Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    35501 Central City Pkwy Westland, MI

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space available in Westland, Michigan, near major interstates.

    Type:RETAIL
    Property size:
    15,324 SF
    Lot size:
    8.26 Acres
    Added:
    Dec 6, 2023
    Days on Market:
    874
    Last Refresh:
    Apr 5 at 10:15 pm

    Property Features for 35501 Central City Pkwy

    General Information

    Standard status
    Active
    Size
    15,324 SF
    Lot size
    8.26 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 35501 Central City Pkwy Contact us

    We can help!

    Listing Contact
    Igal Nassim

    Listing agent Igal Nassim

    Listing office Mason Asset Management - Corporate

    Listing date Dec 6, 2023

    Source Moodyscre

    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 Mason Asset Management - Corporate

    Overview

    Westland Retail Space For Rent

    This retail space is located 20 miles west of Detroit, Michigan. The property has a gross leasable area of 1,044,467 square feet. The property is near Interstates 94, 96, and 275. Over 72,000 college students are located within 3 miles of the property. The property size is 15,324 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Auto Accessories USA Auto Repair Shop

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.393
    Latitude
    42.3431

    Nearby Similar for Lease

    • $1,500/Mo

      Westland Commercial Space on Wayne

      1,779 sq ft retail/office space on high-visibility S Wayne Road.
      1630 S Wayne Road, Westland, MI 48186
      View Details
    • $1,500/Mo

      Westland Commercial Space on Wayne

      Move-in ready commercial space suitable for retail or office use.
      1638 S Wayne Road, Westland, MI 48186
      View Details
    • $650/Mo

      Westland Office Space with Amenities

      Office space with shared amenities and unique perks included.
      6572 Commerce, Westland, MI 48185
      View Details
    • $4,900/Mo

      Westland Commercial Building with Lot

      Commercial building with additional lot in Westland, Michigan.
      27427 Joy Road, Westland, MI 48185
      View Details
    • $12 SF/Yr

      Westland Medical Office Space Available

      Move-in ready medical office space in a high-visibility location.
      1678 S Merriman Road, Westland, MI 48186
      View Details
    • $12 SF/Yr

      Westland Office Space Available

      Turn-key office space in Westland, suitable for professional firms.
      1678 S Merriman Road, Westland, MI 48186
      View Details
    • $16 SF/Yr

      Westland Retail Space For Lease

      Retail spaces available in Westland, anchored by Kroger.
      31260 Michigan Avenue, Westland, MI 48186
      View Details
    • $1,500/Mo

      Westland Commercial Space on Wayne

      1,779 SF move-in ready space for lease or purchase.
      1638 S Wayne Rd, Westland, MI 48186
      View Details
    • $16 SF/Yr

      Retail Space Anchored by Kroger

      Retail spaces available for lease in Westland, Michigan.
      31260 Michigan Ave, Westland, MI 48186
      View Details
    • $2,300/Mo

      Westland Retail/Office/Medical Space Available

      1500 sq ft retail/office/medical space for lease in Westland.
      36403 Warren Road, Westland, MI 48185
      View Details
    • $4,950/Mo

      Versatile Commercial Space For Lease

      2850 sq ft commercial space suitable for medical or restaurant.
      8275 N WAYNE Rd, Westland, MI 48185
      View Details
    • $4,900/Mo

      Commercial Building on Joy Road

      Commercial building with frontage on Joy Road and Inkster Road.
      27427 Joy Rd, Westland, MI 48185
      View Details

    FAQs

    What type of property is this?
    Shopping mall - Retail space available in Westland, Michigan, near major interstates.
    Where is this shopping mall located?
    The property is located at 35501 Central City Pkwy Westland, MI.
    What are key features of this property?
    This property features: GLA: 1,044,467 SF; Over 72,000 college students within 3 miles; Near Interstates 94, 96, 275
    (516) 371-5858 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Igal Nassim
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!