Wayne Event Venue For
For Sale
$1,850,000
35000 Sims St, Wayne, MI 48184
Turn-key event venue in Wayne, MI, accommodates up to 400 guests.
Property Size5,618 SF
Days on Market108
Property Features for 35000 Sims St
General Information
Standard status
Active
Size
5,618 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,337
Building Details
Building Size
5,618 SF
Year Built
1998
Listing Agency:
KW Realty Livingston
(810) 227-5500
Listed By:
Lisa Bohlen
(810) 227-5500
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 9 at 10:41AM
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 KW Realty Livingston
Investment Insights
Based on property information with market context.
Located in the heart of Wayne, MI, the commercial property at 35000 Sims Street is a turn-key event venue suitable for weddings, banquets, corporate events, graduations, and reunions, with the capacity to accommodate up to 400 guests. The property is situated on the corner of Sims Street and Wayne Road, in the Major Business District, near Wayne City Hall, Goudy Park, and a future city amphitheater. The B-5 Zoned (Business Concentrated) property features ample parking, a recently installed bar, and a full commercial kitchen. It also includes a RedGuard & Edwards fire monitoring suppression system. The venue stairway serves as a main pathway to the future amphitheater. The location provides access to the Michigan Avenue corridor with retail, dining, services, schools, government offices, and the library. It also offers easy access to I-94, I-275, and I-96.
Key Highlights
- Turn‑key event venue comfortably accommodating up to 400 guests.
- Prime location in the heart of Wayne's Major Business District, near Wayne City Hall, Goudy Park, and the future city amphitheater.
- B‑5 Zoned (Business Concentrated) property at a high‑traffic corner with maximum visibility and prime exterior signage space.
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
$72,809
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
3.94%
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%
$1,456,180
$1.5M
Cap Rate 7%
$1,040,129
$1.0M
Cap Rate 9%
$808,989
$809.0K
Market Conditions
NOI Build-Up for 5,618 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
$101.1K $18.00/SF
− Vacancy
−$4.0K −$0.72/SF
EGI
$97.1K $17.28/SF
− OpEx
−$24.3K −$4.32/SF
NOI
$72.8K $12.96/SF
Area
Wayne County, MI
Vacancy
4.00%
Lease Rate
$18.00 /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%
$1,456,180
Cap Rate 7%
$1,040,129
Cap Rate 9%
$808,989
Alternative Uses
Best Use
Specialty Retail
$1.04M
$910.1K – $1.21M
NOI $72,809 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
678
Businesses Nearby
124k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 43%
Home Improvements & Furnishings 6%
Beauty & Spa 1%
McDonald's
Dining
22,712 visits/mo
0.1 miles
Dollar Tree
Shops & Services
12,170 visits/mo
0.4 miles
Lee's Famous Recipe Chicken
Dining
11,269 visits/mo
0.5 miles
Tim Hortons
Dining
8,894 visits/mo
0.5 miles
Citgo
Shops & Services
8,734 visits/mo
0.3 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Turn-key event venue in Wayne, MI, accommodates up to 400 guests.
Where is this wedding venue located?
The property is located at 35000 Sims St Wayne, MI.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Turn‑key event venue comfortably accommodating up to 400 guests.; Prime location in the heart of Wayne's Major Business District, near Wayne City Hall, Goudy Park, and the future city amphitheater.; B‑5 Zoned (Business Concentrated) property at a high‑traffic corner with maximum visibility and prime exterior signage space.
