Historic Mixed-Use
For Sale
$6,500,000
30600-30712 Michigan Ave, Westland, MI 48186
OB zoning supports residential, office, commercial, and mixed-use development options.
Property Size143,526 SF
Lot Size16.47 Acres
Price / SF$45.29
Days on Market32
Property Features for 30600-30712 Michigan Ave
General Information
Standard status
Active
Size
143,526 SF
Lot size
16.47 Acres
Property subtype
Office, Retail
Zoning
OB
Building Details
Building Size
143,526 SF
Year Built
1931
Listing Agency:
Signature Associates - Southfield
(248) 948-0101
Listed By:
Steven G. Gordon
(248) 948-0101
Source:
Cpix.resimplifi
Added: Jul 9
Changed: Aug 9
Last Checked: Aug 9 at 12:32PM
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 Signature Associates - Southfield
Investment Insights
Based on property information with market context.
The Eloise Complex is a mixed-use property comprising approximately 143,526 square feet across 16.47 acres. Improvements include the historic former Eloise Hospital, built in 1931, along with the existing Eloise Haunted Tours operation. The property combines substantial building area with a multi-parcel land position in Westland.
Zoning is designated OB, with the property information identifying flexibility for residential, office, commercial, and mixed-use development. The assemblage includes parcel numbers 56-072-99-0003-720, -721, -719, -722, and -723, providing a documented basis for evaluating the property as a larger redevelopment or adaptive-reuse opportunity.
Zoning is designated OB, with the property information identifying flexibility for residential, office, commercial, and mixed-use development. The assemblage includes parcel numbers 56-072-99-0003-720, -721, -719, -722, and -723, providing a documented basis for evaluating the property as a larger redevelopment or adaptive-reuse opportunity.
Key Highlights
- Approximately 143,526 square feet across 16.47 acres
- Historic former Eloise Hospital built in 1931
- Existing Eloise Haunted Tours operation
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
$494,088
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
7.60%
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%
$9,881,760
$9.9M
Cap Rate 7%
$7,058,400
$7.1M
Cap Rate 9%
$5,489,867
$5.5M
Market Conditions
NOI Build-Up for 143,526 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
$861.2K $6.00/SF
− Vacancy
−$202.4K −$1.41/SF
EGI
$658.8K $4.59/SF
− OpEx
−$164.7K −$1.15/SF
NOI
$494.1K $3.44/SF
Area
Wayne County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$9,881,760
Cap Rate 7%
$7,058,400
Cap Rate 9%
$5,489,867
Alternative Uses
Best Use
Mixed Use
$24.36M
$21.31M – $28.42M
NOI $1,705,089 @ 7.0% cap · market cap 26.23%
Second Best
Retail
$19.43M
$17.00M – $22.67M
NOI $1,359,938 @ 7.0% cap · market cap 20.92%
Theoretical Best
Specialty Retail
$26.57M
$23.25M – $31.00M
NOI $1,860,097 @ 7.0% cap · market cap 28.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
Explore this area
Business Placement
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 Office 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?
Mixed-use property - OB zoning supports residential, office, commercial, and mixed-use development options.
Where is this mixed-use property located?
The property is located at 30600-30712 Michigan Ave Westland, MI.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Approximately 143,526 square feet across 16.47 acres; Historic former Eloise Hospital built in 1931; Existing Eloise Haunted Tours operation
