Fully Renovated Retail Shopping
For Sale
Contact for pricing
1531-1553 S Wayne Rd, Westland, MI 48186
Multi-tenant, fully occupied shopping center with renovated suites and updated building systems and parking improvements.
Property Size22,000 SF
Price / SF$134.09
Days on Market53
Property Features for 1531-1553 S Wayne Rd
General Information
Standard status
Active
Size
22,000 SF
Total Parking Spaces
111
Property subtype
Retail
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$209,100
Additional Details
Cap Rate
7.09%
Building Details
Year Renovated
2026
Tenancy
Multi
Listing Agency:
Icon Commercial Experts
Listed By:
Fanar Ayar · License #6502433957
Source:
Crexi
Added: Jul 3
Changed: Aug 8
Last Checked: Jul 19 at 8:13AM
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
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
$208,454
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
7.07%
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%
$4,169,080
$4.2M
Cap Rate 7%
$2,977,914
$3.0M
Cap Rate 9%
$2,316,156
$2.3M
Market Conditions
NOI Build-Up for 22,000 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
$316.8K $14.40/SF
− Vacancy
−$19.0K −$0.86/SF
EGI
$297.8K $13.54/SF
− OpEx
−$89.3K −$4.06/SF
NOI
$208.5K $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%
$4,169,080
Cap Rate 7%
$2,977,914
Cap Rate 9%
$2,316,156
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
70k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Superstores 26%
Dining 12%
Electronics 10%
Big Lots
Superstores
18,168 visits/mo
0.3 miles
Shell
Shops & Services
10,724 visits/mo
0.3 miles
Red Lobster
Dining
7,177 visits/mo
0.4 miles
Nankin Hardware & Hobby
Home Improvements & Furnishings
5,621 visits/mo
0.4 miles
Zeal Credit Union
Shops & Services
4,242 visits/mo
0.4 miles
Demographics for 48186, MI
35,690
Population
14,543
Households
2.5
Avg Household Size
39
Median Age
19%
College-Educated
88%
High-School Grad
8.3 sq mi
ZIP Area
4,300
Density / Sq Mi
$67,203
Median Household Income
$37,591
Median Earnings
$1,083
Median Rent
$167,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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
