Fully Renovated Retail Shopping
1531-1553 S Wayne Rd Westland, MI 48186
New
Multi-tenant, fully occupied shopping center with renovated suites and updated building systems and parking improvements.
Type:Retail
Property size:
22,000 SFPrice / SF:
$134/SF- Added:
- Jul 3, 2026
- Days on Market:
- 7
- Last Refresh:
- Jul 9 at 3:24 am
Property Features for 1531-1553 S Wayne Rd
General Information
- Standard status
- Active
- Size
- 22,000 SF
- Property subtype
- Retail
Listing office Icon Commercial Experts
Listing date Jul 3, 2026
Source Crexi
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 Icon Commercial Experts
Investment Insights
Based on property information with market context.
This multi-tenant neighborhood shopping center is fully occupied and has been fully renovated. Recent capital improvements include a brand-new roof, new HVAC systems, new siding and exterior façade work, fully renovated tenant suites, and an upgraded parking lot, with no deferred maintenance noted in the offering materials.
The center is positioned along S. Wayne Rd and features monument signage, along with multiple points of ingress and egress for convenient customer access.
The property is leased with long-term leases and contractual rent increases, supported by a diversified tenant mix intended to provide steady rental income.
The center is positioned along S. Wayne Rd and features monument signage, along with multiple points of ingress and egress for convenient customer access.
The property is leased with long-term leases and contractual rent increases, supported by a diversified tenant mix intended to provide steady rental income.
Key Highlights
- 100% occupied, fully leased multi‑tenant retail shopping center with long‑term leases and contractual rent increases
- $209,100 NOI with a 7.09% cap rate; offered at $2,950,000
- Recent capital improvements: brand‑new roof, new HVAC systems, new siding and exterior facade
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $316.8k | $14.40 |
| − Vacancy | −$19.0k | −$0.86 |
| EGI | $297.8k | $13.54 |
| − OpEx | −$89.3k | −$4.06 |
| NOI | $208.5k | $9.48 |
22,000 SF · lease $14.40/SF/yr · vacancy 6.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.98M
$2.61M – $3.47M
NOI $208,454 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.07M
$3.56M – $4.75M
NOI $285,120 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Shopping centers
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FAQs
What type of property is this?
Shopping center - Multi-tenant, fully occupied shopping center with renovated suites and updated building systems and parking improvements.
Where is this shopping center located?
The property is located at 1531-1553 S Wayne Rd Westland, MI.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 100% occupied, fully leased multi‑tenant retail shopping center with long‑term leases and contractual rent increases; $209,100 NOI with a 7.09% cap rate; offered at $2,950,000; Recent capital improvements: brand‑new roof, new HVAC systems, new siding and exterior facade
