$1,015,200
$1.0M
Cap Rate 9%
$789,600
$789.6K
Market Conditions
NOI Build-Up for 7,500 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
$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 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%
$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
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
NOI $97,200 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
