Freestanding Office Building with
For Sale
$989,800
29049 Joy Road, Westland, MI 48185
Corner-positioned commercial property with private offices, storage, a kitchenette, and drive-through access.
Property Size3,200 SF
Price / SF$309.31
Days on Market152
Property Features for 29049 Joy Road
General Information
Standard status
Active
Size
3,200 SF
Property subtype
General Commercial
Additional Details
Corner Location
Yes
Amenities
employee lounge/kitchenette
storage
bathrooms
3
Asphalt
270 X 110
Building Details
Year Built
1966
Buildings
1
Stories
1
Building Size
3,200 SF
Listing Agency:
Century 21 Curran & Oberski
(313) 274-7200
Listed By:
Bill Darwich · License #6501368264
Source:
Xome
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 2:47AM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This 3,200-square-foot freestanding commercial building occupies a corner site at 29049 Joy Road in Westland, Michigan. Built in 1966 and formerly operated as a bank, the property includes a substantial open area, four offices, an employee lounge with kitchenette, dedicated storage, and three bathrooms.
A large asphalt parking area serves the building, with an existing drive-through component. The interior configuration supports office, medical office, day care, retail, and other commercial applications identified for the property.
A large asphalt parking area serves the building, with an existing drive-through component. The interior configuration supports office, medical office, day care, retail, and other commercial applications identified for the property.
Key Highlights
- 3,200 square feet in a freestanding commercial building
- Corner property at 29049 Joy Road, Westland, MI 48185
- Four offices plus an open interior area
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
$33,698
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
3.40%
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%
$673,960
$674.0K
Cap Rate 7%
$481,400
$481.4K
Cap Rate 9%
$374,422
$374.4K
Market Conditions
NOI Build-Up for 3,200 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
$64.1K $20.04/SF
− Vacancy
−$8.0K −$2.49/SF
EGI
$56.2K $17.55/SF
− OpEx
−$22.5K −$7.02/SF
NOI
$33.7K $10.53/SF
Area
Wayne County, MI
Vacancy
12.42%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
40.00%
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%
$673,960
Cap Rate 7%
$481,400
Cap Rate 9%
$374,422
Alternative Uses
Best Use
Healthcare Medical
$481.4K
$421.2K – $561.6K
NOI $33,698 @ 7.0% cap · market cap 3.40%
Second Best
Office B
$157.4K
$137.7K – $183.6K
NOI $11,016 @ 7.0% cap · market cap 1.11%
Theoretical Best
Specialty Retail
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
360
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Corner-positioned commercial property with private offices, storage, a kitchenette, and drive-through access.
Where is this office building located?
The property is located at 29049 Joy Road Westland, MI.
What is the asking price?
The asking price for this property is $989,800.
What are key features of this property?
This property features: 3,200 square feet in a freestanding commercial building; Corner property at 29049 Joy Road, Westland, MI 48185; Four offices plus an open interior area
