Downtown Wayne Commercial
For Sale
Contact for pricing
35540 Michigan Ave, Wayne, MI 48184
Prime commercial building with frontage and ample parking in Wayne.
Property Size10,688 SF
Price / SF$53.80
Days on Market429
Property Features for 35540 Michigan Ave
General Information
Standard status
Active
Size
10,688 SF
Class
B
Property subtype
Retail, Multifamily, Office, Mixed Use
Zoning
Commerical
Building Details
Year Built
1952
Year Renovated
2020
Buildings
1
Stories
2
Listing Agency:
Own It Realty
(313) 646-7363
Listed By:
Hassan Scheib · License #MI 6502399271
Source:
Crexi
Added: Jun 19, 2025
Changed: Aug 8
Last Checked: Aug 20 at 7:19AM
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 Own It Realty
Investment Insights
Based on property information with market context.
This commercial building is located on Michigan Avenue in Downtown Wayne. The property offers over 10,000 square feet of space across two stores, with frontage exceeding 139 feet on Michigan Avenue. Ample private parking is available. The property presents many possible uses for business ideas. The building size is 10,688 square feet.
Key Highlights
- Prime location on Michigan Ave in Downtown Wayne
- Large commercial building with over 10,000 SF
- Significant frontage (over 139 ft) on Michigan Ave, providing excellent exposure
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
$36,793
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
6.40%
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%
$735,860
$735.9K
Cap Rate 7%
$525,614
$525.6K
Cap Rate 9%
$408,811
$408.8K
Market Conditions
NOI Build-Up for 10,688 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
$64.1K $6.00/SF
− Vacancy
−$15.1K −$1.41/SF
EGI
$49.1K $4.59/SF
− OpEx
−$12.3K −$1.15/SF
NOI
$36.8K $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%
$735,860
Cap Rate 7%
$525,614
Cap Rate 9%
$408,811
Alternative Uses
Best Use
Mixed Use
$1.81M
$1.59M – $2.12M
NOI $126,973 @ 7.0% cap · market cap 22.08%
Second Best
Retail
$1.45M
$1.27M – $1.69M
NOI $101,271 @ 7.0% cap · market cap 17.61%
Theoretical Best
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,516 @ 7.0% cap · market cap 24.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
652
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime commercial building with frontage and ample parking in Wayne.
Where is this mixed-use property located?
The property is located at 35540 Michigan Ave Wayne, MI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Prime location on Michigan Ave in Downtown Wayne; Large commercial building with over 10,000 SF; Significant frontage (over 139 ft) on Michigan Ave, providing excellent exposure
