Ford Road Redevelopment
For Sale
$650,000
Pending
37623 FORD Rd, Westland, MI 48185
Property on Ford Road with high traffic volume.
Property Size2,400 SF
Lot Size0.69 Acres
Days on Market266
Property Features for 37623 FORD Rd
General Information
Standard status
Pending
Size
2,400 SF
Lot size
0.69 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,819
Building Details
Building Size
2,400 SF
Listing Agency:
RE/MAX Team 2000
(313) 561-0900
Listed By:
Yousef Beydoun · License #6501354088
(313) 561-0900
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 11
Last Checked: Aug 20 at 8:04AM
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 RE/MAX Team 2000
Investment Insights
Based on property information with market context.
This property presents a redevelopment opportunity at the intersection of Ford Road and Newburgh Road. Ford Road experiences a traffic volume of over 37,000 vehicles per day, while Newburgh Road sees over 20,000 vehicles per day. The surrounding area includes businesses such as Dairy Queen, Taco Bell, Shell Gas, and Tommy's Car Wash. The location is suitable for various uses, including drive-through establishments, oil change facilities, and strip centers. There are many new developments in the immediate area.
Key Highlights
- Prime redevelopment opportunity.
- High traffic intersection: Ford Road (37,000+ VPD) and Newburgh Road (20,000+ VPD).
- Surrounded by established businesses: Dairy Queen, Taco Bell, Shell Gas, Tommy's Car Wash.
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
$31,104
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
4.79%
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%
$622,080
$622.1K
Cap Rate 7%
$444,343
$444.3K
Cap Rate 9%
$345,600
$345.6K
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
$43.2K $18.00/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$41.5K $17.28/SF
− OpEx
−$10.4K −$4.32/SF
NOI
$31.1K $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%
$622,080
Cap Rate 7%
$444,343
Cap Rate 9%
$345,600
Alternative Uses
Best Use
Specialty Retail
$444.3K
$388.8K – $518.4K
NOI $31,104 @ 7.0% cap · market cap 4.79%
Second Best
Retail
$324.9K
$284.3K – $379.0K
NOI $22,740 @ 7.0% cap · market cap 3.50%
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
529
Businesses Nearby
114k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 37%
Texas Roadhouse
Dining
35,278 visits/mo
0.4 miles
McDonald's
Dining
26,101 visits/mo
0.4 miles
Exxon
Shops & Services
17,681 visits/mo
0.3 miles
Shell
Shops & Services
12,118 visits/mo
0.1 miles
Taco Bell
Dining
10,094 visits/mo
0.1 miles
Demographics for 48185, MI
49,730
Population
23,554
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
91%
High-School Grad
12.2 sq mi
ZIP Area
4,076
Density / Sq Mi
$59,085
Median Household Income
$40,435
Median Earnings
$1,123
Median Rent
$183,500
Median Home Value
Market
Vacancy Rate% for Retail 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?
Gas station - Property on Ford Road with high traffic volume.
Where is this gas station located?
The property is located at 37623 FORD Rd Westland, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Prime redevelopment opportunity.; High traffic intersection: Ford Road (37,000+ VPD) and Newburgh Road (20,000+ VPD).; Surrounded by established businesses: Dairy Queen, Taco Bell, Shell Gas, Tommy's Car Wash.
