Downtown Wayne Commercial
For Sale
$500,000
34233 MICHIGAN Ave, Wayne, MI 48184
Prime real estate in downtown Wayne with mixed-use potential.
Property Size1,728 SF
Lot Size0.82 Acres
Price / SF$208.33
Days on Market152
Property Features for 34233 MICHIGAN Ave
General Information
Standard status
Active
Size
1,728 SF
Lot size
0.82 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,089
Building Details
Building Size
1,728 SF
Listing Agency:
Keller Williams Advantage
(248) 672-2185
Listed By:
Hassan T Bazzi · License #6501340686
(248) 672-2185
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:59PM
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 Keller Williams Advantage
Investment Insights
Based on property information with market context.
This property offers a unique opportunity to own nearly one acre of prime real estate in downtown Wayne. Located on Michigan Avenue (US-12) just east of Wayne Road, the property falls within the City of Wayne Downtown Development Authority (DDA) district boundary. A two-story brick Craftsman-style building, previously used as a business office, is situated at the front of the lot. At the center of the property is a 40' X 60' steel warehouse used for storage and housing inventory. The property also includes a storage canopy and salt shed bin at the back. The warehouse contains two drains and an oil sump drain. The property has been updated with three water catch basins to manage storm-water runoff. The property is zoned Commercial - Business Industrial and offers room to expand existing structures, build additional structures, or redevelop the lot for a new business venture. It is suitable for construction, landscaping, auto, storage, franchise, or other business concepts. The location is minutes from Detroit Metro Airport (DTW) and freeways I-275 & I-94, and near downtown Wayne, Ford Motor Wayne Assembly Plant, Wayne Police Dept., Wayne City Hall, Goudy Park, shopping, dining, entertainment, and recreation.
Key Highlights
- Prime one‑acre real estate in Wayne's downtown DDA district on Michigan Avenue (US‑12)
- Zoned Commercial - Business Industrial, suitable for various business concepts
- Includes a 2‑story brick Craftsman building and a 40' x 60' steel warehouse with drains and oil sump
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
$28,512
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
5.70%
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%
$570,240
$570.2K
Cap Rate 7%
$407,314
$407.3K
Cap Rate 9%
$316,800
$316.8K
Market Conditions
NOI Build-Up for 2,400 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
$51.8K $21.60/SF
− Vacancy
−$6.2K −$2.59/SF
EGI
$45.6K $19.01/SF
− OpEx
−$17.1K −$7.13/SF
NOI
$28.5K $11.88/SF
Area
Wayne County, MI
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$570,240
Cap Rate 7%
$407,314
Cap Rate 9%
$316,800
Alternative Uses
Best Use
Mixed Use
$407.3K
$356.4K – $475.2K
NOI $28,512 @ 7.0% cap · market cap 5.70%
Second Best
Warehouse
$215.5K
$188.6K – $251.5K
NOI $15,088 @ 7.0% cap · market cap 3.02%
Theoretical Best
Specialty Retail
$444.3K
$388.8K – $518.4K
NOI $31,104 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 48184, MI
17,776
Population
7,739
Households
2.3
Avg Household Size
40
Median Age
16%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
2,469
Density / Sq Mi
$54,572
Median Household Income
$36,548
Median Earnings
$924
Median Rent
$142,400
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 - Prime real estate in downtown Wayne with mixed-use potential.
Where is this mixed-use property located?
The property is located at 34233 MICHIGAN Ave Wayne, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Prime one‑acre real estate in Wayne's downtown DDA district on Michigan Avenue (US‑12); Zoned Commercial - Business Industrial, suitable for various business concepts; Includes a 2‑story brick Craftsman building and a **40' x 60' steel warehouse with drains and oil sump**
