Triple Net Auto Service
For Sale
Contact for pricing
1845 North Wayne Road, Westland, MI 48185
Standalone Meineke Car Care property includes an automotive service building on an approximately 1.18-acre parcel under a 20-year NNN lease.
Property Size11,830 SF
Lot Size1.18 Acres
Price / SF$185.82
Days on Market60
Property Features for 1845 North Wayne Road
General Information
Standard status
Active
Size
11,830 SF
Lot size
1.18 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$164,868
Building Details
Year Built
1960
Tenancy
Single
Listing Agency:
SURMOUNT
Listed By:
Glen Kunofsky · License #NY 49KU1129178
(332) 345-4222
Source:
Crexi
Added: Jul 7
Changed: Sep 3
Last Checked: Sep 1 at 10:17AM
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 SURMOUNT
Investment Insights
Based on property information with market context.
Surmount presents an exclusive for-sale offering for a Meineke Car Care located at 1845 North Wayne Road in Westland, Michigan. The property includes a dedicated automotive service building with approximately 11,830 rentable square feet on an estimated 1.18-acre parcel.
The asset is leased to Meineke Car Care under a 20-year Triple Net (NNN) lease that commenced 11/10/2025. The current annual rent is $164,868, with scheduled 10.00% increases every 5 years.
This is a single-tenant, NNN investment focused on an established auto service use with long-term lease terms in place.
The asset is leased to Meineke Car Care under a 20-year Triple Net (NNN) lease that commenced 11/10/2025. The current annual rent is $164,868, with scheduled 10.00% increases every 5 years.
This is a single-tenant, NNN investment focused on an established auto service use with long-term lease terms in place.
Key Highlights
- Standalone Meineke Car Care at 1845 North Wayne Road, Westland, MI 48185
- Approx. 11,830 rentable SF automotive service building on an estimated 1.18‑acre parcel
- 20‑year Triple Net (NNN) lease in place; commenced 11/10/2025
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
$112,092
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
5.10%
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%
$2,241,840
$2.2M
Cap Rate 7%
$1,601,314
$1.6M
Cap Rate 9%
$1,245,467
$1.2M
Market Conditions
NOI Build-Up for 11,830 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
$170.4K $14.40/SF
− Vacancy
−$10.2K −$0.86/SF
EGI
$160.1K $13.54/SF
− OpEx
−$48.0K −$4.06/SF
NOI
$112.1K $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%
$2,241,840
Cap Rate 7%
$1,601,314
Cap Rate 9%
$1,245,467
Alternative Uses
Best Use
Retail
$1.60M
$1.40M – $1.87M
NOI $112,092 @ 7.0% cap · market cap 5.10%
Second Best
Industrial
$874.9K
$765.6K – $1.02M
NOI $61,245 @ 7.0% cap · market cap 2.79%
Theoretical Best
Specialty Retail
$2.19M
$1.92M – $2.56M
NOI $153,317 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
108k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 48%
Electronics 1%
McDonald's
Dining
19,600 visits/mo
0.1 miles
Taco Bell
Dining
13,870 visits/mo
0.3 miles
Dollar Tree
Shops & Services
12,170 visits/mo
0.5 miles
7-Eleven
Shops & Services
9,846 visits/mo
0.5 miles
Checkers
Dining
8,470 visits/mo
0.2 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
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Similar Off Market Nearby
- Henry’s Service Center Inc. — 3041 S Wayne Rd, Wayne, MI 48184
- Mouse Roadside Assistance Service — 2037 Freeman Ct, Westland, MI 48186
- Dejves's Auto Repair — 34263 Palmer Rd, Westland, MI 48186
- Westland On-Site Truck Repair Co. — 1616 S Wayne Rd, Westland, MI 48186
- Belle Tire — 1528 S Wayne Rd, Westland, MI 48186
Frequently Asked Questions
What type of property is this?
Auto shop - Standalone Meineke Car Care property includes an automotive service building on an approximately 1.18-acre parcel under a 20-year NNN lease.
Where is this auto shop located?
The property is located at 1845 North Wayne Road Westland, MI.
What is the asking price?
The asking price for this property is $2,198,240.
What are key features of this property?
This property features: Standalone Meineke Car Care at 1845 North Wayne Road, Westland, MI 48185; Approx. 11,830 rentable SF automotive service building on an estimated 1.18‑acre parcel; 20‑year Triple Net (NNN) lease in place; commenced 11/10/2025
