Historic Mixed-Use
New
For Sale
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30600 – 30712 Michigan Avenue, Westland, MI 48186
OB - Office Business zoning covers historic buildings, expansive parking areas, and surplus land for future development.
Property Size143,526 SF
Price / SF$45.29
Days on Market5
Property Features for 30600 – 30712 Michigan Avenue
General Information
Standard status
Active
Size
143,526 SF
Property subtype
Mixed Use
Zoning
OB - Office Business
Investment Type
Redevelopment
Building Details
Year Built
1931
Year Renovated
2021
Listing Agency:
Signature Associates
(248) 948-9000
Listed By:
Steve Gordon · License #MI 6502134760
Source:
Crexi
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 10:43AM
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
Investment Insights
Based on property information with market context.
The Eloise Complex is a 143,526-square-foot mixed-use property on 16.47 acres, with multiple historic structures, expansive parking areas, and additional land for future development. Improvements include a new roof, and portions of the property were renovated in 2021. The site includes the Kay Beard Building and a brick firehouse, adding varied building character and configuration to the campus.
Located at 30600–30712 Michigan Avenue in Westland, the property has direct frontage along Michigan Avenue and is near the Ford Wayne Assembly Plant. OB - Office Business zoning allows residential, office, commercial, and mixed-use development options, including apartments, boutique hospitality, retail, and other commercial uses. A seasonal entertainment operation currently occupies the property and generates income during its operating period.
Located at 30600–30712 Michigan Avenue in Westland, the property has direct frontage along Michigan Avenue and is near the Ford Wayne Assembly Plant. OB - Office Business zoning allows residential, office, commercial, and mixed-use development options, including apartments, boutique hospitality, retail, and other commercial uses. A seasonal entertainment operation currently occupies the property and generates income during its operating period.
Key Highlights
- 143,526‑square‑foot mixed‑use property situated on 16.47 acres
- Historic campus includes the Kay Beard Building and a brick firehouse
- Portions of the property renovated in 2021; new roof installed
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
Property Profile
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 - Office Business zoning covers historic buildings, expansive parking areas, and surplus land for future development.
Where is this mixed-use property located?
The property is located at 30600 – 30712 Michigan Avenue 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: 143,526‑square‑foot mixed‑use property situated on 16.47 acres; Historic campus includes the Kay Beard Building and a brick firehouse; Portions of the property renovated in 2021; new roof installed
