Turnkey Retail Space with New
For Sale
$549,900
4502 S Wayne Road, Wayne, MI 48184
Newly remodeled retail space with brand-new equipment, ready for immediate occupancy.
Property Size2,520 SF
Days on Market139
Property Features for 4502 S Wayne Road
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$9,389
Building Details
Building Size
2,520 SF
Year Built
1979
Listing Agency:
Century 21 Curran & Oberski
(313) 289-2222
Listed By:
Ali T Charara · License #6501340600
(313) 289-2222
Source:
Phgrealty
Added: Apr 8
Changed: Aug 23
Last Checked: Aug 23 at 5:21AM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This newly remodeled retail space is offered as a turnkey commercial opportunity, with brand-new equipment included and ready for immediate occupancy. The property is suited for flexible retail use, including a convenience store or restaurant, depending on how a buyer plans to operate within the existing buildout.
Located at 4502 S Wayne Rd in Wayne, MI 48184, the offering is presented as a high-visibility site. Walking and biking accessibility are reported as Somewhat Walkable (walkScore 61) and Somewhat Bikeable (bikeScore 39).
For qualified buyers, the seller notes that land contract terms may be available, which may add flexibility to the purchase structure.
Located at 4502 S Wayne Rd in Wayne, MI 48184, the offering is presented as a high-visibility site. Walking and biking accessibility are reported as Somewhat Walkable (walkScore 61) and Somewhat Bikeable (bikeScore 39).
For qualified buyers, the seller notes that land contract terms may be available, which may add flexibility to the purchase structure.
Key Highlights
- Year built: 1979
- Newly remodeled retail space with readiness for immediate occupancy
- Fully equipped with brand‑new equipment included
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
$32,659
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
5.94%
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%
$653,180
$653.2K
Cap Rate 7%
$466,557
$466.6K
Cap Rate 9%
$362,878
$362.9K
Market Conditions
NOI Build-Up for 2,520 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
$45.4K $18.00/SF
− Vacancy
−$1.8K −$0.72/SF
EGI
$43.5K $17.28/SF
− OpEx
−$10.9K −$4.32/SF
NOI
$32.7K $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%
$653,180
Cap Rate 7%
$466,557
Cap Rate 9%
$362,878
Alternative Uses
Best Use
Specialty Retail
$466.6K
$408.2K – $544.3K
NOI $32,659 @ 7.0% cap · market cap 5.94%
Second Best
Retail
$341.1K
$298.5K – $398.0K
NOI $23,878 @ 7.0% cap · market cap 4.34%
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
513
Businesses Nearby
49k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 67%
Dining 29%
Beauty & Spa 3%
Exxon
Shops & Services
9,112 visits/mo
0.5 miles
Citgo
Shops & Services
8,734 visits/mo
0.5 miles
Shell
Shops & Services
5,510 visits/mo
0.0 miles
Wingstop
Dining
3,679 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
3,447 visits/mo
0.5 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fresh Choice Food Center — 35400 E Michigan Ave, Wayne, MI 48184
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Newly remodeled retail space with brand-new equipment, ready for immediate occupancy.
Where is this grocery and convenience store located?
The property is located at 4502 S Wayne Road Wayne, MI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Year built: 1979; Newly remodeled retail space with readiness for immediate occupancy; Fully equipped with brand‑new equipment included
